NYSE Texas Rebrands Permit Holders, Then Rewrites Its Board Rules
Published Date: 11/2/2026
Notice
Summary
NYSE Texas is updating its bylaws to swap out the term “Permit Holders” for “Participants,” clarify who counts as a Participant, and remove the rule that a fair representation director must be a Participant. These changes affect how the Exchange’s leadership is chosen but don’t impact fees or timing. The updates are effective immediately, making the Exchange’s rules clearer and more flexible for everyone involved.
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Non‑trading members can participate
The Exchange replaced the term “Permit Holders” with “Participants” so that all members under the Exchange Act — including Limited Underwriting Members (added by the Exchange on February 26, 2026) who do not hold trading permits — are treated as Participants for purposes of selecting Non‑Affiliated (fair representation) directors. The bylaws still require at least 20% of the directors to be Non‑Affiliated Directors and at least 50% to be Public Directors.
Clearer single definition of Participant
The Exchange consolidated and changed the definition of “Participant” to mean “any member as defined in the Exchange Act,” removing the prior permit‑holder‑based definition and the cross‑reference to Section 3 of the Exchange Act. The definition change is moved into Article II and removed from Article IX to avoid inconsistency across the bylaws.
Nominating Committee can name non‑Participants
The Nominating Committee no longer must publish a Participant as its nominee and may name any individual as a nominee for Non‑Affiliated Director, including persons who are not currently Participants. The existing petition and voting mechanics remain: a petition by at least 10% of Participants within two weeks after the Announcement Date can force inclusion of a petition candidate; contested nominations are voted on by Participants with at least 20 calendar days to vote, and no single Participant (or its affiliates) may account for more than 20% of votes for a nominee.
Fair‑representation director need not be a Participant
The bylaws remove the requirement that the fair representation (Non‑Affiliated) director be a Participant, so such directors may now be individuals who are not Participants. This aligns the Exchange’s rules with affiliate exchanges that do not require member status for these director roles.
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