Texas Stock Exchange Launches Shared Listings to Cut Company Fees
Published Date: 10/14/2026
Notice
Summary
The Texas Stock Exchange is launching a Shared Listings Program that lets companies list their stocks on multiple exchanges while earning fee credits. This change mainly affects companies with primary listings on TXSE and aims to save them money and boost trading options. The new program kicks in right away, making it easier and cheaper for companies to share their stock listings.
Analyzed Economic Effects
5 provisions identified: 4 benefits, 1 costs, 0 mixed.
30% Auction Revenue Credit to Issuers
If your company is a Primary Listing Company on TXSE, the Exchange will give you an Auction Credit equal to 30% of the Exchange's annual transaction revenue from Opening and Closing Auctions in your listed security(ies). For example, $100,000 in such auction transaction revenue would produce a $30,000 Auction Credit.
Market Data Revenue Share (capped $100k)
TXSE will allocate 30% of its Total Proprietary Market Data Revenue into a pool and distribute amounts to Primary Listing Companies based on an issuer distribution ratio, but each issuer's Market Data Credit is capped at $100,000 per year. For example, with $3,333,333 in total proprietary market data revenue, the pool would be $1,000,000 and an issuer could receive a calculated share (e.g., $27,027) or the $100,000 cap, whichever is less.
30% Listing Fee Credit for Prior-Year Fees
TXSE will return 30% of a Primary Listing Company's annual listing fee from the prior year as a Listing Fee Credit (for example, a $100,000 annual listing fee yields a $30,000 Listing Fee Credit in the following year). The credit excludes initial fees, application fees, and corporate action fees.
Annual SLP Credit Use and Expiration Rules
Each January TXSE will total a Primary Listing Company's Auction Credit, Market Data Credit, and Listing Fee Credit into a Total SLP Credit. You may apply that Total SLP Credit to your upcoming-year listing fees or opt to receive all or part of it as a payment; the Total SLP Credit expires at the close of business on the last trading day of January and cannot be carried over or transferred.
Acquisition Companies Ineligible Until Business Combination
Acquisition Companies (as defined in TXSE Rule 16.313(a)(1)) are not eligible to participate in the Shared Listings Program until after they consummate their Business Combination; after consummation they may become eligible prospectively if they otherwise meet Program requirements.
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