Securities Industry and Financial Markets Association (SIFMA)

Rule Changes

Filed comment on SR-TXSE-2026-008

The Securities and Exchange Commission opened formal proceedings in September to decide whether Texas Stock Exchange, a challenger to NYSE and Nasdaq, may require brokers to vote shares when clients give no instructions. Under the proposal, uninstructed shares would be allocated proportionally, matching how instructed investors voted on each item, and cast as abstentions when no instructions arrive on that matter.

Updated 7 days ago

Rule Changes

Advocating for uniform on-exchange fee methodology

Options exchanges are locked in a chaotic race to recalibrate fees as their regulatory costs collide with record trading volumes. Cboe doubled its Options Regulatory Fee to $0.0002 per contract on January 2, 2026, while NYSE slashed its fee from $0.0038 to $0.0026. The whipsaw reflects a deeper crisis: exchanges collect fees based on all customer options trades cleared industrywide, not just trades on their own platforms, creating unpredictable revenue swings.

Updated May 19