Texas Stock Exchange launches Lead Market Maker—cowboy capitalism?
Published Date: 9/8/2026
Notice
Summary
No summary available.
Analyzed Economic Effects
5 provisions identified: 5 benefits, 0 costs, 0 mixed.
New Lead Market Maker Program Launch
The Exchange adopted a Lead Market Maker (LMM) Program to encourage selected registered Market Makers to make measurable market-quality commitments for exchange-traded products (ETPs) listed by TXSE. The program is intended to improve quoting and displayed liquidity in TXSE-listed ETPs and support the Exchange's launch of its ETP listing business in September 2026.
Performance Standards Tied to Fees/Rebates
The Exchange will memorialize Minimum Performance Standards and any related fees, credits, or rebates in its fee schedule; LMM incentives, performance thresholds, and objective Minimum Performance Standards will be filed before implementation. Fees and rebates for LMMs will be calculated based on the Exchange's fee schedule.
Forfeiture After Two Months of Underperformance
If an LMM fails to meet at least half of the applicable Minimum Performance Standards for a calendar month, and does so for two consecutive months, the Exchange may forfeit that LMM's status in the affected security. The two-consecutive-month forfeiture standard is shorter than the comparable three-out-of-four-month standard referenced from a prior program.
30-Day LMM Withdrawal Notice Requirement
An LMM that seeks to withdraw from an LMM Security must provide 30 days' written notice unless it is also withdrawing its Market Maker registration in the security. The notice period is designed to allow the Exchange to manage reassignment and reduce the risk of a gap in LMM coverage.
Immediate Operative Status for Program
The Commission waived the normal 30-day operative delay and designated the proposed LMM rule change operative upon filing so the Exchange could have the LMM Program in place for its ETP listing business launch in September 2026. The filing was submitted on September 1, 2026.
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