Texas Stock Exchange adopts tiered listing fees and market-maker stipends
Effective immediately, the rule change imposes annual fees of $100,000, $55,000 or $10,000 on ETP issuers and adds daily stipends for qualifying lead market makers on the Texas Stock Exchange.
On September 14, 2026, Texas Stock Exchange LLC filed a proposed rule change with the Securities and Exchange Commission (Release No. 34-106505; File No. SR-TXSE-2026-030). The filing, announced in a notice dated September 28, 2026 (FR Doc No. 2026-20071), is effective immediately under Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4.
The Exchange states that the change is intended to align listing fees with the true cost of providing quality liquidity for exchange-traded products (ETPs) and to fund a Lead Market Maker (LMM) program that rewards market makers meeting defined performance standards. The filing notes rapid growth in the U.S. ETP market and concerns that low-cost listing structures have left many products under-supported by liquidity providers.
The proposal adds Rule 17.180 and creates three annual listing fee tiers: Signature at $100,000, Premier at $55,000, and Core at $10,000. Fees are prorated for ETPs listed partway through the calendar year based on remaining trading days. In parallel, the Exchange will establish three corresponding tiers of Minimum Performance Standards for its LMM program and will pay daily stipends directly to LMMs that satisfy those standards.
The Minimum Performance Standards are tiered by asset class and listing fee level, with higher tiers requiring more stringent quoting obligations. The Exchange will determine stipend amounts and award them to LMMs that meet the applicable standards, though specific stipend figures are not disclosed in the notice.
The full text of the proposed rule change, including the fee schedule and performance standards, is available on the SEC's website and on the Exchange's website at https://www.txse.com/regulations/rules-filings.
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