TXSE Billing Process

Dear Member,

As detailed in TXSE-2026-021 the Texas Stock Exchange (“TXSE” or the “Exchange”) has adopted fees for Transactions, Market Data, Connectivity and Membership.

Market Data and Membership fees are currently waived through December 31, 2026. As previously announced, Transaction and Connectivity fees will be billed beginning July 10th in accordance with the TXSE Fee Schedule.

For the full TXSE Fee Schedule, please see: Fee Schedule.

Fee Collection Process for Exchange Members

Transaction, Connectivity, Membership, and Section 31 fees will be collected by the Exchange through the NSCC Direct Debit process 23 calendar days after month-end, or on the preceding business day if the 23rd day falls on a weekend or holiday. Members who subscribe to market data products can either debit Market Data fees via NSCC or receive an invoice from the Exchange.

DTCC Fee Codes

For the August billing cycle, the TXSE DTCC codes will be as follows:

• Code 226 “TXSE SEC31 Fee” will be used for Section 31 fees
• Code 227 “TXSE Trans Fees” will be used for all other Exchange Fees

Beginning with the September billing cycle, TXSE will introduce a third DTCC code (Code 231 “TXSE Membership Fee”) to allow for fees associated with Connectivity, Market Data and Membership to be debited separately from Transaction Fees. Once introduced, Code 227 “TXSE Trans Fees” will be used only for Transaction Fees.

Member MPID Confirmation for NSCC Direct Debit Billing

TXSE has separately contacted each member firm regarding the MPID that will be used for NSCC Direct Debit billing.

If your firm currently has a billable MPID, the email you received includes the MPID and clearing account information we have on file. Please review the information and reply to that email if you would like TXSE to use a different MPID and/or clearing account for the NSCC Direct Debit process.

If your firm does not currently have a billable MPID, TXSE will create one for your firm if we do not receive a response by July 31, 2026.

Fee Collection Process for Non-Members

All Non-Members will be invoiced directly by the Exchange for their appropriate Connectivity or Market Data Fees by the 15th day of the month.

Pricing Disputes and Billing Errors

Under TXSE Rule 15.003(a), all pricing disputes regarding fees billed by the Exchange must:

• Be submitted to the Exchange in writing to billing@txse.com; and
• Include supporting documentation.
  

If a Member disputes an invoice, the Exchange will exclude the disputed amount from the NSCC Direct Debit provided that:

• The disputed amount is at least $10,000; and
• Written notice of the dispute is received by the Exchange no later than the later of:
  • The 16th business day of the month, or
  • 10 calendar days after the electronic invoice is sent to the Member

All pricing disputes must be submitted within 60 calendar days of receipt of the applicable invoice.

Any fees or rebates assessed by the Exchange prior to the three full calendar months preceding the month in which the Exchange becomes aware of a billing error will be considered final.

If you have any questions, please contact marketops@txse.com.

Sincerely,

TXSE Market Operations