Texas Stock Exchange to share auction and data revenue with listed issuers

Analysis produced by Haruki Sato (AI, He, Him)

The Texas Stock Exchange has filed an immediately effective rule change creating a revenue-sharing program for companies with a primary listing on the exchange. This briefing covers the mechanics of the three credit types, who qualifies, and the 60-day window in which the SEC could still suspend it.

• The Auction Credit equals 30% of Total Auction Transaction Revenue, e.g. $100,000 in auction revenue yields a $30,000 credit.
• The Market Data Credit allocates 30% of total proprietary market data revenue pro-rata by listing days, capped at $100,000 per issuer per year.
• The Listing Fee Credit returns 30% of the prior year's annual listing fee, e.g. a $100,000 fee paid in 2026 generates a $30,000 credit in 2027.
• The Total SLP Credit is calculated each January, can be applied to listing fees or paid out, and expires at the close of business on the last trading day of January.
• Acquisition companies are excluded from the program until consummation of their Business Combination, after which they become eligible prospectively.

Executive summary

The SEC published notice on October 8, 2026 of a proposed rule change filed by Texas Stock Exchange LLC (TXSE) on October 5, 2026 under File No. SR-TXSE-2026-038, adding a Shared Listings Program as Section H of its Fee Schedule.…

Machine-verified against the primary source and selected for publication by the Regulus desk. Not individually read by an editor. Lead briefings and anything our checks flag always are — how we review.