Federal Register #SR-TXSE-2026-043

TXSE proposal for midyear ETP listing-tier upgrades with prorated fees

The Securities and Exchange Commission (SEC) notice describes a proposed Texas Stock Exchange LLC (TXSE) rule change, not a government procurement opportunity. - Government agency: The SEC published the notice; TXSE is the exchange proposing the change. - Proposal: Allow issuers to move an exchange-traded product (ETP) to a higher listing tier during the year, without waiting for the next annual selection period. Midyear downgrades would not be allowed. - Tier fees: Core is $10,000 annually, Premier is $55,000, and Signature is $100,000. An upgrade would incur the fee difference between the new tier and the immediately preceding tier, prorated based on trading days remaining in the year. - Other effects: The higher tier’s Lead Market Maker performance standards and stipend eligibility would apply prospectively after the upgrade. TXSE also describes applying Signature Tier fee credits to qualifying periods after an upgrade. - Other named entity: FINRA is mentioned only in connection with a separate regulatory matter. - Procurement items: No products, services, quantities, or part numbers are requested.

Description

Texas Stock Exchange LLC proposes to amend Rule 17.180 to allow an issuer to move an exchange-traded product to a higher listing tier during a calendar year. The change would let issuers obtain the liquidity support associated with a higher tier without waiting until the following year; moves to a lower tier during the year would not be permitted. The issuer would pay an incremental listing fee based on the difference between the annual fees for the applicable tiers, prorated for the trading days remaining in the year. Existing annual tier fees, performance standards, and stipend amounts would not be changed.

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