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.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163 — The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-13648 — Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Except Accounts Pursuant to Section 530A of the Internal Revenue Code From the Requirements of FINRA Rule 3210 (Accounts At Other Broker-Dealers and Financial Institutions)
FINRA is updating its rules to exclude certain accounts protected under a new tax law (Section 530A) from extra paperwork and approval steps. This change helps financial pros handle these special accounts more easily, starting right away with no extra costs. If you work with broker-dealers or financial institutions, this means smoother account management from now on!
2026-13713 — Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Partial Amendment No. 1 to Proposed Rule Change To Amend FINRA Rule 2210 (Communications With the Public)
FINRA wants to update its rules to let financial firms share predictions about investment returns when talking to the public, but only if they follow certain safety steps. This change affects anyone in the finance world who communicates about investments and aims to make info clearer and more honest. The SEC is reviewing these updates, with decisions and possible money impacts expected soon.
Previous / Next Documents
Previous: 2025-19312 — Notice Pursuant to the National Cooperative Research and Production Act of 1993-Z-Wave Alliance, Inc.
The Z-Wave Alliance, a group working on smart home tech, just updated its membership by adding three new members and saying goodbye to eight others. This keeps their special legal protections in place, which limits antitrust lawsuits to actual damages only. These changes were officially reported on August 28, 2025, and the group plans to keep updating as members come and go.
Next: 2025-19315 — Order Granting Conditional Exemptive Relief, Pursuant to Section 36(a)(1) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 608(e) of Regulation NMS Thereunder, From Certain Requirements of the National Market System Plan Governing the Consolidated Audit Trail, Rule 613 of Regulation NMS, and Rule 17a-1 Under the Exchange Act
The SEC is giving stock exchanges and trading groups a temporary break from some rules about the big audit system that tracks all trades, called the Consolidated Audit Trail (CAT). This change helps cut costs and makes running the system easier without losing important oversight. The relief starts now and keeps the CAT working smoothly while saving money for everyone involved.