Self-Regulatory Organizations; Texas Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Monthly Fees for Its Proprietary Market Data Feeds
Published Date: 7/27/2026
Notice
Summary
No summary available.
Analyzed Economic Effects
5 provisions identified: 2 benefits, 3 costs, 0 mixed.
Internal Distribution Monthly Fees
If your firm subscribes to TXSE FEED for internal use, the Exchange will charge $1,500 per month. If your firm subscribes to TXSE BALE for internal use, the Exchange will charge $750 per month; each fee is charged once per month per subscribing Firm.
External Redistribution Monthly Fees
If your firm redistributes TXSE FEED to third parties, the Exchange will charge $2,500 per month. If your firm redistributes TXSE BALE to third parties, the Exchange will charge $2,000 per month; each fee is charged once per month per subscribing Firm.
Fees Waived Until January 1, 2027
The Exchange will waive the proposed monthly fees for its data feeds until January 1, 2027. The fee schedule will be implemented when the Exchange commences operations as a national securities exchange, but no fees will be charged before January 1, 2027.
Pro‑Ration of Market Data Fees
Market Data Fees will be pro-rated for partial months: fees are assessed in any month a Member is credentialed and prorated based on the number of trading days credentialed divided by the total trading days in that month. This changes billing for firms that start or stop mid-month.
Multicast Service Required for Subscribers
The Exchange clarifies that a Multicast Service per Data Product is required for all Market Data subscribers. All subscribers must have the required multicast service for each data product they receive.
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Key Dates
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