Dallas-based TXSE has completed its phased launch across all National Market System symbols after SEC approval in 2025, as the new exchange positions for future ETF, IPO and dual-listing business.
Texas Stock Exchange, or TXSE, has completed a phased launch and is now trading all National Market System symbols as of July 31, becoming a rare new fully operational U.S. stock exchange in a market long dominated by NYSE and Nasdaq. The Dallas-based, fully electronic venue began with test symbols on July 6 and initial live trading on a subset of tickers on July 10 after receiving SEC approval on September 30, 2025. TXSE is backed by $250 million raised from more than 80 institutional investors, including BlackRock, Charles Schwab, Citadel Securities and J.P. Morgan. The exchange is positioning beyond trading existing stocks, targeting IPOs, secondary listings, dual listings and exchange-traded products. It is also emphasizing Texas's pro-business climate, including the absence of a corporate income tax and a broader trend of companies relocating headquarters to the state. The exchange has not incorporated crypto tokens or digital assets and is focused on traditional equities. Still, its stated intention to support exchange-traded products could matter for issuers of crypto-linked funds, particularly as spot Bitcoin and Ethereum ETFs have grown rapidly. A key question for TXSE now is whether it can build enough liquidity and market share to narrow spreads and compete effectively with entrenched incumbents over the coming quarters.