SEC Approves Texas Stock Exchange Shared Listings Program

The Securities and Exchange Commission published a notice on Oct. 8, 2026 that Texas Stock Exchange LLC filed a proposed rule change on Oct. 5, 2026. The filing, identified as Release No. 34-106638 and File No. SR-TXSE-2026-038, is immediately effective under Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4.

The proposal adds Section H to the Exchange's fee schedule to create a Shared Listings Program (SLP). The SLP is designed to provide corporate issuers with a primary listing on TXSE - referred to as Primary Listing Companies - with credits tied to the Exchange's revenue streams. Acquisition companies are excluded from the program until they consummate a business combination, after which they may become eligible.

Under the Auction Credit component, TXSE will allocate 30% of its annual auction transaction revenue from opening and closing auctions in a Primary Listing Company's securities to that issuer. For example, a company generating $100,000 in auction revenue would receive a $30,000 credit.

The Market Data Credit distributes 30% of the Exchange's total proprietary market data revenue - the Proprietary Market Data SLP Pool - to eligible issuers, subject to a $100,000 cap per issuer. Allocation is based on the ratio of a company's trading-day presence to the total trading days of all Primary Listing Companies. The notice illustrates a scenario where a firm listed 25% of the year receives a $27,027 credit, while full-year issuers each receive the $100,000 cap.

Finally, the Listing Fee Credit returns 30% of a Primary Listing Company's prior-year annual listing fee. A $100,000 fee paid in 2026 would generate a $30,000 credit in 2027. The program aims to increase pricing transparency and align the economic interests of TXSE with its listed issuers.