MEMX Proposed Rule Change - Nasdaq BX to Nasdaq Texas Name Update
Summary
The SEC published a notice seeking comments on MEMX LLC's proposed rule change to amend Exchange Rule 13.4(a) to reflect Nasdaq BX, Inc.'s name change to Nasdaq Texas, LLC. The change is conforming and non-substantive, updating the data feed listing to reflect the corporate reorganization and rename of Nasdaq BX under Texas law rather than Delaware law.
What changed
MEMX LLC filed a proposed rule change with the SEC to amend Rule 13.4(a) (Usage of Data Feeds) to replace references to Nasdaq BX, Inc. with Nasdaq Texas, LLC. This change is necessitated by Nasdaq BX's recent conversion from a Delaware corporation to a Texas LLC and simultaneous name change. The proposed change is explicitly characterized by MEMX as conforming and non-substantive in nature, intended to maintain accurate market-by-market documentation of data feeds used for order handling, execution, routing, and surveillance.
Affected parties including other self-regulatory organizations, broker-dealers, and market participants should note this is an administrative update with no material impact on trading operations, compliance obligations, or market structure. The SEC is accepting public comments on the proposal, with the standard 21-day comment period following Federal Register publication.
What to do next
- Monitor for final approval of the proposed rule change
Source document (simplified)
Content
April 2, 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 March 25, 2026, MEMX LLC (“MEMX” or the “Exchange”) 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.
I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change
The Exchange is filing with the Commission a proposed rule change to amend Rule 13.4(a) to reflect the name change of Nasdaq
BX, Inc. to Nasdaq Texas, LLC. The text of the proposed rule change is provided in Exhibit 5 and is available on the Exchange's
website at https://info.memxtrading.com/regulation/rules-and-filings/.
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 amend Rule 13.4(a) (Usage of Data Feeds) to reflect the recent name change of Nasdaq BX, Inc (“Nasdaq
BX”) to Nasdaq Texas, LLC (“Nasdaq Texas”). Exchange Rule 13.4(a) lists the specific data feeds it uses for the handling,
execution and routing of orders, as well as for surveillance necessary to monitor compliance with applicable securities laws
and Exchange Rules.
Nasdaq BX recently 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, Inc. to Nasdaq Texas,
LLC. (5) Given that Nasdaq BX is one of the data feeds listed under Rule 13.4(a), the Exchange accordingly proposes a conforming change
to its rules to replace the name of Nasdaq BX with Nasdaq Texas.
The proposed change is conforming and non-substantive in nature.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with the Act and the rules and regulations thereunder applicable
to the Exchange and, in particular, the requirements of Section 6(b) of the Act. (6) Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) (7) requirements that the rules of an exchange be 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.
In particular, the Exchange believes that the proposal to update Rule 13.4(a) to 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.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will 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. The proposed rule change is not intended to address competitive issues but rather is concerned
solely with updating the Exchange's rule to reflect the name change of Nasdaq BX to Nasdaq Texas.
C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or
Others
The Exchange neither solicited nor received comments on the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action
The Exchange has filed the proposed rule change pursuant to Section 19(b)(3)(A) of the Act (8) and Rule 19b-4(f)(6) (9) thereunder. 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; or (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 (10) and Rule 19b-4(f)(6) (11) thereunder.
A proposed rule change filed under Rule 19b-4(f)(6) (12) normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b-4(f)(6)(iii), (13) the Commission may designate a shorter time if such action is consistent with 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 change may become operative
immediately upon filing. In support of its request, the Exchange states that the proposed rule change is being submitted solely
to provide specificity regarding the Exchange's use of data feeds, and it is in the public interest for the Exchange's rulebook
to be specific, clear, and transparent. The Commission believes that waiving the 30-day operative delay is consistent with
the protection of investors and the public interest because the proposal provides clarity and avoids potential confusion by
updating MEMX Rule 13.4(a) to reflect the name change of Nasdaq BX, Inc. to Nasdaq Texas, LLC and does not introduce any novel
regulatory issues. Accordingly, the Commission designates the proposed rule change to be operative upon filing. (14)
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 rule-comments@sec.gov. Please include file number SR-MEMX-2026-08 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-MEMX-2026-08. 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 also 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-MEMX-2026-08 and should be submitted on or before April 28, 2026.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. (15)
Sherry R. Haywood, Assistant Secretary. [FR Doc. 2026-06673 Filed 4-6-26; 8:45 am] BILLING CODE 8011-01-P
Footnotes
(1) 15 U.S.C. 78s(b)(1).
(2) 17 CFR 240.19b-4.
(3) 15 U.S.C. 78s(b)(3)(A).
(4) 17 CFR 240.19b-4.
(5) 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).
(6) 15 U.S.C. 78f(b).
(7) 15 U.S.C. 78f(b)(5).
(8) 15 U.S.C. 78s(b)(3)(A).
(9) 17 CFR 240.19b-4(f)(6).
(10) 15 U.S.C. 78s(b)(3)(A).
(11) 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) requires the Exchange to give the Commission written notice of
its intent to file the proposed rule change, along with a brief description and text of 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.
(12) 17 CFR 240.19b-4(f)(6).
(13) 17 CFR 240.19b-4(f)(6)(iii).
(14) For purposes only of waiving the 30-day operative delay, the Commission also has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C. 78c(f).
(15) 17 CFR 200.30-3(a)(12).
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