SEC Division of Trading and Markets no-action letter: Texas Stock Exchange LLC

June 30, 2026
Shane Swanson
Deputy General Counsel
Texas Stock Exchange LLC
4550 Travis Street, Suite 650
Dallas, TX 75205
Dear Mr. Swanson:
Based on the facts and circumstances set forth in your letter dated June 30, 2026 (“Letter”),1 the staff of the Division of Trading and Markets (“Division”) will not recommend enforcement action to the Securities and Exchange Commission (“Commission”) under paragraph (a)(2) of Rule 10b-10 under the Securities Exchange Act of 1934 (“Exchange Act”) if a Member confirms its capacity as “agent” when the Member, in its role as the customer’s agent, submits a customer’s order to Texas Stock Exchange LLC (“TXSE” or the “Exchange”) and the order is executed on TXSE in a trade with an anonymous contra-party that turns out to be the Member or one of its affiliates trading in a principal (including proprietary) capacity, provided that: (1) the Member complies with all other requirements of Rule 10b-10 in confirming the customer’s order, including paragraph (a)(2)(i) thereof,2 and (2) the handling and execution of the customer order complies with the No Knowledge Requirement and the Parity Requirement.3 1 Unless otherwise noted, each defined term in this letter has the same meaning as defined, directly or by reference, in your Letter. 2 But see Order Granting Application of Texas Stock Exchange LLC for a Limited Exemption from Exchange Act Rule 10b-10(a)(2)(i)(A) pursuant to Rule 10b-10(f), Release No. 34-105812 (June 30, 2026) (granting a limited exemption to TXSE from the requirements of Rule 10b￾10(a)(2)(i)(A) of the Exchange Act, to the extent that Members execute trades for their customers on the Exchange using the TXSE Trading System). 3 This Division staff position applies only to trades that Members execute on the Exchange’s Trading System. This Division staff position does not apply to orders routed to an away trading center for execution.