Notice2026-06149
Self-Regulatory Organizations; Texas Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Implement a Warrant Performance Incentive Program
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
March 31, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 61 (Tuesday, March 31, 2026)</title>
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[Federal Register Volume 91, Number 61 (Tuesday, March 31, 2026)]
[Notices]
[Pages 16044-16052]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-06149]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105090; File No. SR-TXSE-2026-003]
Self-Regulatory Organizations; Texas Stock Exchange LLC; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Implement a Warrant Performance Incentive Program
March 26, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on March 18, 2026, Texas Stock Exchange LLC (the ``Exchange'' or
``TXSE'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II
and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Texas Stock Exchange LLC (the ``Exchange'') filed a proposal to
implement a warrant performance incentive program (the ``Rodeo
Program'' or the ``Program'').
The text of the proposed rule change is available on the
Commission's website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>) at the
Exchange's website (<a href="https://txse.com/rule-filings">https://txse.com/rule-filings</a>), and at the
principal office of the Exchange.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
Sections A, B, and C below, of the most significant parts of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to implement the Rodeo Program to provide
Members \3\ of the Exchange who submit an initial prepayment fee
(``Prepayment Fee'') to the Exchange with a ticket redeemable for
warrants that provide the right to purchase equity in the
[[Page 16045]]
Exchange's parent holding company, TXSE Group Inc. (``TXSE Group'').
Such warrants will vest upon the achievement of certain liquidity
volume thresholds on the Exchange. The Rodeo Program will commence on
September 1, 2026 and run for one year, concluding at the end of the
business day on August 31, 2027 (``Rodeo Period''), subject to Exchange
notice.\4\ Members of the Exchange that participate in the Rodeo
Program (``Participants'') that meet a certain liquidity volume
threshold measured as the Participant's shares transacted on TXSE
expressed as a percentage of TCV, as defined below (the ``Target
Performance''), will also be subject to a further ``jump ball''
competition among one another in which the exercise price of their
warrants will be assigned based on certain additional volume metrics
(``Exercise Price Competition''), as further described below. The
purpose of the Rodeo Program is to promote the long-term interests of
the Exchange by providing incentives designed to encourage TXSE Members
to contribute to the growth and success of the Exchange via actively
providing liquidity on TXSE. Participants' potential equity interest in
TXSE Group will also help to align long-term incentives among the
Participants, the Exchange, and its parent company by providing
Participants with the opportunity to share in the benefits of TXSE's
increased enterprise value.
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\3\ As defined in Rule 1.005(q), the term ``Member'' means any
registered broker or dealer that has been admitted to membership in
the Exchange. A Member will have the status of a ``member'' of the
Exchange as that term is defined in Section 3(a)(3) of the Act.
Membership may be granted to a sole proprietor, partnership,
corporation, limited liability company or other organization which
is a registered broker or dealer pursuant to Section 15 of the Act
and which has been approved by the Exchange.
\4\ The Exchange may, in its sole discretion, delay the
beginning of the Rodeo Period by issuing a circular to Participants
notifying them of such delay at least two weeks in advance of
September 1, 2026. Any such delay would push back the dates of the
beginning and end of each of the Measurement Periods by the amount
of the delay. Each Measurement Period would continue to be a three-
month period and the Rodeo Period would remain a one-year period.
The Exchange will not delay the beginning of the Rodeo Period by
more than six months.
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Each Member of the Exchange may become a Participant in the Rodeo
Program by submitting all required documentation for participation in
the Rodeo Program by May 1, 2026, and prepaying a $250,000 Prepayment
Fee in advance of May 15, 2026.\5\ Any such Participant will be issued
a ``ticket'' indicating that the Participant has been accepted into the
Rodeo Program and a ticket will be redeemable by Participants in
exchange for warrants representing 100,000 shares of TXSE Group Voting
Common Stock \6\ (``TXSE Group Stock''), a portion of which will be
eligible to vest every three calendar months during the Rodeo Program
Period (each such period a ``Measurement Period'') based on the Target
Performance on the Exchange, as described below. Participants that do
not achieve the Target Performance but do achieve at least 50% of the
Target Performance will be eligible for partial vesting, as further
described below. The total number of tickets available is between 3 and
20 tickets among all Participants. If fewer than a total of three
tickets would be issued, the Exchange will not operate the Rodeo
Program and will return Prepayment Fees. Each Participant may receive
up to three tickets. If fewer than 20 tickets are issued, any remaining
tickets may be allocated at TXSE's discretion to Participants seeking
additional tickets (including allowing the Exchange to issue
Participants more than three tickets). If there is demand for more than
20 tickets, TXSE may, in its sole discretion, either: (i) reduce
allocations to Participants seeking multiple tickets; or (ii) increase
the total number of tickets (and corresponding shares) available for
allocation. Tickets and warrants will be non-transferable except to an
affiliate of the Participant, subject to certain restrictions and
conditions.
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\5\ While the Rodeo Program does not commence until September 1,
2026, the Prepayment Fee will immediately begin applying to any
Rodeo Exchange Fees, as defined below.
\6\ ``Voting Common Stock'' is defined in Article FOURTH (a)(i)
of the Sixth Amended and Restated Certificate of Incorporation of
TXSE Group Inc. (``TXSE Group CoI'').
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Upon making the Prepayment Fee, a Participant will be able to apply
the Prepayment Fee to various fees on the Exchange, including
connectivity fees, market data fees, and membership fees (collectively,
``Rodeo Exchange Fees'').\7\ Any unused portion of the Prepayment Fees
of a Participant that submitted a single Prepayment Fee expires 30
months after the beginning of Measurement Period 1, as defined below.
The expiration date of any unused portion of the Prepayment Fees of a
Participant that submitted more than one Prepayment Fee will be
extended by 24 months per additional Prepayment Fee submitted (i.e.,
where a Participant submits two Prepayment Fees, the Prepayment Fees
will expire after 54 months, where a Participant submits three
Prepayment Fees, all three Prepayment Fees will expire after 78
months).
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\7\ The Exchange notes that ``Rodeo Exchange Fees'' excludes
transaction fees. As noted below, the Exchange expects that
Participants will accumulate sufficient Rodeo Exchange Fees during
the period before their Prepayment Fee expires and excluding
transaction fees will allow the Exchange to generate revenue from
trading activity and to have the Prepayment Fee apply more gradually
over time.
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Participants' warrants will vest based upon achievement of Target
Performance on the Exchange during each Measurement Period as follows:
10,000 shares of TXSE Group Stock per ticket for the Measurement Period
from September 1, 2026 to November 30, 2026 (``Measurement Period 1''),
20,000 shares of TXSE Group Stock per ticket for the Measurement Period
from December 1, 2026 to February 26, 2027 (``Measurement Period 2''),
30,000 shares of TXSE Group Stock per ticket for the Measurement Period
from March 1, 2027 to May 31, 2027 (``Measurement Period 3''), and
40,000 shares of TXSE Group Stock per ticket for the Measurement Period
from June 1, 2027 to August 31, 2027 (``Measurement Period 4''). Target
Performance may be met by trading activity in any security available
for trading on the Exchange. Where a Participant achieves between 50%
and 74.99% of the Target Performance, 50% of the Participant's warrants
allocable to that Measurement Period will vest. Where a Participant
achieves between 75% and 99.99% of the Target Performance, 75% of the
Participant's warrants allocable to that Measurement Period will
vest.\8\ Only vested warrants are eligible to be exercised and un-
vested warrants are not exercisable. The total equity ownership of TXSE
Group Stock, including any purchased through the exercise of vested
warrants, shall be subject to the ownership limitations of the Seventh
Amended and Restated Stockholders' Agreement of TXSE Group Inc. as
amended (the ``TXSE Group Stockholders' Agreement'') and of the Sixth
Amended and Restated Certificate of Incorporation of TXSE Group Inc. as
amended (the ``TXSE Group Certificate of Incorporation'').\9\
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\8\ Where a Participant's warrants only partially vest because
they do not achieve 100% or more of the Target Performance, any such
partially vested warrants are not eligible for the Exercise Price
Competition and will have an exercise price of $20.
\9\ See, e.g., Section 14 of the TXSE Group Stockholders'
Agreement, which states that ``any Stockholder, either alone or
together with its Related Persons (as defined in the Certificate of
Incorporation), that is also a member of the Texas Stock Exchange
(or its successor), may not beneficially own directly or indirectly
shares of stock of the Company representing in the aggregate more
than 20% of the then-outstanding shares of stock of the Company.'';
Article SEVENTH(b) of the TXSE Group Certificate of Incorporation,
which states that ``no Person, either alone or together with its
Related Persons, shall be permitted at any time to beneficially own,
directly or indirectly, shares of stock of the Corporation
representing in the aggregate more than 40% of the then-outstanding
shares of stock of the Corporation; and no Member, either alone or
together with its Related Persons, may beneficially own, directly or
indirectly, shares of stock of the Corporation representing in the
aggregate more than 20% of the then-outstanding shares of stock of
the Corporation.''
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[[Page 16046]]
1. Requirements for Participation in the Rodeo Program
Participation in the Rodeo Program, which provides equity-like
consideration in exchange for the provision of liquidity on the
Exchange, is open to all TXSE Members. All TXSE Members may participate
subject to their satisfaction of certain eligibility requirements, as
described below. All applicants for participation in the Rodeo Program
will be subject to the same eligibility criteria and all Participants
will participate in the Rodeo Program on the same terms, conditions and
restrictions.
To be eligible to be a Participant, an applicant must: (i) be an
approved Member of the Exchange; (ii) be a registered broker-dealer
pursuant to Section 15 of the Exchange Act; \10\ (iii) qualify as an
``accredited investor'' as defined in Regulation D under the Securities
Act of 1933; \11\ (iv) have executed all required documentation for
participation in the Rodeo Program by May 1, 2026, i.e., the warrant
agreement and confidentiality agreement; and (v) have tendered the
Prepayment Fee no later than May 15, 2026.
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\10\ 15 U.S.C. 78o.
\11\ The purpose of this criterion relates to the ability of
TXSE Group to sell securities (in this case, TXSE Group Stock)
pursuant to an exemption from registration under the Securities Act
of 1933. The definition of ``accredited investor'' under Rule
501(a)(1) of the Securities Act of 1933 includes any broker or
dealer registered pursuant to Section 15 of the Act. As noted above,
a Participant will be required to be registered as a broker or
dealer pursuant to Section 15 of the Exchange Act. Therefore, all
Participants will satisfy this criterion.
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Once an eligible applicant for the Rodeo Program has executed all
required documentation for participation in the Rodeo Program and met
the requirements set forth above no later than May 1, 2026, and has
paid the Prepayment Fee no later than May 15, 2026, the applicant would
be accepted into the Rodeo Program as a Participant and issued a
ticket.
2. Application of Prepayment Fee
The Exchange will apply the Prepayment Fee to Rodeo Exchange Fees
automatically on the Participant's monthly fee invoice. The Exchange
will apply the Prepayment Fee to a Participant's Rodeo Exchange Fees
regardless of whether the Participant achieves Target Performances or
where the Participant finishes in the Exercise Price Competition.\12\
Once a Participant has incurred Rodeo Exchange Fees whereby the total
accumulated Rodeo Exchange Fees are equal to $250,000 multiplied by the
number of Prepayment Fees submitted, all subsequently incurred Rodeo
Exchange Fees will be billed and collected at the appropriate rates as
defined in the TXSE Fee Schedule.
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\12\ With prior notice to the Exchange, a Participant may apply
the Prepayment Fee to Rodeo Exchange Fees for other Members that
control, are controlled by, or are under common control with such
Member (as evidenced on such Member's form BD).
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3. Measurement Periods--Shares Available, Target Performance, Vesting
Assuming that the full 20 tickets are issued, the Exchange will
issue warrants representing 2,000,000 shares of TXSE Group Stock, which
represent 6% of the fully diluted outstanding shares of TXSE Group
Stock. Warrants received by Participants when they join the Rodeo
Program vest at the end of the relevant Measurement Period. Where a
Participant meets the Target Performance for the applicable Measurement
Period, 100% of the Participant's warrants for that Measurement Period
will vest. Where a Participant achieves between 50% and 74.99% of the
Target Performance for the applicable Measurement Period, 50% of the
Participant's warrants allocable to that Measurement Period will vest.
Where a Participant achieves between 75% and 99.99% of the Target
Performance for the applicable Measurement Period, 75% of the
Participant's warrants allocable to that Measurement Period will
vest.\13\ When the warrants vest for a Measurement Period, Participants
will have the right to exercise the warrants to purchase a certain
amount of TXSE Group Stock for that Measurement Period. As noted above,
each ticket held by a Participant is tied to warrants equal to 100,000
shares of TXSE Group Stock. The Target Performance for Participants
will be based on achieving a set percentage of Total Consolidated
Volume \14\ (``TCV'') on TXSE during the applicable Measurement Period,
as further described below. The Target Performance for any Participant
must be achieved on a per ticket basis, meaning that where the Target
Performance for a given measurement period is 0.025%, a Participant
with two tickets has a total Target Performance for that Measurement
Period of 0.05% to fully vest for both tickets. Where that Participant
achieves 0.03% TCV on TXSE, that Participant would have achieved the
Target Performance for one ticket for the Measurement Period. Where a
Participant has three tickets in the same Measurement Period, that
Participant's total Target Performance would be 0.075% of TCV on TXSE.
Where that Participant achieves 0.07% TCV, that Participant would have
achieved the Target Performance for two tickets for the Measurement
Period.\15\
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\13\ Where a Participant's warrants only partially vest because
they do not achieve 100% or more of the Target Performance, any such
partially vested warrants are not eligible for the Exercise Price
Competition and will have an exercise price of $20.
\14\ Total Consolidated Volume is calculated as the volume
reported by all exchanges and trade reporting facilities to a
consolidated transaction reporting plan during the applicable
Measurement Period excluding volume on days with a scheduled early
market close, on the fourth Friday in June, and on the second Friday
in December.
\15\ In this instance, the Participant would have achieved the
full 0.025% for the first two tickets and 0.02% for the third
ticket. Tickets 1 and 2 would be fully vested and would be eligible
for the Exercise Price Competition described below. The third ticket
would be eligible for 75% partial vesting (0.02 TCV/0.025 Target
Performance = 75%) but would receive a $20 exercise price and would
not be eligible for the Exercise Price Competition.
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a. Measurement Period 1--September 1, 2026 Through November 30, 2026
If 20 tickets are issued and each Participant meets the Target
Performance for each ticket, Participants' warrants would collectively
vest 200,000 shares of TXSE Group Stock (each ticket has the
opportunity to vest 10,000 shares of TXSE Group Stock) during
Measurement Period 1, which would represent 0.6% of the fully diluted
outstanding shares of TXSE Group Stock. The Target Performance for any
Participant during Measurement Period 1 is 0.025% of TCV on TXSE during
the Measurement Period. Thus, if a Participant achieves the Target
Performance during Measurement Period 1, the Participant's full
allotment of unvested warrants for that period will vest.
b. Measurement Period 2--December 1, 2026 Through February 26, 2027
If 20 tickets are issued and each Participant meets the Target
Performance for each ticket, Participants' warrants would collectively
vest 400,000 shares of TXSE Group Stock (each ticket has the
opportunity to vest 20,000 shares of TXSE Group Stock) during
Measurement Period 2, which would represent 1.2% of the fully diluted
outstanding shares of TXSE Group Stock. The Target Performance for any
Participant during Measurement Period 2 is 0.050% of TCV on TXSE during
the Measurement Period. Thus, if a Participant achieves the Target
Performance during Measurement Period 2, the Participant's full
allotment of unvested warrants for that period will vest.
[[Page 16047]]
c. Measurement Period 3--March 1, 2027 Through May 31, 2027
If 20 tickets are issued and each Participant meets the Target
Performance for each ticket, Participants' warrants would collectively
vest 600,000 shares of TXSE Group Stock (each ticket has the
opportunity to vest 30,000 shares of TXSE Group Stock) during
Measurement Period 3, which would represent 1.8% of the fully diluted
outstanding shares of TXSE Group Stock. The Target Performance for any
Participant during Measurement Period 3 is 0.075% of TCV on TXSE during
the Measurement Period. Thus, if a Participant achieves the Target
Performance during Measurement Period 3, the Participant's full
allotment of unvested warrants for that period will vest.
d. Measurement Period 4--June 1, 2027 Through August 31, 2027
If 20 tickets are issued and each Participant meets the Target
Performance for each ticket, Participants' warrants would collectively
vest 800,000 shares of TXSE Group Stock (each ticket has the
opportunity to vest 40,000 shares of TXSE Group Stock) of TXSE Group
Stock during Measurement Period 4, which would represent 2.4% of the
fully diluted outstanding shares of TXSE Group Stock. The Target
Performance for any Participant during Measurement Period 4 is 0.125%
of TCV on TXSE during the Measurement Period. Thus, if a Participant
achieves the Target Performance during Measurement Period 4, the
Participant's full allotment of unvested warrants for that period will
vest.
e. Vesting
Where a Participant meets the Target Performance \16\ for a
particular Measurement Period, the warrants applicable to the number of
shares of TXSE Group Stock available during that Measurement Period
will vest. Where a Participant meets the Target Performance for the
applicable Measurement Period, 100% of the Participant's warrants for
that Measurement Period will vest. Where a Participant achieves between
50% and 74.99% of the Target Performance for the applicable Measurement
Period, 50% of the Participant's warrants allocable to that Measurement
Period will vest. Where a Participant achieves between 75% and 99.99%
of the Target Performance for the applicable Measurement Period, 75% of
the Participant's warrants allocable to that Measurement Period will
vest. Where a Participant's warrants only partially vest because they
do not achieve 100% or more of the Target Performance, any such
partially vested warrants are not eligible for the Exercise Price
Competition and will have an exercise price of $20.If a Participant
does not achieve at least 50% of the Target Performance for a
particular Measurement Period, those warrants will not vest and there
will not be a later opportunity for them to vest.
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\16\ With prior notice to the Exchange, a Participant may
aggregate volume for purposes of calculating percentage of TCV and
Multiplier Adjusted Volume, as defined below, with other Members
that control, are controlled by, or are under common control with
such Member (as evidenced on such Member's form BD).
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Target Shares
Measurement period performance available
(% TCV) for vesting
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1 (9/1/26-11/30/26)........................... 0.025 10,000
2 (12/1/26-2/26/27)........................... 0.05 20,000
3 (3/1/27-5/31/27)............................ 0.075 30,000
4 (6/1/27-8/31/27)............................ 0.125 40,000
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As an example, a Participant that meets the Target Performance for
Measurement Periods 1 and 3 and 55% of the Target Performance for
Measurement Period 4 would have 60,000 shares of TXSE Group Stock vest
(10,000 + 30,000 + (40,000 * .5)) with 10,000 vesting on December 1,
2026, 30,000 shares vesting on June 1, 2027, and 20,000 shares vesting
on September 1, 2027. A Participant that meets the Target Performance
for all Measurement Periods would have 100,000 shares of TXSE Group
Stock vest (10,000 + 20,000 + 30,000 + 40,000) with 10,000 vesting on
December 1, 2026, 20,000 vesting on March 1, 2027, 30,000 vesting on
June 1, 2027, and 40,000 vesting on September 1, 2027.
4. Exercise Price Competition
a. Multiplier Adjusted Volume
For each Measurement Period, all Participants that meet the Target
Performance for a ticket (``Fully Vesting Participants'') will also be
assigned the exercise price of their warrants based on the
Participant's ranking in total adjusted volume (``Multiplier Adjusted
Volume''), calculated as total shares traded on the Exchange with
certain types of transactions being subject to volume multipliers and
thus counted as a multiple of the shares actually traded, as
applicable, among other Fully Vesting Participants during that
Measurement Period.\17\ The higher the rank of a Fully Vesting
Participant's Multiplier Adjusted Volume, the lower their exercise
price will be. Fully Vesting Participants will be assigned an exercise
price for their warrants based on the Fully Vesting Participant's
ranking in the Multiplier Adjusted Volume among all Fully Vesting
Participants during a Measurement Period. Multiplier Adjusted Volume
applies only to exercise price assignment and does not have any impact
on vesting or the Target Performance for any Measurement Period.
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\17\ Warrants that partially vest based on failure to achieve
Target Performance are not eligible for exercise price reduction.
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In calculating each Fully Vesting Participant's Multiplier Adjusted
Volume, the volume multipliers are:
(i) Intraspread Multiplier: transactions for which the adding order
added non-displayed liquidity and the execution occurs within the NBBO
\18\ are subject to a 2x multiplier;
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\18\ As provided in Rule 1.005(r), the term ``NBBO'' means the
national best bid or offer.
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(ii) Auction Multiplier: transactions in Opening Auctions \19\ and
Closing Auctions \20\ for which the order is an Eligible Auction Order
\21\ in securities for which TXSE is the primary listing market are
subject to a 10x multiplier;
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\19\ Opening Auction functionality is described in Rule
11.022(b).
\20\ Closing Auction functionality is described in Rule
11.022(c).
\21\ As provided in Rule 11.022(a)(8), the term ``Eligible
Auction Order'' means any MOO, LOO, LLOO, MOC, LOC or LLOC order
(each as defined below) that is entered in compliance with its
respective cutoff for an Opening Auction (as defined below) or
Closing Auction (as defined below), any RHO order prior to the
Opening Auction, any limit or market order not designated to
exclusively participate in the Closing Auction entered during the
Quote-Only Period (as defined below) of an IPO Auction subject to
the below restrictions, and any limit or market order not designated
to exclusively participate in the Opening Auction or Closing Auction
entered during the Quote-Only Period of a Halt Auction (as defined
below).
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(iii) Add Displayed Volume Multiplier: transactions for which the
order adds displayed liquidity to the Exchange are subject to a 1.2x
multiplier; and
(iv) Enhanced Liquidity Symbol (ELS) Multiplier: transactions in
securities that are included in a list of securities which the Exchange
believes could benefit from enhanced liquidity are subject to a 2x
multiplier.
Multiplier Adjusted Volume is calculated as follows: ((number of
shares in transactions that do not qualify for a multiplier) + (number
of shares in transactions that qualify for Intraspread Multiplier x 2)
+ (number of shares in transactions eligible for the Auction Multiplier
x 10) + (number of shares in transactions that qualify for the Add
Displayed Volume Multiplier x 1.2) + (number of shares in transactions
that qualify for the ELS Multiplier x 2))/
[[Page 16048]]
(number of tickets issued to the Fully Vesting Participant).
Transactions may qualify for more than one multiplier except that a
transaction that is eligible for the Auction Multiplier is not eligible
for other multipliers. For example, a transaction that would qualify
for the ELS Multiplier and the Intraspread Multiplier will receive both
the ELS Multiplier of 2x and the Intraspread Multiplier of 2x, as
further explained in the example below.
The use of the Multiplier Adjusted Volume competition for
calculating exercise price, including the inclusion of the four
multipliers, is designed to create competition among Participants to
increase the number of shares traded on the Exchange during each
Measurement Period by creating an economic incentive for specific
behavior that the Exchange believes would be beneficial to its market
in addition to the Target Performance. The Intraspread Multiplier is
designed to incentivize additional liquidity within the NBBO to provide
better executions for incoming orders. The Auction Multiplier is
designed to incentivize liquidity and participation in TXSE Opening and
Closing Auctions as the Exchange stands up its listing business. The
larger 10x multiplier for Opening and Closing Auction transactions is
intended to make auction volume more impactful to the Multiplier
Adjusted Volume calculation in order to promote enhanced liquidity in
auctions on the Exchange. The Add Displayed Volume Multiplier is
designed to generally incentivize Participants to add liquidity on the
Exchange, enhancing the depth of liquidity on the TXSE book.
The ELS Multiplier is designed to incentivize: (i) tighter spreads,
price improvement opportunities, and executions in a set of symbols
that the Exchange believes could benefit from tighter spreads and price
improvement opportunities and deeper liquidity (``Liquidity Improvement
Symbols''); and (ii) additional liquidity to better compete for order
flow in symbols that are generally high-volume symbols that have an
average spread of greater than $0.01 and/or trade on away markets more
intraday than on their primary listing market (``High-Volume
Symbols''). The Exchange will apply several objective factors related
to each security's trading characteristics and designate the securities
that meet certain thresholds with respect to these factors as Liquidity
Improvement Symbols or High-Volume Symbols. To be considered as
Liquidity Improvement Symbols or High-Volume Symbols, a security must
satisfy TXSE's initial listing standards.\22\ The factors for Liquidity
Improvement Symbols are average daily volume, off-exchange volume,
auction dislocation, quoted and effective spreads, and whether a symbol
trades on away markets more intraday than on their primary listing
market. The factors for determining High-Volume Symbols include trading
volume, average spread, and whether a symbol trades on away markets
more intraday than on their primary listing market. The goal in
creating these lists is to identify securities in which tighter spreads
and price improvement opportunities and increased transaction volume
would be impactful to investors, the Exchange, and the broader market,
as well as securities that have higher trading volume but could still
benefit from increased liquidity. For High-Volume Securities, the
Exchange will include 175 symbols that will be included as securities
eligible for the ELS Multiplier (``ELSM Securities'') based on their
rank within the High-Volume Securities screener using the factors
described above. For Liquidity Improvement Symbols, the Exchange would
screen the universe of remaining securities based on the factors
described above and select 175 securities that will be included as ELSM
Securities. The Exchange notes that it plans to offer listings for
corporate securities in the near future and the ELS Multiplier will
help the Exchange demonstrate proficiency and commitment to enhancing
market quality in securities that the Exchange believes could or should
have tighter spreads and deeper quotes which could help the Exchange
compete as a primary listing venue in addition to the above stated
benefits to investors, the Exchange, and the broader market. All TXSE-
listed corporate securities will also be ELSM Securities (including
both primary and dual-listings) in addition to the universe of
securities selected as ELSM Securities described above. The Exchange
also notes that the methodology for establishing ELSM Securities is
analogous to that used in comparable programs designed to enhance
market quality on other exchanges.\23\
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\22\ See Rule 16.310.
\23\ See, e.g., Securities Exchange Act Release Nos. 98472
(September 21, 2023), FR 88 66533 (September 27, 2023) (SR-PEARL-
2023-45); 103131 (May 27, 2025), 90 FR 23397 (June 2, 2025) (SR-IEX-
2025-07); and 103517 (July 22, 2025), 90 FR 35325 (July 25, 2025)
(SR-LTSE-2025-16).
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The Exchange will publish the list of ELSM Securities on its
website at least 15 calendar days prior to the start of the Rodeo
Program Period. The Exchange will also publish the list of ELSM
Securities for a new Measurement Period on its website at least 15
calendar days prior to the beginning of the Measurement Period. The
Exchange does not generally expect to change the list of ELSM
Securities within a Measurement Period, but where it does make changes
within a Measurement Period (e.g., new listings on TXSE), it will post
notice of any changes to its website along with an updated list of ELSM
Securities at least one day prior to such changes going into effect.
As an example, assume a Fully Vesting Participant has traded
2,000,000 shares on TXSE that qualify for only the Intraspread
Multiplier, 1,000,000 that qualify for only the Auction Multiplier,
2,000,000 that qualify for only the Add Displayed Volume Multiplier,
and 1,000,000 that qualify for only the ELS Multiplier. 500,000 shares
qualify for both Intraspread Multiplier and ELS Multiplier (and are
excluded from the 2,000,000 and 1,000,000 counts above, respectively).
250,000 shares qualify for both Add Displayed Volume Multiplier and ELS
Multiplier (and are excluded from the 2,000,000 and 1,000,000 counts
above, respectively). 5,000,000 shares did not qualify for a
multiplier.
------------------------------------------------------------------------
Transaction type Volume
------------------------------------------------------------------------
No multiplier.............................................. 5,000,000
Intraspread Multiplier..................................... 2,000,000
Auction Multiplier......................................... 1,000,000
Add Displayed Volume Multiplier............................ 2,000,000
ELS Multiplier............................................. 1,000,000
[[Page 16049]]
Intraspread and ELS........................................ 500,000
Add Displayed and ELS...................................... 250,000
------------------------------------------------------------------------
Because transactions that qualify for more than one multiplier
receive both multipliers, the transactions eligible for both
Intraspread and ELS Multipliers are eligible for both multipliers will
be subject to a 4x multiplier and the transactions eligible for Add
Displayed and ELS Multipliers will be subject to a 3.2x multiplier.
------------------------------------------------------------------------
Multiplier
Transaction type Volume Multiplier adjusted
volume
------------------------------------------------------------------------
No multiplier................. 5,000,000 1x 5,000,000
Intraspread Multiplier........ 2,000,000 2x 4,000,000
Auction Multiplier............ 1,000,000 10x 10,000,000
Add Displayed Volume 2,000,000 1.2x 2,400,000
Multiplier...................
ELS Multiplier................ 1,000,000 2x 2,000,000
Intraspread and ELS........... 500,000 4x 2,000,000
Add Displayed and ELS......... 250,000 3.2x 800,000
-----------------------------------------
Total..................... 11,750,000 ........... 26,200,000
------------------------------------------------------------------------
In this instance, where the Fully Vesting Participant's raw volume
on TXSE during the Measurement Period was 11,750,000 shares, its
Multiplier Adjusted Volume would be 26,200,000 after applying the
appropriate multipliers. Because Multiplier Adjusted Volume is
calculated on a firm-wide basis, this is the Fully Vesting
Participant's Multiplier Adjusted Volume for all fully vested warrants
regardless of how many tickets they have.
b. Exercise Price Assignment
To determine the Exercise price Assigned to a Fully Vesting
Participant's warrants for a given Measurement Period, the Exchange
will rank all Fully Vesting Participants by their Multiplier Adjusted
Volume. Each Fully Vesting Participant's exercise price for a
Measurement Period will be assigned as follows:
------------------------------------------------------------------------
Exercise
Multiplier adjusted volume rank price
------------------------------------------------------------------------
1.......................................................... $1
2.......................................................... 3
3.......................................................... 5
4.......................................................... 7
5.......................................................... 9
6.......................................................... 11
7.......................................................... 13
8.......................................................... 15
9.......................................................... 17
All others................................................. 20
------------------------------------------------------------------------
This exercise price chart will apply for all Measurement Periods.
The Multiplier Adjusted Volume Rank is applied at the firm level (e.g.,
where the first place Fully Vesting Participant has multiple tickets
that fully vest, all of those tickets would have an exercise price of
$1 and the second place Fully Vesting Participant would have an
exercise price of $3). The applicable exercise price will apply for all
of the Fully Vesting Participant's warrants for that Measurement
Period. If multiple Fully Vesting Participants have the same Multiplier
Adjusted Volume, those Fully Vesting Participants will receive the
lower exercise price (e.g. where three Fully Vesting Participants all
tie for third place, all three will receive the third-place exercise
price and the Fully Vesting Participant with the next highest
Multiplier Adjusted Volume will receive the sixth-place exercise
price).
5. Exercising Vested Warrants
Each vested warrant shall be exercisable until seven years from the
date of issuance. Vested warrants may be exercised when a Participant
pays the exercise price of the warrant either through the payment of
cash or pursuant to a cashless exercise feature. Warrants have not been
registered under the Securities Act of 1933. The TXSE Group Stock is
subject to transfer restrictions set forth in Section 3 of the TXSE
Group Stockholders' Agreement.
6. Purpose of the Rodeo Program
All applicants will be subject to the same eligibility and
designation criteria, and all Participants will participate in the
Rodeo Program on the same terms, conditions and restrictions. To be
eligible to be a Participant, an applicant must: (i) be an approved
Member of the Exchange; (ii) be a registered broker-dealer pursuant to
Section 15 of the Exchange Act; (iii) qualify as an ``accredited
investor'' as defined in Regulation D under the Securities Act of 1933;
(iv) have executed all required documentation for participation in the
Rodeo Program by May 1, 2026, including the subscription agreement and
confidentiality agreement; and (v) have tendered the Prepayment Fee no
later than May 15, 2026. Participants may be, but are not required to
be, current investors in TXSE Group, and the Exchange anticipates both
current and potential new investors participating in the Rodeo Program.
As discussed above, the purpose of the Rodeo Program is to
encourage Participants to direct order flow to the Exchange to enhance
trading volume and market quality on the Exchange. Increased volume
will provide for greater liquidity and enhanced price discovery, which
benefits all market participants. Other exchanges have previously
engaged in the practice of incentivizing increased order flow in order
to attract liquidity providers through equity sharing arrangements.\24\
The Rodeo Program similarly intends to attract increased order flow
through the Target Performance and further to incentivize certain more
specific trading activity through the Exercise Price Competition, the
combination of which will provide greater trading opportunities,
tighter spreads, and deeper liquidity for other market participants and
cause a corresponding increase in order flow from these other market
participants. The Rodeo Program will similarly reward the liquidity
providers that provide additional volume and better align long-term
[[Page 16050]]
incentives by providing a potential proprietary interest in TXSE Group.
---------------------------------------------------------------------------
\24\ See, e.g., Securities Exchange Act Release Nos. 62358 (June
22, 2010), 75 FR 37861 (June 30, 2010) (SR-NSX-2010-06); 64742 (June
24, 2011), 76 FR 38436 (June 30, 2011) (SR-NYSEAmex-2011-18); 69200
(March 21, 2013), 78 FR 18657 (March 27, 2013) (SR-CBOE-2013-031);
74095 (January 20, 2015). 80 FR 4011 (January 26, 2015) (SR-MIAX-
2015-02); 74114 (January 22, 2015), 80 FR 4611 (January 28, 2015)
(SR-BOX-2015-03); 74576 (March 25, 2015), 80 FR 17122 (March 31,
2015) (SR-BOX-2015-16); 80909 (June 12, 2017), 82 FR 27743 (June 16,
2017) (SR-MIAX-2017-28); 83012 (April 9, 2018), 83 FR 16163 (April
13, 2018) (SR-PEARL-2018-08); 89730 (September 1, 2020), 85 FR 55530
(September 8, 2020) (SR-PEARL-2020-10); 100247 (May 30, 2024), 89 FR
48203 (June 5, 2024) (SR-MEMX-2024-21); 103210 (June 9, 2025), 90 FR
25107 (June 13, 2025) (SR-MEMX-2025-14); and 104018 (September 23,
2025), 90 FR 46437 (September 26, 2025) (SR-24X-2025-04).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\25\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\26\ in particular, in that it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in facilitating
transactions in securities, to remove impediments to and perfect the
mechanisms of a free and open market and a national market system and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with the
requirement in Section 6(b)(5) of the Act \27\ that the rules of an
exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers. The Exchange also believes the
proposed rule change is consistent with Section 6(b)(4) of the Act,\28\
which requires that Exchange rules provide for the equitable allocation
of reasonable dues, fees, and other charges among its members and other
persons using its facilities.
---------------------------------------------------------------------------
\25\ 15 U.S.C. 78f(b).
\26\ 15 U.S.C. 78f(b)(5).
\27\ 15 U.S.C. 78f(b)(5).
\28\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
The Exchange believes that the proposed Rodeo is equitable and not
unfairly discriminatory, because all Participants may elect to
participate (or elect not to participate) and warrants vest on the same
terms and conditions, assuming they satisfy the eligibility criteria as
described above. The eligibility criteria are objective; thus, all
Participants have the ability to satisfy the eligibility criteria to
obtain a ``ticket'' for participation. Any Participant that becomes a
ticket holder and pays the Prepayment Fee and otherwise satisfies the
eligibility criteria has the same opportunity for their warrants to
vest through volume contributions. The Exchange believes that excluding
transaction fees from the Rodeo Program Exchange Fees is fair,
reasonable and not unfairly discriminatory because the Exchange expects
that Participants will accumulate sufficient Rodeo Exchange Fees during
the period before their Prepayment Fee expires and excluding
transaction fees will allow the Exchange to generate revenue from
trading activity and to have the Prepayment Fee apply more gradually
over time. The Exchange believes that the cap of three tickets per
Member is equitable and not unfairly discriminatory because it applies
equally to all Members and provides a cap on any single entity's
potential ownership stake in TXSE Group. The Exchange also believes
that the cap of 20 tickets for the Rodeo Program is equitable and not
unfairly discriminatory because it provides a cap on the amount of
equity in TXSE Group available for the Rodeo Program. As described
above, if there is Member interest in purchasing more than a total of
20 tickets, the Exchange has flexibility in how to allocate existing or
additional tickets to Members. The volume performance requirements are
the same for all Participants, and all Participants have the same
opportunity to earn vested warrants on a proportional basis based upon
meeting fixed volume threshold amounts during the Measurement Periods
that will apply to all Participants. This ensures that all Participants
will have the same opportunity to earn vested warrants and to exercise
those warrants to purchase TXSE Group Stock if they so choose. As noted
above, Participants may be, but are not required to be, current
investors in TXSE Group, and the Exchange anticipates both current and
potential new investors to participate in the Rodeo Program. The total
equity ownership of TXSE Group Stock, including any purchased through
the exercise of vested warrants, shall be subject to the ownership
limitations of the TXSE Group Stockholders' Agreement and the TXSE
Group Certificate of Incorporation.\29\
---------------------------------------------------------------------------
\29\ See, e.g., Section 14 of the TXSE Group Stockholders'
Agreement, which states that ``any Stockholder, either alone or
together with its Related Persons (as defined in the Certificate of
Incorporation), that is also a member of the Texas Stock Exchange
(or its successor), may not beneficially own directly or indirectly
shares of stock of the Company representing in the aggregate more
than 20% of the then-outstanding shares of stock of the Company.'';
Article SEVENTH(b) of the TXSE Group Certificate of Incorporation,
which states that ``no Person, either alone or together with its
Related Persons, shall be permitted at any time to beneficially own,
directly or indirectly, shares of stock of the Corporation
representing in the aggregate more than 40% of the then-outstanding
shares of stock of the Corporation; and no Member, either alone or
together with its Related Persons, may beneficially own, directly or
indirectly, shares of stock of the Corporation representing in the
aggregate more than 20% of the then-outstanding shares of stock of
the Corporation.''
---------------------------------------------------------------------------
The Exchange believes that the methodology used to calculate the
volume thresholds is fair, reasonable and not unfairly discriminatory
because it is based on objective criteria that are designed to increase
trading volume on the Exchange. The Rodeo Program is designed to reward
Participants for directing order flow to the Exchange as a percentage
of overall market volume, which is intended to help establish the
Exchange as a destination for order flow while it builds its market
share.
The Exchange believes that the Exercise Price Competition is
consistent with the Act and is fair, reasonable and not unfairly
discriminatory because the factors that go into the Multiplier Adjust
Volume calculation are objective and designed to create competition
among Participants to increase the number of shares traded on the
Exchange during each Measurement Period by creating an economic
incentive for specific behavior that the Exchange believes would be
beneficial to its market in addition to the Target Performance by
providing an opportunity for a lower exercise price on a Participant's
warrants. The Exchange further believes that the specific multiples
assigned to the volume multipliers are fair, reasonable and not
unfairly discriminatory because they are designed to attract specific
order flow to the Exchange and the Exchange has proposed multipliers
that align with the benefits provided to all participants on the
Exchange. The Auction Multiplier and the 10x multiple associated
therewith is designed to incentivize liquidity and participation in
TXSE Opening and Closing Auctions to the benefit of all participants in
auctions on the Exchange and the 10x multiplier is intended to make
sure that auction volume is properly incentivized as the Exchange
starts its ETP and corporate listings business. The Intraspread
Multiplier (2x) is designed to incentivize additional liquidity within
the NBBO to provide better executions for incoming orders which will
benefit all participants on the Exchange, which the Exchange views as
particularly important to attract additional flow seeking potential
price improvement. The Add Displayed Volume Multiplier (1.2x) is
designed to generally incentivize Participants to add liquidity on the
Exchange, enhancing the depth of liquidity on the TXSE book, to the
benefit of all participants on the Exchange.
The ELS Multiplier is designed to incentivize: (i) tighter spreads,
price improvement opportunities, and executions in Liquidity
Improvement Symbols; and (ii) additional liquidity to better compete
for order flow in High-Volume Symbols. The Exchange will apply several
objective factors related to each security's trading characteristics
and designate the securities that meet certain thresholds with respect
to these factors as Liquidity Improvement Symbols or High-Volume
Symbols. To be considered as Liquidity Improvement
[[Page 16051]]
Symbols or High-Volume Symbols, a security must satisfy TXSE's initial
listing standards.\30\ The factors for Liquidity Improvement Symbols
include average daily volume, off-exchange volume, auction dislocation,
quoted and effective spreads, and whether a symbol trades on away
markets more intraday than on their primary listing market. The factors
for determining High-Volume Symbols include trading volume, average
spread, and whether a symbol trades on away markets more intraday than
on their primary listing market. The goal in creating these lists is to
identify securities in which tighter spreads and price improvement
opportunities and increased transaction volume would be impactful to
investors, the Exchange, and the broader market, as well as securities
that have higher trading volume but could still benefit from increased
liquidity. For High-Volume Securities, the Exchange will designate 175
symbols as ELSM Securities based on their rank within the High-Volume
Securities screener using the factors described above. For Liquidity
Improvement Symbols, the Exchange would screen the universe of
remaining securities based on the factors described above and select
175 securities that will be included as ELSM Securities. The Exchange
notes that it plans to offer listings for corporate securities in the
near future and the ELS Multiplier will help the Exchange demonstrate
proficiency and commitment to enhancing market quality in securities
that the Exchange believes could or should have tighter spreads and
deeper quotes which could help the Exchange compete as a primary
listing venue in addition to the above stated benefits to investors,
the Exchange, and the broader market. All TXSE-listed corporate
securities will also be ELSM Securities (including both primary and
dual-listings) in addition to the universe of securities selected as
ELSM Securities described above. The Exchange also notes that the
methodology for establishing ELSM Securities is analogous to that used
in comparable programs designed to enhance market quality on other
exchanges.\31\
---------------------------------------------------------------------------
\30\ See Rule 16.310.
\31\ See, e.g., Securities Exchange Act Release Nos. 98472
(September 21, 2023), FR 88 66533 (September 27, 2023) (SR-PEARL-
2023-45); 103131 (May 27, 2025), 90 FR 23397 (June 2, 2025) (SR-IEX-
2025-07); and 103517 (July 22, 2025), 90 FR 35325 (July 25, 2025)
(SR-LTSE-2025-16).
---------------------------------------------------------------------------
The Exchange believes that allowing more than one multiplier to
apply for transactions that qualify for more than one multiplier except
for the Auction Multiplier is reasonable, fair and equitable because
these multipliers are designed to incentivize particular activity on
the Exchange. The Exchange particularly wants to incentivize
transactions that offer liquidity within the NBBO, in ELSM Securities,
and more generally add liquidity to the Exchange because, as stated
above, there are significant benefits to all Exchange participants
where liquidity exists at price levels within the NBBO and the Exchange
is particularly interested in incentivizing tighter spreads and price
improvement opportunities in symbols that it has identified as being
impactful to investors, the Exchange, and the broader market. The
Exchange is not proposing to apply more than one multiplier for the
Auction Multiplier because it is already 10x and applies only to
Eligible Auction Orders.
The Exchange believes the Rodeo Program is equitable and reasonable
because an increase in volume and liquidity would benefit all market
participants by providing more trading opportunities and tighter
spreads, even to those market participants that do not participate in
the Rodeo Program. Additionally, the Exchange believes the proposed
rule change is consistent with the Act because, as described above, the
Rodeo Program is designed to bring greater volume and liquidity to the
Exchange, which will benefit all market participants by providing
tighter quoting and better prices, all of which perfects the mechanism
for a free and open market and national market system.
(B) Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Exchange Act. The Exchange
believes that the proposed rule change will improve competition by
providing market participants with an incentive and the opportunity to
execute orders and post liquidity on the Exchange's market.
The Exchange believes that the proposed rule change would increase
both intermarket and intramarket competition by incentivizing
Participants to direct their orders to the Exchange, which will enhance
the quality of quoting and increase the volume of securities traded on
the Exchange. To the extent that there is an additional competitive
burden on non-Participants, the Exchange believes that this is
appropriate because the Rodeo Program should incentivize Participants
to direct additional order flow to the Exchange and thus provide
additional liquidity that enhances the quality of its market and
increases the volume of securities traded on the Exchange. To the
extent that this purpose is achieved, the Exchange believes that all of
the Exchange's market participants would benefit from the improved
market liquidity. Enhanced market quality and increased transaction
volume that results from the anticipated increase in order flow
directed to the Exchange will benefit all market participants and
improve competition on the Exchange.
Given the robust competition for volume among equities markets,
implementing a program to attract order flow like the one proposed in
this filing is consistent with the above-mentioned goals of the
Exchange Act. This is especially true for newer exchange markets, such
as TXSE, which are competing for volume with much larger, established
exchanges that dominate the equities trading industry. As a new
exchange, TXSE will likely have a nominal percentage of the average
daily trading volume in equities in the near term, so it is unlikely
that the Rodeo Program could cause any competitive harm to the equities
market or to market participants. Rather, the Rodeo Program is a modest
attempt to attract order volume away from larger competitors by
adopting an innovative pricing strategy. The Exchange notes that if the
Rodeo Program results in a modest percentage increase in the average
daily trading volume on the Exchange, while such percentage would
represent a large volume increase for TXSE, it would represent a
minimal reduction in the volume of its larger competitors in the
industry. The Exchange believes that the Rodeo Program will help
further competition, because market participants will have an
additional option in determining where to execute orders and post
liquidity if they factor the benefits of TXSE equity participation into
the determination.
(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants or Others
The Exchange has neither solicited nor received written comments on
the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \32\ and Rule 19b-4(f)(2) \33\
[[Page 16052]]
thereunder. At any time within 60 days of the filing of the proposed
rule change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
---------------------------------------------------------------------------
\32\ 15 U.S.C. 78s(b)(3)(A).
\33\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposal is
consistent with the Act. Comments may be submitted by any of the
following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#c7b5b2aba2eaa4a8aaaaa2a9b3b487b4a2a4e9a0a8b1"><span class="__cf_email__" data-cfemail="93e1e6fff6bef0fcfefef6fde7e0d3e0f6f0bdf4fce5">[email protected]</span></a>. Please include
File Number SR-TXSE-2026-003 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to File No. SR-TXSE-2026-003. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the filing will be available for inspection and
copying at the principal office of the Exchange. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to file number SR-TXSE-2026-003 and should be submitted on
or before April 21, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\34\
---------------------------------------------------------------------------
\34\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-06149 Filed 3-30-26; 8:45 am]
BILLING CODE 8011-01-P
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