The Securities and Exchange Commission (SEC) has approved a rule change by NYSE Chicago, now known as NYSE Texas, Inc., to alter its trading rules for Exchange-Traded Products (ETPs). This amendment allows NYSE Texas to list and trade ETPs using rules that align with its affiliate, NYSE Arca. This includes revising definitions and removing redundant rules. The changes are meant to enhance competition and ensure clarity and transparency in trading practices, while also establishing necessary surveillance and compliance procedures to prevent market manipulation.
Simple Explanation
The government said "yes" to NYSE Texas so they can trade things like stocks in a way that's more like their friend, NYSE Arca, which means they had to change some old rules to make everything clear and fair.