TXSE Implements Uniform $0.0012 Per-Share Auction Transaction Fee

On September 24, 2026, Texas Stock Exchange LLC filed a proposed rule change, identified as SR-TXSE-2026-034, to add a transaction fee for orders executed in its auctions. The fee became effective immediately under Section 19(b)(3)(A) of the Securities Exchange Act of 1934 and Rule 19b-4(f)(2).

The amendment sets a flat charge of $0.0012 per share for each side of an auction execution - opening, closing, IPO, halt, or volatility-closing auctions - regardless of order display status, liquidity provision, or whether the order rested on the book before the auction. The fee replaces any other transaction-specific fee or rebate in the Exchange's fee schedule.

The Exchange cites Section 6(b) of the Act as the statutory basis, asserting that the fee promotes equitable allocation of charges, prevents unfair discrimination, and aligns with the Act's objectives of protecting investors and maintaining a free, open market. No written comments were solicited or received, and the Commission has opened a comment period for interested parties. Under the Act, the Commission may temporarily suspend the rule change within 60 days of filing if it deems such action necessary for the public interest or investor protection.

In its filing, TXSE noted that the $0.0012 rate falls within the range of auction fees charged by peer equities exchanges - NYSE Texas and NYSE Arca assess $0.0012 for closing auctions and $0.0015 for opening auctions, while Cboe BZX charges $0.0011 for closing and $0.0013 for opening, IPO and halt auctions. The Exchange argues that a uniform rate simplifies fee determination for members and does not impose undue competitive burdens, as it does not restrict other venues from offering their own auction pricing.

The Commission's summary suspension authority remains available for up to 60 days after the filing, after which the fee will continue to apply to all eligible auction orders on the Texas Stock Exchange.