TXSE adopts rule to allow new issue ETPs to trade at start of pre-market session
The Texas Stock Exchange's rule amendment permits newly listed exchange-traded products to begin trading at 8:00 a.m. ET in the pre-market session, effective immediately upon filing on August 31 2026.
On August 31, 2026 Texas Stock Exchange LLC filed a proposed rule change under Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4. The notice, published September 2, 2026, seeks to amend Rule 11.022 to permit a New Issue ETP to commence trading at the beginning of the Pre-Market Session unless its issuer elects an IPO Auction.
The amendment adds a definition of "New Issue ETP" to Rule 11.022(a) and creates subsections (i) and (ii) within Rule 11.022(d)(2)(E) to separate IPO Auction and Halt Auction price-determination standards. It also revises Rule 11.022(d)(2)(E)(i)(a) so that the TXSE Official Opening Price determined under Rule 11.022(b)(2)(B) serves as the Official IPO Opening Price. The change mirrors functionality approved for Nasdaq and Cboe BZX, allowing trading to begin at 8:00 a.m. ET in the pre-market session.
The Exchange asserts that the proposal is consistent with Section 6(b)(5) of the Act, promoting just and equitable principles of trade, removing impediments to a free and open market, and protecting investors and the public interest.
Pursuant to Section 19(b)(3)(A)(iii) of the Act and Rule 19b-4(f)(6), the Exchange obtained a waiver of the standard 30-day operative delay, making the rule change effective immediately upon filing. The Exchange did not solicit or receive written comments on the proposal.
The Exchange states the amendment imposes no undue burden on competition and may enhance inter-market competition by offering functionality comparable to that of Nasdaq and BZX.
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