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 $161 million as of January 2025.[1][2][3] The exchange is planned to launch its platform and facilitate trades in early 2026, and host its first listings by the end of the same year.[2][4][5][6][7] 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][4][8]
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][9]
Leadership
In September 2024, former President of the Federal Reserve Bank of DallasRichard W. Fisher and former Texas Governor Rick Perry were named as a strategic advisor and a member of the board of directors, respectively.[7] 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][10]
Structure and operations
The exchange plans to facilitate listings for public companies, exchange-traded products (ETPs), and American depositary receipts (ADRs).[11] 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.[12] The exchange will be fully electronic and will maintain a physical presence in Dallas.[11]
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.[12] 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.[13] The proposal to establish TXSE comes at a time when several Fortune 500 companies are relocating their headquarters to the state.[14]
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