Sometimes. But a surprising number of rules on US financial markets come from self-regulation. I'm not an expert, but I'd guess that these are generally the onl

Sometimes. But a surprising number of rules on US financial markets come from self-regulation. I'm not an expert, but I'd guess that these are generally the only kinds of rules that this Texas exchange would be able to avoid. Texas is still subject to federal law. And self-regulation is one of the cases where you can be pretty sure that the rule makers are intrinsically motivated to consider the downsides as well as the upsides.