TXSE Enhanced Liquidity Provider (ELP) Program: Launch and Enrollment for November 2026

Dear Member,

The Texas Stock Exchange (“TXSE” or the “Exchange”) is launching the Enhanced Liquidity Provider (“ELP”) Program starting November 2, 2026, subject to a pending regulatory filing. The ELP rewards Registered Market Makers (“RMMs”) who are enrolled as Enhanced Liquidity Providers (“ELP RMMs”) for quoting at the NBBO and for execution quality, including auction participation, in TXSE-listed corporate securities.

Program Overview

Each ELP Security has a defined monthly incentive pool, split equally between a Quoting Pool and an Execution Quality Pool. Each security is measured separately for each calendar month.

Quoting Pool: Paid equally to ELP RMMs that meet the Quoting Standard, which is a displayed bid at the NBB and a displayed offer at the NBO at the same time, with at least one round lot on each side, for at least:50% of 9:30 a.m.–3:50 p.m. ET; and

70% of 3:50–4:00 p.m. ET

Each window is measured as a time-weighted average over the month.

Execution Quality Pool: Paid in proportion to points earned from executions in the ELP Security, subject to a minimum of 200 executions in the ELP Security during the month. Points equal the dollar value executed multiplied by the applicable weight:10x for late auction orders that execute at or within the Participation Bands

2x for late auction orders that execute outside of the Participation Bands

1x for continuous trading at a better effective half-spread than the Reference

Participation

RMMs registered in an ELP Security as of October 30, 2026 are automatically enrolled as ELP RMMs in that security for November 2026. An RMM that does not wish to participate must opt out of the ELP Program by emailing marketops@txse.com, listing its firm name, MPID(s) and the ELP Securities from which it is opting out.

Other Members may join the ELP Program at any time. To enroll, a Member must:

Be approved as a Registered Market Maker (RMM). Firms interested in becoming an RMM must submit a completed Market Maker Registration Form to marketops@txse.com.

Register as an RMM in each ELP Security in which it wishes to participate.

Submit an ELP Participation Notice to marketops@txse.com, listing its firm name, MPID(s), and the ELP Securities in which it wishes to participate.

Enrollment is effective after TXSE confirms it by email. ELP RMMs enrolled after the start of the month are paid pro-rata, based on the trading days they are enrolled.

Regulatory Status

The ELP Program is subject to a pending rule filing with the Securities and Exchange Commission. TXSE intends to operate the program as described in this Trader Alert. If the filing is modified, suspended or not approved, TXSE may amend, suspend, or terminate the program, and will notify Members by Trader Alert. In the event of any conflict, the rule filing will govern. Incentives earned will be credited in the Exchange’s normal monthly billing cycle following the close of each measurement month.

The Quoting Standard is separate from, and does not change, an RMM’s regulatory obligations under Exchange Rules.

Contacts

TXSE Market Operations: (214) 612-0388 or marketops@txse.com.

Sincerely,

TXSE Market Operations