On 4 April 2025, the Securities and Exchange Commission (SEC) published Texas Stock Exchange’s (TXSE) Form 1 Application and Exhibits, indicating that the SEC intends to grant TXSE’s registration as a national securities exchange. The application provides new details about TXSE, including its proposed listing standards and requirements and the technology to be utilized. TXSE has previously announced that it expects to receive that necessary SEC approval and be listing companies and funds on its exchange by early 2026.

TXSE is establishing a Listings Standards Advisory Council to guide TXSE’s framework for initial and continued listings criteria for issuers. Of significance to exchange-traded fund (ETF) issuers, the TXSE proposes to have certain rules and practices that track those of NYSE Arca, Inc., including core trading hours and a generic listing standard for Rule 6c-11-compliant ETFs. Certain other TXSE rules applicable to the listing and trading of ETF shares more closely track the rules of Cboe BZX Exchange, Inc. In an upcoming client alert, we will provide more information about TXSE’s listing standards for ETFs and how they compare to existing exchanges.

Since TXSE filed its application, NYSE Texas opened, becoming the first securities exchange to operate in Texas, and Nasdaq announced opening a new regional headquarters in Dallas.