Federal Register #SR-TXSE-2026-026

Texas Stock Exchange LLC Lead Market Maker Program Proposal

This opportunity involves a proposed regulatory program by the Texas Stock Exchange LLC (TXSE), reviewed by the Securities and Exchange Commission (SEC). - Government Buyer: - Securities and Exchange Commission (SEC) - Vendor: - Texas Stock Exchange LLC (TXSE) - Products/Services Requested: - Establishment and operation of a Lead Market Maker (LMM) Program for TXSE-listed exchange-traded products (ETPs) - No physical products or OEMs involved; this is a service and governance initiative - Program Details: - LMMs are selected registered Market Makers who commit to enhanced market-quality standards - Participation is open to all Members meeting Market Maker requirements - Minimum performance standards and measurable commitments required - Incentives and performance thresholds to be detailed in a separate filing - Procedures for withdrawal and forfeiture of LMM status included - Unique/Notable Requirements: - Focus on improving quoting and liquidity in TXSE-listed ETPs - Governance and participation framework established - No specific product part numbers or quantities, as this is a regulatory service

Description

The Texas Stock Exchange LLC (TXSE) filed a proposed rule change with the Securities and Exchange Commission to implement a Lead Market Maker (LMM) Program on the Exchange. The program aims to encourage selected registered Market Makers to make additional, measurable market-quality commitments in exchange-traded products (ETPs) listed by TXSE. The proposal establishes the program's governance, participation framework, and minimum performance standards, with incentives and thresholds to be set in a separate filing. The rule change is designed to improve quoting and displayed liquidity in TXSE-listed ETPs and promote just and equitable principles of trade.

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