Texas Stock Exchange adds ETPs to liquidity symbols under Rodeo Program

On August 14, 2026, Texas Stock Exchange LLC filed a proposed rule change with the Securities and Exchange Commission, identified as Release No. 34-106181 and File No. SR-TXSE-2026-021. The filing is designated as a notice of immediate effectiveness, meaning the amendment becomes effective upon filing.

The amendment revises the Exchange's warrant performance incentive program, known as the Rodeo Program, to add exchange traded products (ETPs) - defined as any security described in Chapter 17 of the Exchange's rulebook - to the definitions of Liquidity Improvement Symbols and High-Volume Symbols. These symbols are used in calculating the Enhanced Liquidity Symbol Multiplier, a component of the program's incentive structure.

The Rodeo Program commences on September 1, 2026, and runs for one year, concluding at the end of the business day on August 31, 2027. Eligible members could become participants by submitting required documentation by May 1, 2026 and tendering a $250,000 prepayment fee by May 15, 2026. Participants receive a ticket redeemable for warrants representing 100,000 shares of TXSE Group Voting Common Stock, with vesting tied to achievement of specified percentages of Total Consolidated Volume during three-month measurement periods.

Target performance thresholds are set at 0.025% TCV for the first period (September 1-November 30, 2026), 0.05% for the second (December 1, 2026-February 26, 2027), 0.075% for the third (March 1-May 31, 2027), and 0.125% for the fourth (June 1-August 31, 2027), corresponding to vesting of 10,000, 20,000, 30,000 and 40,000 shares respectively. The full text of the proposed rule change is available on the SEC's website and the Exchange's regulations page.