Finance:Texas Stock Exchange

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Short description: Planned stock exchange
Texas Stock Exchange
TypeStock exchange
LocationDallas, Texas, United States
FoundedScript error: No such module "Date time". (planned)
Key peopleJames H Lee (CEO)
CurrencyUnited States dollar
Websitetxse.com

The Texas Stock Exchange (TXSE) is a planned national stock exchange to be headquartered in Downtown Dallas, Texas, United States. The group behind the exchange, led by TXSE CEO James Lee, is financed by institutional investors including Charles Schwab, Fortress, BlackRock, and Citadel Securities, with investments totaling approximately US$161,000,000 as of January 2025.[1][2][3] The exchange is planned to launch in 2026.[4][5][6][7][8] It is expected to accept double listing of companies already present on NYSE or Nasdaq and will accept listings of ETFs and other exchange-traded products.[2][5][9]

According to U.S. Securities and Exchange Commission (SEC) filings, the committed investment makes TXSE the most well-capitalized exchange to ever submit a registration to the SEC.[3][10] On September 30, 2025, the SEC granted its approval for TXSE to operate as a national securities exchange.[11][12]

Leadership

In September 2024, former President of the Federal Reserve Bank of Dallas Richard W. Fisher and former Texas Governor Rick Perry were named as a strategic advisor and a member of the board of directors, respectively.[8] Additional board members include Rick Roberts, a former SEC commissioner, and Alex Bussandri, global head of strategy at Citadel Securities.[3] TXSE plans for its physical presence to be in the heart of Dallas at the Texas Market Center (TMC), where the company expects to employ more than 100 people.[3][13] Energy Transfer Partners CEO Kelcy Warren is the majority owner of TXSE Group Inc.[14] Other board members include Paul Foster, founder of Western Refining, and Tyson Tuttle, CEO and founder of Austin-based A.I. startup Circuit.[14]

Structure and operations

The exchange plans to facilitate listings for public companies, exchange-traded products (ETPs), and American depositary receipts (ADRs).[15] According to CEO James Lee, TXSE plans to implement stringent listing standards that would be more restrictive than current exchanges. These standards would include earnings tests and minimum price requirements that, according to Lee's statements to the Financial Times, would exclude approximately 1,500 Nasdaq-listed companies and 200 NYSE-listed companies from qualifying.[16] The exchange will be fully electronic and will maintain a physical presence in Dallas.[15]

Market context

The exchange estimates its initial potential market includes approximately 1,000 publicly traded companies and 14,000 private equity-backed companies based in the "southeast quadrant" of the United States (seQ), an area stretching from Texas to North Carolina.[16] Dallas, which hosts a Federal Reserve Bank and 24 Fortune 500 companies, is considered the nation's second-biggest financial hub by number of industry employees.[17] The proposal to establish TXSE comes at a time when several Fortune 500 companies are relocating their headquarters to the state.[18]

See also

  • List of stock exchanges
  • Economy of Texas
  • List of companies in Dallas
  • List of companies in the Dallas–Fort Worth metroplex
  • List of colleges and universities in the Dallas–Fort Worth metroplex

References

  1. ↑ McGee, Suzanne; Nishant, Niket (February 1, 2025). "Texas Stock Exchange files to operate nationally, eyes trading in early 2026". https://www.reuters.com/markets/us/texas-stock-exchange-files-operate-nationally-eyes-trading-early-2026-2025-01-31/. 
  2. ↑ 2.0 2.1 Fine, Julie; Hagan, Shelly; Doherty, Katherine (5 June 2024). "BlackRock, Citadel Back Texas Stock Exchange in Challenge to NYSE". Bloomberg. https://www.bloomberg.com/news/articles/2024-06-05/blackrock-citadel-back-upstart-texas-challenge-to-nyse-nasdaq. 
  3. ↑ 3.0 3.1 3.2 3.3 "Texas Stock Exchange moves closer to launch with leadership team, board". 2024-09-30. https://www.reuters.com/markets/us/texas-stock-exchange-moves-closer-launch-with-leadership-team-board-2024-09-30/. 
  4. ↑ Swanger, Ben (2025-09-30). "Texas Stock Exchange Receives SEC Approval, Will Launch in 2026 - D CEO Magazine" (in en-US). https://www.dmagazine.com/business-economy/2025/09/texas-stock-exchange-receives-sec-approval-will-launch-in-2026/. 
  5. ↑ 5.0 5.1 Driebusch, Corrie (4 June 2024). "New Texas Stock Exchange Takes Aim at New York's Dominance". https://www.wsj.com/finance/regulation/new-texas-stock-exchange-takes-aim-at-new-yorks-dominance-e3b4d9ba. 
  6. ↑ Gleeson, Cailey (5 June 2024). "A Billionaire-Backed Texas Stock Exchange Is In The Works—Here's What To Know". https://www.forbes.com/sites/caileygleeson/2024/06/05/a-billionaire-backed-texas-stock-exchange-is-in-the-works-heres-what-to-know/. 
  7. ↑ Osipovich, Alexander (7 June 2024). "A Texas Stock Exchange Wants to Take on New York. The Odds Aren't Good.". The Wall Street Journal. https://www.wsj.com/finance/stocks/a-texas-stock-exchange-wants-to-take-on-new-york-the-odds-arent-good-efeb18f3. 
  8. ↑ 8.0 8.1 Arnold, Kyle (2024-09-30). "Texas Stock Exchange names its 'Y'all Street' leadership team as it looks toward launch" (in en). https://www.dallasnews.com/business/2024/09/30/texas-stock-exchange-names-its-yall-street-leadership-team-as-it-looks-toward-launch/. 
  9. ↑ Jiménez, Miguel (2024-06-17). "Norte contra Sur: la nueva Bolsa de Texas desafía a Wall Street" (in es). https://elpais.com/economia/2024-06-17/norte-contra-sur-la-nueva-bolsa-de-texas-desafia-a-wall-street.html. 
  10. ↑ Richie, Sasha (2025-01-31). "Texas Stock Exchange files for SEC approval as ‘Y’all Street' takes shape" (in en). https://www.dallasnews.com/business/local-companies/2025/01/31/texas-stock-exchange-files-for-sec-approval-as-yall-street-takes-shape/. 
  11. ↑ Swanger, Ben (2025-09-30). "Texas Stock Exchange Receives SEC Approval, Will Launch in 2026" (in en-US). https://www.dmagazine.com/business-economy/2025/09/texas-stock-exchange-receives-sec-approval-will-launch-in-2026/. 
  12. ↑ David, Javier E (2025-09-30). "Texas Stock Exchange wins SEC approval" (in en). https://www.dallasnews.com/business/2025/09/30/texas-stock-exchange-wins-sec-approval/. 
  13. ↑ Richie, Sasha (2024-12-09). "Texas Stock Exchange to set up shop in Weir Plaza as it searches for permanent HQ" (in en). https://www.dallasnews.com/business/banking/2024/12/09/texas-stock-exchange-to-set-up-shop-in-weir-plaza-as-it-searches-for-permanent-hq/. 
  14. ↑ 14.0 14.1 Richie, Sasha (2025-08-10). "NYSE, Nasdaq place big bets on ‘Y’all Street’, but TXSE has an ace up its sleeve" (in en). https://www.dallasnews.com/business/economy/2025/08/10/nyse-nasdaq-place-big-bets-on-yall-street-but-txse-has-an-ace-up-its-sleeve/. 
  15. ↑ 15.0 15.1 Driebusch, Corrie (4 June 2024). "New Texas Stock Exchange Takes Aim at New York's Dominance". https://www.wsj.com/finance/regulation/new-texas-stock-exchange-takes-aim-at-new-yorks-dominance-e3b4d9ba. 
  16. ↑ 16.0 16.1 Hughes, Jennifer; McCormick, Myles (2024-10-04). "New Texas exchange pledges tougher standards than New York rivals". Financial Times. https://www.ft.com/content/da5be183-c339-42d2-b1e4-1aad83568d1c. 
  17. ↑ Arnold, Kyle (2024-09-30). "Texas Stock Exchange names its 'Y'all Street' leadership team as it looks toward launch" (in en). https://www.dallasnews.com/business/2024/09/30/texas-stock-exchange-names-its-yall-street-leadership-team-as-it-looks-toward-launch/. 
  18. ↑ Osipovich, Alexander (7 June 2024). "A Texas Stock Exchange Wants to Take on New York. The Odds Aren't Good.". The Wall Street Journal. https://www.wsj.com/finance/stocks/a-texas-stock-exchange-wants-to-take-on-new-york-the-odds-arent-good-efeb18f3. 



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