SEC Notice: 24X National Exchange Amends Rule 11.6 on Post Only Orders and Updates Regulation NMS References
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The SEC published a notice of immediate effectiveness for a rule change by 24X National Exchange LLC. The amendment to Rule 11.6 clarifies that orders using the Post Only instruction will remove liquidity under specific conditions regardless of whether they also include a Display-Price Sliding, Cancel Back, or no additional instruction. It removes the specific reference to Display-Price Sliding in Rule 11.6(l)(2). The rule also updates outdated references from former Rule 610(d) to the current Rule 610(e) of Regulation NMS following the Commission's 2024 amendments that became effective February 2, 2026. No changes to the Exchange's actual systems or order handling logic are being made; the update is intended to improve transparency and reduce confusion.
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Key Changes
- Eliminates reference to Display-Price Sliding in 24X Rule 11.6(l)(2)
- Clarifies Post Only orders remove liquidity when economically beneficial or for securities below $1.00 regardless of additional instructions
- Updates all references from former Regulation NMS Rule 610(d) to current Rule 610(e)
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Obligations
What this law requires
24X National Exchange LLC must amend Rule 11.6 to clarify that Post Only orders will remove liquidity under specific conditions (economic benefit or sub-$1.00 securities) regardless of whether they include Display-Price Sliding, Cancel Back, or no additional instruction.
24X National Exchange LLC must remove the specific reference to Display-Price Sliding instruction from Rule 11.6(l)(2) to clarify that Post Only order handling applies to all Post Only orders, not just those with Display-Price Sliding instructions.
24X National Exchange LLC must update all references to former Regulation NMS Rule 610(d) in Rule 11.6(a), (b), (e), and (j) to correctly reference Rule 610(e) to reflect the September 18, 2024 Regulation NMS amendments that became effective February 2, 2026.
24X National Exchange LLC must ensure updated Rule 11.6 references facilitate compliance with Rule 610(e) of Regulation NMS regarding locking or crossing quotations.
24X National Exchange LLC must make the amended rules available on the Exchange's website at https://equities.24exchange.com/regulation and at the Exchange's principal office.