Texas Stock Exchange Guns for National Trading Status
Published Date: 4/10/2025
Notice
Summary
Texas Stock Exchange LLC (TXSE) wants to become a national securities exchange, which means it could officially host stock trading like the big players. The SEC is reviewing TXSE’s updated application and asking for public comments before deciding. If approved, this could shake up the market, with new rules and ownership limits kicking in soon.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 0 costs, 2 mixed.
Application to become a national exchange
On January 31, 2025 TXSE filed a Form 1 to register as a national securities exchange and submitted an amendment on April 2, 2025. If the Securities and Exchange Commission approves the application, TXSE would be able to operate as a national securities exchange and host trading under the Exchange Act.
Ownership and voting caps on parent company
TXSE Group's Stockholders' Agreement would cap any person's beneficial ownership of TXSE Group at 40% and would cap beneficial ownership by members of TXSE at 20%. The proposed certificate also provides that no member of a national securities exchange controlled by TXSE Group would be entitled to vote or cause the voting of more than 20% of outstanding votes.
Automated limit-order book and membership rules
TXSE would operate a fully automated limit order book that matches orders continuously and executes in price/time priority, ranking equally priced interest in this order: (i) displayed limit orders, (ii) non-displayed limit orders (including reserve quantity), and (iii) peg orders. TXSE would have no physical trading floor, would derive liquidity from broker-dealer members trading remotely, would have one class of membership open to registered broker-dealers, and would allow members to register as market makers subject to specified obligations.
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