Federal Register #SR-TXSE-2026-003

SEC Notice: Texas Stock Exchange LLC Rodeo Program Incentive Initiative

This notice concerns the Securities and Exchange Commission's (SEC) publication of a proposed rule change by Texas Stock Exchange LLC (TXSE) to implement the Rodeo Program, a warrant performance incentive initiative. - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEM/Vendor Mentioned: - Texas Stock Exchange LLC (TXSE) - Program Details: - The Rodeo Program is a one-year incentive program designed to increase liquidity on the TXSE - Eligible participants are TXSE Members who are registered broker-dealers and accredited investors - Participants pay a $250,000 prepayment fee to receive tickets redeemable for warrants representing shares of TXSE Group Voting Common Stock - Warrants vest based on meeting quarterly liquidity volume thresholds over four measurement periods - The program includes multipliers to incentivize specific trading behaviors and an exercise price competition - Unique Requirements: - Only approved TXSE Members who are registered broker-dealers and accredited investors may participate - Vesting and warrant allocation are contingent on performance against defined liquidity targets - The SEC is soliciting public comments on the proposed rule change - No traditional products or services are being procured; this is a regulatory incentive program, not a procurement opportunity

Description

The Securities and Exchange Commission published a notice about a proposed rule change filed by Texas Stock Exchange LLC to implement a warrant performance incentive program called the Rodeo Program. This program offers participants the opportunity to earn warrants representing shares of TXSE Group Voting Common Stock based on their trading performance during specified measurement periods. The notice details the program's structure, eligibility criteria, vesting schedules, and the solicitation of public comments on the proposal.

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