🔴 Top Stories
IEX is extending its signature D-Limit and pegged (Midpoint, D-Peg, Primary, etc.) order types—including its anti-latency-arbitrage Quote Instability and Quote Imbalance signals—to its Pre-Market (8:00-9:30am) and Post-Market (4:00-5:00pm) sessions, responding to member demand for more extended-hours liquidity and matching what competitors like Cboe EDGX, MEMX, MIAX Pearl, and 24X already offer. Because IEX designated this as a non-controversial filing under Rule 19b-4(f)(6), it took effect immediately without needing SEC approval, though the SEC retains a 60-day window to suspend it; implementation will follow within 90 days via Trading Alert. In practice, IEX users can soon deploy investor-protection order types during extended hours, with no change to how those order types actually function.
IEX RELEVANT This is IEX's own filing extending its core D-Limit and crumbling-quote-protected pegged order types into extended hours, strengthening IEX's ability to compete for pre/post-market order flow against exchanges that already offer pegged orders in those sessions.
The Texas Stock Exchange, a new equity exchange preparing to launch, adopted its initial fee schedule featuring a simple flat maker-taker model ($0.0031 rebate to add displayed liquidity, $0.0030 fee to remove, $0.0002 for non-displayed) with no volume tiers, plus a low $200/month membership fee. Because this is a fee filing, it took effect immediately upon filing without needing SEC approval, though the SEC retains a 60-day window to suspend it. In practice, TXSE is now positioned to compete for order flow with an aggressive, deliberately simple pricing structure as it comes to market.
IEX RELEVANT TXSE is a new entrant competing for the same equity order flow as IEX, and its flat non-tiered pricing (which explicitly benchmarks against IEX's non-displayed fees) represents fresh competition that could pull volume and members away from IEX.
FINRA is extending its Trade Reporting Facilities (TRFs) operating hours to run nearly 23 hours a day, five days a week (9pm Sunday to 8pm Friday with a nightly one-hour pause), so that OTC trades in NMS stocks executed overnight can be reported and publicly disseminated in real time. This aligns TRF hours with the recently SEC-approved extension of the SIP (consolidated tape) operating hours, both targeted for a December 6, 2026 launch. Filed for immediate effectiveness, the change is already in force pending a 60-day SEC suspension window; in practice it builds out the infrastructure needed for genuine overnight equity trading with real-time transparency.
IEX RELEVANT This cements the market-wide infrastructure for overnight equity trading and real-time overnight tape reporting, a competitive shift IEX must factor into whether and how it supports its own extended/overnight trading sessions.
🔵 IEX Competitive Intel
Texas Stock Exchange, a new entrant, proposed to amend its rule on proxy voting (Rule 13.003), and the SEC has extended its deadline to decide on the proposal from July 26 to September 9, 2026. This is a routine procedural step giving the SEC more time to review comments and issues rather than any substantive approval or rejection. Nothing changes for market participants yet; the proposal remains pending.
IEX RELEVANT As a new exchange entrant, TXSE's rulemaking progress is worth tracking for its competitive positioning in the U.S. equity listing and trading landscape, though this particular proxy-voting rule is administrative.
Proposal history
2026-06-11
notice of filing
Notice of Filing of a Proposed Rule Change To Amend Rule 13.003 Related to Proxy Voting
💬 Open Comment Periods
⏰ Comments close 2026-09-21