Federal Register #SR-TXSE-2026-030

TXSE proposes annual ETP listing tiers and Lead Market Maker standards and stipends

A Securities and Exchange Commission notice describes Texas Stock Exchange LLC’s proposed listing-fee tiers and Lead Market Maker program for exchange-traded products; it is not a procurement solicitation. - Government agency: Securities and Exchange Commission (SEC), which published the notice; no government buyer or purchasing office is identified. - Proponent: Texas Stock Exchange LLC (TXSE), proposing the rule change and fee structure. - Proposed annual ETP listing tiers and LMM stipends: - Signature: $100,000 annual fee; qualifying Lead Market Makers (LMMs) may receive up to $278 per trading day. - Premier: $55,000 annual fee; qualifying LMMs may receive up to $139 per trading day. - Core: $10,000 annual fee; qualifying LMMs receive $16 per trading day when all applicable standards are met. - Each tier has asset-class-specific LMM minimum performance standards. Signature-tier issuers may receive credits if LMM standards are not met. - Issuers may select or change tiers annually; fees for listings that begin partway through a year are prorated. No specific ETP products, part numbers, or procurement quantities are requested. - Nasdaq, BZX, and Arca are cited as fee comparators, not as suppliers or requested vendors.

Description

Texas Stock Exchange LLC filed a proposed rule change to establish listing fees for exchange-traded products listed on the Exchange. The proposal would create three annual listing fee tiers—Signature, Premier, and Core—and corresponding Lead Market Maker minimum performance standards. The Exchange would pay daily stipends to lead market makers that meet the applicable performance standards. The filing invites public comments on whether the proposed rule change is consistent with the Securities Exchange Act.

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