SEC Approves Texas Stock Exchange, Shaking Up National Trading Scene
Published Date: 10/2/2025
Notice
Summary
The Texas Stock Exchange LLC (TXSE) asked the SEC to become a national securities exchange, which means it wants to officially run a big stock market. The SEC reviewed TXSE’s application, changes, and public comments before deciding. If approved, TXSE can start operating as a national exchange, affecting traders and companies by offering new trading options, with decisions expected soon and no immediate cost changes announced.
Analyzed Economic Effects
5 provisions identified: 3 benefits, 1 costs, 1 mixed.
SEC Approves Texas Stock Exchange
On September 30, 2025, the SEC approved Texas Stock Exchange LLC's application to register as a national securities exchange. That approval allows TXSE to commence operations as a registered national exchange and to take on the regulatory responsibilities and functions of an exchange.
Ownership and Voting Limits for TXSE Group
The TXSE Group Certificate limits any person and their Related Persons to owning no more than 40% of TXSE Group shares, and broker-dealer Exchange Members (alone or with Related Persons) may not beneficially own more than 20% of TXSE Group shares or vote more than 20% of votes. A person proposing to own more than 40% must give at least 45 days' written notice to TXSE Group, and shares held in violation may be redeemed at par value.
Independent Regulatory Structure Required
When TXSE begins operations it will have regulatory obligations, including an independent Chief Regulatory Officer and a Regulatory Oversight Committee composed of Independent Directors, to help ensure regulatory staff can operate without inappropriate business pressure and to support enforcement of exchange rules and the securities laws.
Commenters Say Entry Could Lower Fees
Public comments to the SEC stated that TXSE's entry could increase competition for listings and trading, facilitate capital formation, increase efficiency, and could cause existing exchanges to revisit fee structures and improve pricing transparency. Commenters made these statements during the public comment process referenced in the order.
Board Composition and Member Representation
TXSE's initial Exchange Board will have 10 Directors, with at least 50% Non-Industry Directors, at least 20% Member Representative Directors, and at least two Independent Directors; while operating a listings business the Board must include a director representing issuers and investors who is not associated with an Exchange Member. These composition rules are intended to ensure member representation and public/non-industry participation in governance.
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