Federal Register #SR-TXSE-2026-024

SEC Notice: TXSE Rule Change Permits Early Trading of New Issue ETPs

This notice from the Securities and Exchange Commission (SEC) addresses a rule change proposed by Texas Stock Exchange LLC (TXSE). - Government buyer: - Securities and Exchange Commission (SEC) - Texas Stock Exchange LLC (TXSE) is the subject of the rule change - OEMs and vendors: - No OEMs or vendors are mentioned; this is a regulatory notice, not a procurement - Products/services requested: - No products, part numbers, or quantities are requested - Unique or notable requirements: - The rule change amends TXSE Rule 11.022 to allow new issue Exchange-Traded Products (ETPs) to begin trading at the start of the pre-market session - Issuers may opt for an IPO Auction instead - Aligns TXSE trading functionality with Nasdaq and Cboe BZX Exchange, Inc. (BZX) - Provides issuers flexibility and investors earlier trading opportunities - No procurement activity or solicitation for goods/services is present

Description

The Securities and Exchange Commission (SEC) has approved a proposed rule change by the Texas Stock Exchange LLC to allow new issue Exchange-Traded Products (ETPs) to begin trading at the start of the pre-market session. The rule change amends Rule 11.022 to permit this earlier trading unless the issuer opts for an IPO Auction process. This change aims to provide issuers with flexibility and investors with earlier trading opportunities, aligning TXSE's functionality with other exchanges like Nasdaq and BZX. The proposal is effective immediately upon filing and does not impose any significant burden on competition.

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