Federal Register #SR-TXSE-2026-013

SEC Reviews Texas Stock Exchange Proposal for Market Data Feed Subscription Fees

This opportunity involves the Securities and Exchange Commission (SEC) reviewing a proposed rule change from Texas Stock Exchange LLC regarding new monthly fees for proprietary market data feeds. - Government Buyer: - Securities and Exchange Commission (SEC) - OEM/Vendor: - Texas Stock Exchange LLC (TXSE) - Products/Services Requested: - Subscriptions to TXSE FEED and TXSE BALE proprietary market data feeds - TXSE FEED: $1,500/month (internal distribution), $2,500/month (external distribution) - TXSE BALE: $750/month (internal distribution), $2,000/month (external distribution) - No specific purchase quantities; these are ongoing subscription services - Notable Requirements: - Clear definitions of internal vs. external distribution - Pro-rated fees for partial months based on trading days - Requirement for a Multicast Service per Data Product for all subscribers - Fees are designed to be equitable, reasonable, and comparable to or lower than those of other equities exchanges - No additional vendors or OEMs are mentioned; Texas Stock Exchange LLC is the sole provider of these data feeds.

Description

The Securities and Exchange Commission has published a notice regarding a proposed rule change by Texas Stock Exchange LLC to adopt monthly fees for its proprietary market data feeds, TXSE BALE and TXSE FEED. The rule change proposes specific monthly fees for internal and external distribution of these data feeds, with fees comparable to or lower than those charged by other equities exchanges. The fees are designed to be equitable, reasonable, and not unfairly discriminatory, and the rule change is effective immediately upon the commencement of the Exchange's operations as a national securities exchange.

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