[Federal Register Volume 91, Number 125 (Wednesday, July 1, 2026)]
[Notices]
[Pages 40058-40061]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2026-13212]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105780; File No. S7-24-89]
Joint Industry Plan; Order Approving the Fifty-Fifth Amendment to
the Joint Self-Regulatory Organization Plan Governing the Collection,
Consolidation and Dissemination of Quotation and Transaction
Information for Nasdaq-Listed Securities Traded on Exchanges on an
Unlisted Trading Privileges Basis, as Modified by Amendment No. 1
Thereto
June 26, 2026.
I. Introduction
On January 12, 2026,\1\ the Participants \2\ in the Joint Self-
Regulatory Organization Plan Governing the Collection, Consolidation
and Dissemination of Quotation and Transaction Information for Nasdaq-
Listed Securities Traded on Exchanges on an Unlisted Trading Privileges
Basis (``UTP Plan'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to section 11A of the Securities Exchange
Act of 1934 (``Act''),\3\ and Rule 608(a) of Regulation National Market
System (``NMS'') thereunder,\4\ a proposal to amend the UTP Plan to
extend the Processor's \5\ hours of operation (``Proposal''). The
Proposal represents the Fifty-Fifth Amendment to the UTP Plan.
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\1\ See Letter from Jeff Kimsey, Chair, UTP Plan Operating
Committee, to Vanessa Countryman, Secretary, Commission (Jan. 12,
2026). The Participants also filed amendments to the Second
Restatement of the Consolidated Tape Association Plan and the
Restated Consolidated Quotation Plan (``CTA/CQ Plans''). See also
Letter from Jeff Kimsey, Chair, CTA/CQ Plans Operating Committee, to
Vanessa Countryman, Secretary, Commission (Jan. 12, 2026).
\2\ The Participants are: Cboe BYX Exchange, Inc., Cboe BZX
Exchange, Inc., Cboe EDGA Exchange, Inc., Cboe EDGX Exchange, Inc.,
Cboe Exchange, Inc., Financial Industry Regulatory Authority, Inc.,
Investors' Exchange LLC, Long Term Stock Exchange, Inc., MEMX LLC,
MIAX PEARL, LLC, Nasdaq BX, Inc., Nasdaq ISE, LLC, Nasdaq PHLX LLC,
The Nasdaq Stock Market LLC, New York Stock Exchange LLC, NYSE
American LLC, NYSE Arca, Inc., NYSE National, Inc, NYSE Texas, Inc.,
and 24X National Exchange LLC. Effective as of March 12, 2026, the
UTP Plan was amended to reflect the new name of Nasdaq BX, Inc. as
Nasdaq Texas, Inc. and Texas Stock Exchange LLC was added as a
participant to the UTP Plan. See Securities Exchange Act Release No.
105091 (Mar. 27, 2026), 91 FR 16255 (Apr. 1, 2026).
\3\ 15 U.S.C. 78k-1.
\4\ 17 CFR 242.608(a).
\5\ Section III of the UTP Plan defines Processor as the entity
selected by the Participants to perform the processing functions set
forth in the UTP Plan.
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The Proposal was published for comment in the Federal Register on
January 27, 2026.\6\ The Commission received no comment letters on the
Proposal. On April 7, 2026, the Participants filed Amendment No. 1 to
the Proposal, which: (1) specified the date of implementation; (2)
clarified operational hours consistent with current practice when the
markets close early; (3) clarified the times of a trade date for the
Processor; and (4) described the allocation of the development and
operating costs associated with the Additional Period (as defined
herein).\7\ On April 17, 2026, the Commission published Amendment No. 1
for notice and comment and instituted proceedings to determine whether
to approve or disapprove the Proposal, as amended by Amendment No. 1
(``Amended Proposal''), or to approve the Amended Proposal with any
changes or subject to any conditions the Commission deems necessary or
appropriate after considering public comment.\8\ The Commission
received no comments on the Amended Proposal. This order approves the
Amended Proposal.
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\6\ See Securities Exchange Act Release No. 104670 (Jan. 22,
2026), 91 FR 3609.
\7\ See Letter from Jeff Kimsey, Chair, UTP Plan Operating
Committee, to Vanessa Countryman, Secretary, Commission dated April
7, 2026 (``Amendment No. 1'').
\8\ See Securities Exchange Act Release No. 105268, 91 FR 21541
(April 22, 2026).
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II. Description of the Amended Proposal
The Participants propose to amend the UTP Plan to extend the
Processor's hours of operations to receive and disseminate Quotation
Information, Transaction Reports, and related information in Eligible
Securities from 9:00 p.m. Eastern Time (``ET'') Sunday to 8:00 p.m. ET
Friday; provided however, that the Processor will pause operations at
8:00 p.m. ET on Monday through Thursday for one hour to accommodate
technical refreshes for the Processor, Participants, and other market
participants. Other than extending the hours of operations, the
Processor will operate as it currently does.\9\
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\9\ See Amended Proposal, supra note 8 at 21542. Unless
otherwise noted, all capitalized terms used herein have the same
meaning as is given such terms in the UTP Plan.
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A. Processor's Hours of Operation
1. Background
UTP Plan section XI.A provides that: (1) Quotation Information may
be entered by Participants as to all Eligible Securities in which they
make a market between 9:30 a.m. and 4:00 p.m. ET on all days the
Processor is in operation and (2) Transaction Reports shall be entered
by Participants between 9:30 a.m. and 4:01:30 p.m. ET as to all
Eligible Securities in which they execute transactions between 9:30
a.m. and 4:00 p.m. ET on all days the Processor is in operation. In
addition, UTP Plan section XI.D provides that the Processor shall
collect, process, and disseminate Quotation Information in Eligible
Securities at other times between 4:00 a.m. and 9:30 a.m. ET, and after
4:00 p.m. ET, when any Participant or FINRA Participant is open for
trading, until 8:00 p.m. ET; provided however, that the national best
bid and offer quotation will not be disseminated before 4:00 a.m. or
after 8:00 p.m. ET. Accordingly, the current hours of operation of the
Processor are 4:00 a.m. to 8:00 p.m. ET Monday through Friday,
excluding holidays.\10\
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\10\ See also SIPs Submit Plan Amendment to Extend Operating
Hours to Accommodate Overnight Trading available at https://
www.prnewswire.com/news-releases/sips-submit-plan-amendment-to-
extend-operating-hours-to-accommodate-overnight-trading-
302647034.html?tc=eml_cleartime.
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Some exchange Participants have adopted rules that will extend
their hours of operation to provide for trading during hours that are
outside of the hours of operation for the Processor (``Exchange
Extended Hours'').\11\ These
[[Page 40059]]
exchange Participants have not started trading during the Exchange
Extended Hours because their rules state that the exchanges will not
commence operations until the Equity Data Plans \12\ have (1)
established a mechanism to collect, consolidate, process and
disseminate quotation and transaction information at all times during
the Exchange Extended Hours that is equivalent to the mechanism
established for times outside of Exchange Extended Hours; and (2)
provided the exchanges with notification that they are prepared to
collect, consolidate, process and disseminate quotation and transaction
information during the Exchange Extended Hours.\13\
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\11\ See, e.g., Securities Exchange Act Release Nos. 101777
(Nov. 27, 2024), 89 FR 97092 (Dec. 6, 2024) (Approval of the 24X
Form 1 application (``24X Approval Order'')) and 104086 (Sept. 26,
2025), 90 FR 46978 (Sept. 30, 2025) (amending 24X Rule 1.5(c)
defining the 24X Market Session to generally include times from 9:00
p.m. through 4:00 a.m. Sunday through Thursday); Securities Exchange
Act Release No. 105532 (May 21, 2026), 91 FR 31509 (May 27, 2026)
(amending NYSE Arca Rule 7.34-E(T) to extend NYSE Arca's trading
hours to 23 hours a day, five days a week); Securities Exchange Act
Release No. 105199 (Apr. 10, 2026), 91 FR 20222 (Apr. 15, 2026)
(adopting rules to extend Nasdaq's trading hours to 23 hours a day,
five days a week); and Securities Exchange Act Release No. 105587
(May 29, 2026), 91 FR 33238 (June 3, 2026) (adopting rules to extend
Cboe EDGX's trading hours to 23 hours a day, five days a week).
\12\ See, e.g., 24X Rule 1.5(o); NYSE Arca Rule 1.1; and Nasdaq
Equity 1, Sec. 1(a)(16). The ``Equity Data Plans'' are collectively
the UTP Plan, the CTA/CQ Plans, and the CT Plan LLC.
\13\ See 24X Rule 1.5(c); NYSE Arca Rule 7.34-E (Preamble); and
Nasdaq Equity 1. Sec. 1(a)(19).
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2. Extending the Processor's Hours
The Participants propose to extend the Processor's hours of
operation to receive and disseminate Quotation Information and
Transaction Reports in Eligible Securities from 9:00 p.m. to 4:00 a.m.
ET on Sunday through Thursday (the ``Additional Period'').\14\ As
proposed, the Processor's hours of operation will begin at 9:00 p.m. ET
Sunday and continue through 8:00 p.m. ET Friday; provided, however,
that the Processor would pause operations at 8:00 p.m. ET on Monday
through Thursday for one hour to accommodate technical refreshes for
the Processor, Participants, and other market participants.\15\ In the
event of a holiday where U.S. markets are closed, the Processor would
not operate from 8:00 p.m. ET the day before the holiday through 9:00
p.m. ET the day of the holiday.\16\ With respect to a holiday where
U.S. markets close early on the day before the holiday, the Processor
would not operate from 5:00 p.m. ET on the day before the holiday
through 9:00 p.m. ET on the day of the holiday.\17\ The Participants
stated that the Processor would endeavor to reduce the length of the
pause where technically feasible, and in the event the length of the
pause is reduced, the Participants would amend the UTP Plan and notify
the industry at least 90 days prior to the implementation of a
reduction.
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\14\ See proposed UTP Plan section XI.
\15\ See proposed UTP Plan section XI.A. According to the
Participants, requiring a pause at 8:00 p.m. ET each Monday through
Thursday would lessen the cost, complexity, and burden of designing
a system that did not have a pause.
\16\ See proposed UTP Plan section XI.A.
\17\ See proposed UTP Plan section XI.A and Amended Proposal,
supra note 8 at 21542.
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Consistent with the current hours of operation, the Participants
proposed the following provisions regarding the Processor's operation
during hours outside of Regular Trading Hours: \18\
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\18\ See Amended Proposal, supra note 8 at 21543. The
Participants propose amending the UTP Plan to include a definition
of Regular Trading Hours. See proposed section XI.B and Exhibit 1,
which state that Regular Trading Hours will have the meaning
specified in Rule 600 of Regulation NMS. See Amended Proposal, supra
note 8 at n.19.
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For transactions reported outside the hours of 9:30 a.m.
ET and 4:00 p.m. ET, such transactions will be designated as ``.T''
trades to denote their execution outside of Regular Trading Hours.\19\
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\19\ See proposed UTP Plan section XI.C.
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Late trades will be reported in accordance with the rules
of the Participant in whose market the transaction occurred and can be
reported at any time the Processor is able to receive Transaction
Reports.\20\
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\20\ See proposed UTP Plan section XI.D.
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Transactions reported outside the hours of 9:30 a.m. ET
and 4:00 p.m. ET will be included in the calculation of total trade
volume for purposes of determining net distributable operating revenue,
but will not be included in the calculation of the daily high, low, or
last sale.\21\
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\21\ See proposed UTP Plan section XI.C.
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Quote Credits may be earned only in connection with
quotations transmitted by a Participant to the Processor during Regular
Trading Hours.\22\
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\22\ See proposed UTP Plan section Exhibit 1.
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B. Trade Date
The Participants propose to define a trade date for purposes of the
UTP Plan.\23\ Specifically, under the UTP Plan, the Processor will
consider a trade date to be between 8:00 p.m. ET on the day before
Regular Trading Hours begin and 8:00 p.m. ET on the same day as when
Regular Trading Hours begin.\24\ For example, Wednesday's trading day
would be between 8:00 p.m. ET on Tuesday and 8:00 p.m. ET on Wednesday.
The Participants stated that having the start of a trading day prior to
the opening of markets would reduce complexity and burden--as the
alternative would have required a new trading day to start in the
middle of a trading session (i.e., at midnight)--and would align with
current practice for venues already trading during the proposed
extended hours.
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\23\ See proposed UTP Plan section XI.B.
\24\ The Participants stated that setting the start of the
trading day is only applicable to the operation of the Processor.
The Operating Committee further stated that it does not have the
authority to set the start of the trading day for rules and
regulations that might be dependent on when a trading day begins.
See Amended Proposal, supra note 8 at n.22.
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C. Extended Hours Development and Operating Costs
As proposed, Participants that utilize the Additional Period are
required to pay for the development and operating costs and expenses
which are incurred by the Processor to accommodate the Additional
Period.\25\ Participants that utilize the Additional Period at a later
time, will be required to pay a proportionate share of the aggregate
development costs previously paid by other Participants, and will
contribute to the operating costs from the point at which it begins
operating during the Additional Period.\26\ In addition, while the UTP
Plan contains provisions relating to the allocation of development
costs for technical enhancements made at the request of a Participant
and solely for its use, the UTP Plan does not address allocation of
operating costs in such situations.\27\ Accordingly, the Amended
Proposal amends the cost allocation provisions to address the
allocation of operating costs in a manner similar to the Additional
Period.\28\
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\25\ See proposed UTP Plan section XI.E.
\26\ See proposed UTP Plan section XI.E and Amended Proposal,
supra note 8 at 21543.
\27\ See UTP Plan section XIII.A.
\28\ See proposed UTP Plan section XIII.A and Amended Proposal,
supra note 8 at 21543.
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D. Implementation of the Amended Proposal
In the Amended Proposal, the Operating Committee stated that it
``expects that the implementation of the amendment will occur on
December 6, 2026.'' \29\ The Operating Committee also stated that prior
to the implementation, the Processor will announce testing dates.\30\
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\29\ The Proposal stated that the implementation would occur in
December 2026. See Proposal, supra note 6 at 3610.
\30\ See Amended Proposal, supra note 8 at 21544.
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The Amended Proposal also stated that, if approved, the amendments
to the UTP Plan, ``including the proposed changes to the language of
the UTP Plan, will not become operative until the Operating Committee
determines
[[Page 40060]]
that market conditions will support the extended hours of operation.''
\31\ The Amended Proposal further stated that the ``specific market
conditions to be considered by the Operating Committee include, but are
not limited to, the following:
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\31\ See Amended Proposal, supra note 8 at 21543.
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Depository Trust & Clearing Corporation (``DTCC'') offers
clearing during the extended hours of operation.
The Processor has implemented changes to symbol directory
messages as specified in a previously approved change request, which
requires the Processors to disseminate specified reference information
for Eligible Securities in symbol directory messages.
Listing markets are able to support the changes to the
symbol directory messages, including corporate actions information.
The Processor will be able to disseminate all quotes and
trades, including off-exchange trades, during the extended trading
hours.'' \32\
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\32\ See Amended Proposal, supra note 8 at 21543. See also
Proposal, supra note 6 at 3610.
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In the Amended Proposal, the Participants stated that the
Processors and listing markets anticipate meeting ``the final three
requirements before the planned December 6, 2026, launch of the
extended hours.'' \33\ In addition, in the Amended Proposal, the
Participants stated that ``based on publicly available information,
DTCC will support the extended hours by the second quarter of 2026.''
\34\
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\33\ See Amended Proposal, supra note 8 at 21543.
\34\ See Amended Proposal, supra note 8 at 21543.
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The Participants also requested a determination by the Commission
as to whether the ``dissemination of real-time Trade Reporting Facility
(``TRF'') information outside of Regular Trading Hours is a
prerequisite for implementation.'' \35\
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\35\ See Amended Proposal, supra note 8 at 21543-21544. See also
Proposal, supra note 6 at 3610.
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III. Discussion and Commission Findings
After careful review, the Commission is approving the Amended
Proposal. Section 11A of the Act authorizes the Commission, by rule or
order, to authorize or require the self-regulatory organizations
(``SROs'') to act jointly with respect to matters as to which they
share authority under the Act in planning, developing, operating, or
regulating a facility of the national market system.\36\ Rule 603(b)(3)
of Regulation NMS, among other things, requires the SROs to act jointly
pursuant to effective national market system plans to ``disseminate
consolidated information, including a national best bid and national
best offer and odd-lot information, on quotations for and transactions
in NMS stocks.'' \37\ In addition, Rule 608 of Regulation NMS
authorizes two or more SROs, acting jointly, to file with the
Commission a proposed amendment to an effective national market system
plan and Rule 608 provides that the Commission shall approve an
amendment to an effective national market system plan if it finds that
the amendment is necessary or appropriate in the public interest, for
the protection of investors and the maintenance of fair and orderly
markets, to remove impediments to, and perfect the mechanisms of, a
national market system, or otherwise in furtherance of the purposes of
the Act.\38\
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\36\ See 15 U.S.C. 78k-1(a)(3)(B).
\37\ 17 CFR 242.603(b)(3).
\38\ See 17 CFR 242.608(a)(1) and 17 CFR 242.608(b)(2).
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The Commission has approved the rules of certain national
securities exchanges that intend to operate during Exchange Extended
Hours.\39\ As discussed above, as part of the exchange rules to permit
Exchange Extended Hours, exchange rules require the Equity Data Plans
to have: (1) established a mechanism to collect, consolidate, process,
and disseminate quotation and transaction information at all times
during the Exchange Extended Hours that is equivalent to the mechanism
established for times outside of Exchange Extended Hours,\40\ and (2)
provided the exchanges with notification that they are prepared to
collect, consolidate, process, and disseminate quotation and
transaction information to accommodate the Exchange Extended Hours.\41\
In the Amended Proposal, the Participants stated that ``[o]ther than
extending the hours of operations, the Processor will operate as it
currently does.'' \42\ The Commission stated in the context of
approving Exchange Extended Hours, that requiring the operation of the
Equity Data Plans during Exchange Extended Hours ``is designed to
ensure that consolidated quotation and transaction data are provided in
a manner that is consistent with existing extended hours sessions on
exchanges.'' \43\ The Amended Proposal will provide for the operation
of the Processor pursuant to the UTP Plan during the times that
coincide with the Exchange Extended Hours.\44\
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\39\ See supra note 11.
\40\ See supra note 13.
\41\ See supra note 13.
\42\ See Amended Proposal, supra note 8 at 21542.
\43\ See 24X Approval Order, supra note 11 at 97105.
\44\ Pursuant to the exchanges' rules, the exchanges are
required to file proposed rule changes confirming that the exchange
can comply with its obligations under the Act and that the Equity
Data Plans are prepared to collect, consolidate, process, and
disseminate quotation and transaction information at all times
during the Exchange Extended Hours. See 24X Rule 1.5(c); NYSE Arca
Rule 7.34-E (Preamble); Nasdaq Equity 1., Sec 1(a)(19); and Cboe
EDGX Rule 1.5(ii).
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The Amended Proposal will expand the hours of operation for the
Processor to collect, consolidate, process, and disseminate Quotation
Information, Transaction Reports, and related information in Eligible
Securities consistent with the hours of trading that will be available
on certain national securities exchanges and is available in the over-
the-counter market, which will provide transparency of information with
respect to quotations for and transactions in NMS stocks during the
Additional Period. Under the Amended Proposal, other than extending the
hours of operation, the Processor will operate as it currently
operates.\45\ Accordingly, the Amended Proposal furthers the goals of
section 11A of the Act by assuring ``the availability to brokers,
dealers, and investors of information with respect to quotations for
and transactions in securities'' \46\ because it amends the UTP Plan to
require the Processor to collect, consolidate, process, and disseminate
quotation and transaction information during the Additional Period. The
Amended Proposal will enhance transparency and promote the goals of the
national market system during the Additional Period.\47\
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\45\ See Amended Proposal, supra note 8 at 21542.
\46\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
\47\ See, e.g., 15 U.S.C. 78k-1(a)(1)(C)(iii).
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In addition to amending the hours of the Processor's operations
under the UTP Plan, the Amended Proposal defines a trade date for
purposes of the UTP Plan. This definition will help to provide clarity
as to a specified trade date in light of the Processor's expanded hours
of operation. Further, the Amended Proposal provides for a one-hour
trading pause from 8:00 p.m. to 9:00 p.m. ET Monday through Thursday,
which will provide the Processor, the Participants, and other market
participants with the time to perform systems updates and refreshes
prior to the start of a new trade day. These amendments are appropriate
and will help to support the expanded hours of operation of the
Processor.
Moreover, the Amended Proposal amends the UTP Plan to require the
Participants that operate during the Additional Period to pay for the
costs
[[Page 40061]]
and expenses to develop and expand the Processor's system to account
for the Additional Period. Similarly, the Amended Proposal amends the
UTP Plan to require Participants that decide to operate during the
Additional Period at a later date, after the initial launch of the
Additional Period, to pay a proportionate share of the aggregate
development costs and contribute to the operating costs going forward.
These amendments are appropriate and consistent with the UTP Plan's
previous language.
Finally, the Operating Committee stated that it ``expects that
implementation of the amendment will occur on December 6, 2026.'' \48\
Pursuant to Rule 608(c) of Regulation NMS, the Participants must comply
with the terms of any effective NMS plan of which it is a sponsor or
participant and must enforce compliance with the terms of such a plan
by its members and persons associated with its members.\49\ The
Participants have proposed amendments to the UTP Plan to accommodate
the move to overnight trading and have specified the date upon which
the Operating Committee expects the changes to the operation of the
Processor under the UTP Plan to occur. Accordingly, under the Amended
Proposal, the effective UTP Plan that the Participants must comply and
enforce compliance with will be the UTP Plan as amended by the Amended
Proposal starting December 6, 2026.\50\
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\48\ See Amended Proposal, supra note 8 at 21544. Regarding the
Participants' query about whether dissemination of real-time TRF
information outside of Regular Trading Hours is a prerequisite for
implementation, FINRA has announced its plans to amend its TRF
reporting rules to extend the operating hours of the TRFs starting
on December 6, 2026, which would align with the Amended Proposal.
See FINRA, Extension of TRF Operating Hours (May 22, 2026),
available at https://www.finra.org/filing-reporting/technical-
notices/extension-of-trf-operating-hours.
\49\ 17 CFR 242.608(c).
\50\ To the extent that the UTP Plan is unable to implement the
Amended Proposal by December 6, 2026, the Participants must submit
an amendment to the UTP Plan pursuant to Rule 608 of Regulation NMS.
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For the reasons discussed above, the Commission finds that the
Amended Proposal is consistent with the requirements of the Act and the
rules and regulations thereunder, and in particular, section 11A of the
Act, and Rule 608 of Regulation NMS, in that the Amended Proposal is
necessary or appropriate in the public interest, for the protection of
investors and the maintenance of fair and orderly markets, to improve
impediments to, and perfect the mechanisms of, a national market
system.
IV. Conclusion
It is therefore ordered, pursuant to section 11A of the Act,\51\
and Rule 608(b)(2) thereunder,\52\ that the Amended Proposal to the UTP
Plan (File No. S7-24-89) is approved.
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\51\ 15 U.S.C. 78k-1.
\52\ 17 CFR 242.608(b)(2).
By the Commission.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-13212 Filed 6-30-26; 8:45 am]
BILLING CODE 8011-01-P