Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Update Rule 13.4(a)

[Federal Register Volume 91, Number 106 (Wednesday, June 3, 2026)]

[Notices]

[Pages 33265-33267]

From the Federal Register Online via the Government Publishing Office [ www.gpo.gov ]

[FR Doc No: 2026-11026]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-105573; File No. SR-CboeEDGA-2026-018]

Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice

of Filing and Immediate Effectiveness of a Proposed Rule Change To

Update Rule 13.4(a)

May 29, 2026.

Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934

(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given

that on May 15, 2026, Cboe EDGA Exchange, Inc. (the ``Exchange'' or

``EDGA'') filed with the Securities and Exchange Commission (the

``Commission'') the proposed rule change as described in Items I and II

below, which Items have been prepared by the Exchange. The Exchange

filed the proposal as a ``non-controversial'' proposed rule change

pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-

4(f)(6) thereunder.\4\ The Commission is publishing this notice to

solicit comments on the proposed rule change from interested persons.

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\1\ 15 U.S.C. 78s(b)(1).

\2\ 17 CFR 240.19b-4.

\3\ 15 U.S.C. 78s(b)(3)(A)(iii).

\4\ 17 CFR 240.19b-4(f)(6).

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I. Self-Regulatory Organization's Statement of the Terms of Substance

of the Proposed Rule Change

Cboe EDGA Exchange, Inc. (``EDGA'' or the ``Exchange'') proposes to

update Rule 13.4(a) regarding the public disclosure of the sources of

data that the Exchange utilizes when performing: (i) order handling;

(ii) order routing; (iii) order execution; and (iv) related compliance

processes to reflect the planned operation of the Texas Stock Exchange

LLC (``TXSE'') as a registered national securities exchange \5\

beginning between July 2, 2026, and July 17, 2026.\6\ The text of the

proposed rule change is provided in Exhibit 5.

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\5\ See Securities Exchange Act Release No. 104146 (September

30, 2025), 90 FR 47880 (October 2, 2025).

\6\ See Member Readiness and Launch Guide, dated December, 2025

( https://www.txse.com/trading-membership/member-readiness-and-launch-guide ) (stating that TXSE anticipates that trading will

commence between July 2, 2026-July 17, 2026).

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The text of the proposed rule change is also available on the

Commission's website ( https://www.sec.gov/rules/sro.shtml ), the

Exchange's website ( https://www.cboe.com/us/equities/regulation/rule_filings/bzx/ ), and at the principal office of the Exchange.

II. Self-Regulatory Organization's Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule Change

In its filing with the Commission, the Exchange included statements

concerning the purpose of and basis for the proposed rule change and

discussed any comments it received on the proposed rule change. The

text of these statements may be examined at the places specified in

Item IV below. The Exchange has prepared summaries, set forth in

sections A, B, and C below, of the most significant aspects of such

statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule Change

1. Purpose

The Exchange proposes to update Rule 13.4(a) regarding the public

disclosure of the sources of data that the Exchange utilizes when

performing: (i) order handling; (ii) order routing; (iii) order

execution; and (iv) related compliance processes to reflect the

[[Page 33266]]

operation of the TXSE as a registered national securities exchange.

On September 30, 2025, the Commission approved TXSE's application

to register as a national securities exchange.\7\ As part of its

transition to exchange status, TXSE announced that it plans to commence

trading on its exchange between July 2, 2026 and July 17, 2026.\8\ The

Exchange, therefore, proposes to update Rule 13.4(a) regarding the

public disclosure of the sources of data that the Exchange utilizes

when performing: (i) order handling; (ii) order routing; (iii) order

execution; and (iv) related compliance processes to reflect the

operation of TXSE as a registered national securities exchange

beginning between July 2, 2026 and July 17, 2026. Specifically, the

Exchange proposes to amend Rule 13.4(a) to include TXSE by stating it

will utilize TXSE market data from the Consolidated Quotation System

(``CQS'')/UTP Quotation Data Feed (``UQDF'') for purposes of order

handling, routing, execution, and related compliance processes.

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\7\ Supra note 4.

\8\ Supra note 5.

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Additionally, on January 29, 2026, Nasdaq BX filed with the

Commission a proposal to convert from a corporation organized under the

laws of the state of Delaware to one organized under the laws of the

state of Texas and changed its name from Nasdaq BX, LLC to Nasdaq

Texas, LLC.\9\ The Exchange accordingly proposes a conforming change to

its rules to replace the name of Nasdaq BX with Nasdaq Texas.

Specifically, the Exchange proposes to replace one reference to ``BX''

in Rule 13.4(a) with ``Texas.''

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\9\ See Securities Exchange Act Release No. 104736 (January 29,

2026), 91 FR 4980 (February 3, 2026) (SR-BX-2026-05) (Notice of

Filing and Immediate Effectiveness of Proposed Rule Change to Repeal

the Restated Certificate of Incorporation and Adopt a Certificate of

Formation and Company Agreement).

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2. Statutory Basis

The Exchange believes that the proposed rule change is consistent

with Section 6(b) of the Act,\10\ in general, and furthers the

objectives of Section 6(b)(5) of the Act,\11\ in particular, in that it

is designed to prevent fraudulent and manipulative acts and practices,

to promote just and equitable principles of trade, to foster

cooperation and coordination with persons engaged in regulating,

clearing, settling, processing information with respect to, and

facilitating transactions in securities, to remove impediments to and

perfect the mechanism of a free and open market and a national market

system, and, in general, to protect investors and the public interest.

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\10\ 15 U.S.C. 78f.

\11\ 15 U.S.C. 78f(b)(5).

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The Exchange believes that its proposal to update Exchange Rule

13.4(a) to include TXSE and reference Nasdaq Texas will ensure that the

Rule publicly states on a market-by-market basis all of the specific

network processor and proprietary data feeds that the Exchange utilizes

for the handling, routing, and execution of orders, and for performing

the regulatory compliance checks related to each of those functions.

The proposed rule change also removes impediments to and perfects the

mechanism of a free and open market and protects investors and the

public interest because it provides additional specificity, clarity and

transparency.

In addition, the proposed amendments would reduce potential

investor and market participant confusion and therefore remove

impediments to and perfect the mechanism of a free and open market and

a national market system by ensuring that investors and market

participants can more easily navigate, understand, and comply with the

Exchange's rules. The Exchange also believes that the proposed

amendments remove impediments to and perfects the mechanism of a free

and open market by ensuring that persons subject to the Exchange's

jurisdiction, regulators, and the investing public can more easily

navigate and understand the Exchange's rules. The proposed amendments

would not be inconsistent with the public interest and the protection

of investors because investors will not be harmed and in fact would

benefit from the increased transparency and clarity, thereby reducing

potential confusion.

B. Self-Regulatory Organization's Statement on Burden on Competition

The Exchange believes its proposed rule change would not impose any

burden on competition that is not necessary or appropriate in

furtherance of the purposes of the Act. To the contrary, the Exchange

believes the proposal would enhance competition because including all

of the exchanges enhances transparency and enables investors to better

assess the quality of the Exchange's execution and routing services.

C. Self-Regulatory Organization's Statement on Comments on the Proposed

Rule Change Received From Members, Participants, or Others

The Exchange has not solicited, and does not intend to solicit,

comments on this proposed rule change. The Exchange has not received

any unsolicited written comments from Members or other interested

parties.

III. Date of Effectiveness of the Proposed Rule Change and Timing for

Commission Action

Because the foregoing proposed rule change does not: (i)

significantly affect the protection of investors or the public

interest; (ii) impose any significant burden on competition; and (iii)

become operative for 30 days from the date on which it was filed, or

such shorter time as the Commission may designate, it has become

effective pursuant to Section 19(b)(3)(A) of the Act \12\ and Rule 19b-

4(f)(6) \13\ thereunder.

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\12\ 15 U.S.C. 78s(b)(3)(A).

\13\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)

requires a self-regulatory organization to give the written notice

of its intent to file the proposed rule change at least five

business days prior to the date of filing of the proposed rule

change, or such shorter time as designated by the Commission. The

Exchange has satisfied this requirement.

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A proposed rule change filed under Rule 19b-4(f)(6) \14\ normally

does not become operative prior to 30 days after the date of the

filing. However, pursuant to Rule 19b-4(f)(6)(iii),\15\ the Commission

may designate a shorter time if such action is consistent with the

protection of investors and the public interest. The Exchange has asked

the Commission to waive the 30-day operative delay so that the proposed

rule changes may become operative upon filing. In the filing, the

Exchange stated it is proposing these changes to reflect the launch of

TXSE as a national securities exchange and reflect the name change of

Nasdaq BX to Nasdaq Texas that will allow the Exchange to identify on a

market-by-market basis all the specific network processor and

proprietary data feeds that the Exchange utilizes for the handling,

routing, and execution of orders, and for performing the regulatory

compliance checks related to each of those functions. The Commission

has published a similar prior proposed rule change by the Exchange to

disclose via its rules the data feeds it currently utilizes for order

handling, routing, execution, and related compliance processes.\16\ The

proposed rule changes do not raise any novel issues, and waiver of the

operative delay allows for the immediate clarification of the

Exchange's rules to reflect these changes. Therefore, waiver of the 30-

day

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operative delay is consistent with the protection of investors and the

public interest. Accordingly, the Commission hereby waives the

operative delay and designates the proposal operative upon filing.\17\

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\14\ 17 CFR 240.19b-4(f)(6).

\15\ 17 CFR 240.19b-4(f)(6)(iii).

\16\ See Securities Exchange Act Commission Release No. 104077

(September 25, 2025), 90 FR 46944 (September 30, 2025) (SR-CboeEDGX-

2025-074).

\17\ For purposes only of waiving the 30-day operative delay,

the Commission has considered the proposed rule's impact on

efficiency, competition, and capital formation. See 15 U.S.C.

78c(f).

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At any time within 60 days of the filing of the proposed rule

change, the Commission summarily may temporarily suspend such rule

change if it appears to the Commission that such action is necessary or

appropriate in the public interest, for the protection of investors, or

otherwise in furtherance of the purposes of the Act. If the Commission

takes such action, the Commission will institute proceedings to

determine whether the proposed rule change should be approved or

disapproved.

IV. Solicitation of Comments

Interested persons are invited to submit written data, views and

arguments concerning the foregoing, including whether the proposed rule

change is consistent with the Act. Comments may be submitted by any of

the following methods:

Electronic Comments

Use the Commission's internet comment form ( https://www.sec.gov/rules/sro.shtml ); or

Send an email to [email protected] . Please include

file number

SR-CboeEDGA-2026-018 on the subject line.

Paper Comments

Send paper comments in triplicate to Secretary, Securities

and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to file number SR-CboeEDGA-2026-018. This

file number should be included on the subject line if email is used. To

help the Commission process and review your comments more efficiently,

please use only one method. The Commission will post all comments on

the Commission's internet website ( https://www.sec.gov/rules/sro.shtml ). Copies of the filing will be available for inspection and

copying at the principal office of the Exchange. Do not include

personal identifiable information in submissions; you should submit

only information that you wish to make available publicly. We may

redact in part or withhold entirely from publication submitted material

that is obscene or subject to copyright protection. All submissions

should refer to file number SR-CboeEDGA-2026-018 and should be

submitted on or before June 24, 2026.

For the Commission, by the Division of Trading and Markets,

pursuant to delegated authority.\18\

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\18\ 17 CFR 200.30-3(a)(12), (59).

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Sherry R. Haywood,

Assistant Secretary.

[FR Doc. 2026-11026 Filed 6-2-26; 8:45 am]

BILLING CODE 8011-01-P