[Federal Register Volume 91, Number 125 (Wednesday, July 1, 2026)]
[Notices]
[Pages 40082-40085]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2026-13234]
[[Page 40082]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105779; File No. SR-CTA/CQ-2026-01]
Consolidated Tape Association; Order Approving the Fortieth
Substantive Amendment to the Second Restatement of the CTA Plan and
Thirty-First Substantive Amendment to the Restated CQ Plan, as Modified
by Amendment No. 1 Thereto
June 26, 2026.
I. Introduction
On January 12, 2026,\1\ the Participants \2\ in the Second
Restatement of the Consolidated Tape Association Plan (``CTA Plan'')
and the Restated Consolidated Quotation Plan (``CQ Plan'')
(collectively ``CTA/CQ Plans'' or ``Plans'') 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 Plans to extend the Processor's \5\ hours of operation
(``Proposal''). The Proposal represents the Fortieth Substantive
Amendment to the CTA Plan and the Thirty-First Substantive Amendment to
the CQ Plan.
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\1\ See Letter from Jeff Kimsey, Chair, CTA/CQ Plan Operating
Committee, to Vanessa Countryman, Secretary, Commission (Jan. 12,
2026). The Participants also filed amendments 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 (``UTP Plan''). See also Letter from Jeff Kimsey,
Chair, UTP Plan Operating Committee, to Vanessa Countryman,
Secretary, Commission (Jan. 12, 2026).
\2\ The Participants are: 24X National Exchange LLC, 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., and NYSE Texas, Inc. Effective as of April 22, 2026,
the Plans were 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 Plans. See Securities Exchange Act Release No.
105349 (May 1, 2026), 91 FR 24619 (May 6, 2026).
\3\ 15 U.S.C. 78k-1.
\4\ 17 CFR 242.608(a).
\5\ Section I of the CTA Plan defines Processor as the
organization designated as recipient and processor of last sale
price information furnished by Participants pursuant to the CTA
Plan, as described in section V of the CTA Plan. Section I of the CQ
Plan defines Processor as the organization designated as recipient
and processor of quotation information furnished by Participants
pursuant to the CQ Plan, as described in section V of the CQ 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. 104665 (Jan. 22,
2026), 91 FR 3602.
\7\ See Letter from Jeff Kimsey, Chair, CTA/CQ Plan Operating
Committee, to Vanessa Countryman, Secretary, Commission dated April
7, 2026 (``Amendment No. 1'').
\8\ See Securities Exchange Act Release No. 105269, 91 FR 21563
(April 22, 2026).
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II. Description of the Amended Proposal
The Participants propose to amend the Plans to extend the
Processor's hours of operations to receive and disseminate quotation
information, last sale price information, 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 21563-64. Unless
otherwise noted, all capitalized terms used herein have the same
meaning as is given such terms in the Plans.
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A. Processor's Hours of Operation
1. Background
CQ Plan section VIII(b), among other things, provides that the
Processor shall receive and make available quotation information
between 9:00 a.m. and 6:30 p.m. ET, Monday through Friday, and ``shall
receive and make available quotation information pursuant to this CQ
Plan during any other period. . . . during which any one or more
Participants wish to furnish quotation information to the Processor,
provided that such Participant or Participants have agreed to pay all
costs and expenses which would not have been incurred by the Processor
had it not made the quotation information available during such
additional period. . . .'' CTA Plan section XI(b), among other things,
provides that the ``Processor shall disseminate last sale price
information reported to it related to Eligible Securities during the
hours any Participant which regularly reports to the Processor during
the full trading day 51% or more of the last sale prices reported over
CTA Network A or CTA Network B is open for trading. . . . [and] at
other times . . . during which any exchange Participant is open for
trading, provided, however, that the Processor shall not disseminate
such prices during the additional period unless the Participant or
Participants which report prices to the Processor for dissemination
during the additional period have agreed to pay all costs and expenses
which would not have been incurred in the generation or dissemination
of the consolidated tape had the Processor not disseminated last sale
price information reported to it during the additional period. . . .''
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 40083]]
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 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 CTA Plan, the CQ Plan, the UTP Plan, 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, last sale information
and related information 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 Plans and notify the
industry at least 90 days prior to the implementation of a reduction.
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\14\ See proposed CQ Plan section VIII(b)(i) and proposed CTA
Plan section XI(b)(i). See also proposed CQ Plan section
VIII(b)(iii) and proposed CTA Plan section XI(b)(v) defining
``Additional Period''.
\15\ See proposed CQ Plan section VIII(b)(i) and proposed CTA
Plan section XI (b)(i). 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 CQ Plan section VIII(b)(i) and proposed CTA
Plan section XI(b)(i).
\17\ See proposed CQ Plan section VIII(b)(i) and proposed CTA
Plan section XI(b)(i) and Amended Proposal, supra note 8 at 21564.
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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 21564-65. The CTA
Plan and CQ Plan propose to define Regular Trading Hours in sections
XI(b)(ii) and XII(a)(iv) of the CTA Plan and section VIII(b)(ii) of
the CQ Plan with reference to the definition 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 CTA Plan section XI(b)(iii).
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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 last sale price
information.\20\
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\20\ See proposed CTA Plan section XI(b)(iv).
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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 CTA Plan section XI(b)(iii).
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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 CTA Plan XII(a)(iv).
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B. Trade Date
The Participants propose to define a trade date for purposes of the
Plans.\23\ Specifically, under the Plans, 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 CQ Plan section VIII(b)(ii) and proposed CTA
Plan section XI(b)(i).
\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
Consistent with the current language of the Plans,\25\ 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.\26\ 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.\27\ As part of the Amended Proposal, the Participants have
proposed moving existing language related to costs and making minor
changes for readability.\28\
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\25\ See CQ Plan section VIII(b) and CTA Plan section XI(b)
(providing for the allocation of development and operating costs and
expenses).
\26\ See proposed CQ Plan section VIII(b)(iii) and proposed CTA
Plan section XI(b)(v).
\27\ See Amended Proposal, supra note 8 at 21566.
\28\ See Amended Proposal, supra note 8 at 21566.
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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 3604.
\30\ See Amended Proposal, supra note 8 at 21565.
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The Amended Proposal also stated that, if approved, the amendments
to the Plans, ``including the proposed changes to the language of the
Plans, will not become operative until the Operating Committee
determines 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
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the Operating Committee include, but are not limited to, the following:
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\31\ See Amended Proposal, supra note 8 at 21565.
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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 21565. See also
Proposal, supra note 6 at 3604.
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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 21565.
\34\ See Amended Proposal, supra note 8 at 21565.
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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 21565. See also
Proposal, supra note 6 at 3604.
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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 Plans 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 21564.
\43\ See 24X Approval Order, supra note 11 at 97105.
\44\ Pursuant to the exchanges' rules, the exchanges are
required to file a proposed rule change 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, last sale price information, 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 Plans 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 21566.
\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 Plans, the Amended Proposal defines a trade date for purposes
of the Plans. 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 Plans to require the
Participants that operate during the Additional Period to pay for the
costs and expenses to develop and expand the Processor's system to
account for the Additional Period. Similarly, the Amended Proposal
amends the Plans 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
[[Page 40085]]
operating costs going forward. These amendments are appropriate and
consistent with the Plans' 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 Plans 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 Plans can occur. Accordingly, under the Amended
Proposal, the effective Plans that the Participants must comply and
enforce compliance with will be the Plans as amended by the Amended
Proposal starting December 6, 2026.\50\
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\48\ See Amended Proposal, supra note 8 at 21565. 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 Plans are unable to implement the
Amended Proposal by December 6, 2026, the Participants must submit
an amendment to the Plans 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 CTA
and CQ Plans (File No. SR-CTA/CQ-2026-01) 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. 2026-13234 Filed 6-30-26; 8:45 am]
BILLING CODE 8011-01-P