Texas Stock Exchange
| Type | Stock exchange |
|---|---|
| Location | Dallas, Texas, United States |
| Founded | 2025 (2025) (planned) |
| Key people | James H Lee (CEO) |
| Currency | United States dollar |
| Website | txse |
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, and JPMorgan Chase.[1] [2] [3] [4] In October, 2025, TXSE Group completed its second round of financing, raising total company capital to more than 250ドル million, up from approximately 161ドル million as of January 2025.[5] [6] JPMorgan joined the exchange's existing backers, and will join TXSE Group's board as an observer.[4]
Further investment totalling 20ドル million was made in December 2025 from a group headlined by Goldman Sachs Group Inc. and Bank of America Corp, bringing capital raised to 270ドル million.[7]
The exchange is planned to launch in 2026.[8] [9] [10] [11] [12] 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] [9] [13]
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] [14] On September 30, 2025, the SEC granted its approval for TXSE to operate as a national securities exchange.[15] [16]
Leadership
[edit ]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.[12] 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] [17] Energy Transfer Partners CEO Kelcy Warren is the majority owner of TXSE Group Inc.[18] Other board members include Paul Foster, founder of Western Refining, and Tyson Tuttle, CEO and founder of Austin-based A.I. startup Circuit.[18]
Structure and operations
[edit ]The exchange plans to facilitate listings for public companies, exchange-traded products (ETPs), and American depositary receipts (ADRs).[19] 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.[20] The exchange will be fully electronic and will maintain a physical presence in Dallas.[19]
Market context
[edit ]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.[20] 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.[21] The proposal to establish TXSE comes at a time when several Fortune 500 companies are relocating their headquarters to the state.[22]
See also
[edit ]- 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
[edit ]- ^ McGee, Suzanne; Nishant, Niket (February 1, 2025). "Texas Stock Exchange files to operate nationally, eyes trading in early 2026". Reuters . Retrieved 2025年02月19日.
- ^ a b Fine, Julie; Hagan, Shelly; Doherty, Katherine (5 June 2024). "BlackRock, Citadel Back Texas Stock Exchange in Challenge to NYSE". Bloomberg .
- ^ a b c d "Texas Stock Exchange moves closer to launch with leadership team, board". Reuters . 2024年09月30日. Retrieved 2025年01月15日.
- ^ a b "BlackRock-backed TXSE Group adds US banking giant JP Morgan as investor". Reuters. 2025年10月31日. Retrieved 2025年11月26日.
- ^ "JPMorgan takes equity stake in TXSE as part of second capital raise". Seeking Alpha. 2025年10月31日. Retrieved 2025年11月26日.
- ^ "JPMorgan Leads 90ドル Million Investment in Texas Stock Exchange". Bloomberg News. 2025年10月31日. Retrieved 2025年11月26日.
- ^ Lovinger, Joe (15 December 2025). "Goldman and BofA Push Texas Stock Exchange's Haul to 270ドル Million". Bloomberg News. Bloomberg L.P. Retrieved 5 March 2026.
- ^ Swanger, Ben (2025年09月30日). "Texas Stock Exchange Receives SEC Approval, Will Launch in 2026 - D CEO Magazine". D Magazine. Retrieved 2025年10月27日.
- ^ a b Driebusch, Corrie (4 June 2024). "New Texas Stock Exchange Takes Aim at New York's Dominance". The Wall Street Journal .
- ^ Gleeson, Cailey (5 June 2024). "A Billionaire-Backed Texas Stock Exchange Is In The Works—Here's What To Know". Forbes .
- ^ Osipovich, Alexander (7 June 2024). "A Texas Stock Exchange Wants to Take on New York. The Odds Aren't Good". The Wall Street Journal .
- ^ a b Arnold, Kyle (2024年09月30日). "Texas Stock Exchange names its 'Y'all Street' leadership team as it looks toward launch". The Dallas Morning News . Retrieved 2024年09月30日.
- ^ Jiménez, Miguel (2024年06月17日). "Norte contra Sur: la nueva Bolsa de Texas desafía a Wall Street". El País (in Spanish). Retrieved 2024年06月17日.
- ^ Richie, Sasha (2025年01月31日). "Texas Stock Exchange files for SEC approval as 'Y'all Street' takes shape". Dallas News . Retrieved 2025年02月19日.
- ^ Swanger, Ben (2025年09月30日). "Texas Stock Exchange Receives SEC Approval, Will Launch in 2026". D Magazine . Retrieved 2025年10月01日.
- ^ David, Javier E (2025年09月30日). "Texas Stock Exchange wins SEC approval". The Dallas Morning News . Retrieved 2025年10月01日.
- ^ Richie, Sasha (2024年12月09日). "Texas Stock Exchange to set up shop in Weir Plaza as it searches for permanent HQ". Dallas News . Retrieved 2025年01月15日.
- ^ a b Richie, Sasha (2025年08月10日). "NYSE, Nasdaq place big bets on 'Y'all Street', but TXSE has an ace up its sleeve". Dallas News. Retrieved 2025年08月10日.
- ^ a b Driebusch, Corrie (4 June 2024). "New Texas Stock Exchange Takes Aim at New York's Dominance". The Wall Street Journal .
- ^ a b Hughes, Jennifer; McCormick, Myles (2024年10月04日). "New Texas exchange pledges tougher standards than New York rivals". Financial Times . Retrieved 2025年01月15日.
- ^ Arnold, Kyle (2024年09月30日). "Texas Stock Exchange names its 'Y'all Street' leadership team as it looks toward launch". The Dallas Morning News . Retrieved 2024年09月30日.
- ^ Osipovich, Alexander (7 June 2024). "A Texas Stock Exchange Wants to Take on New York. The Odds Aren't Good". The Wall Street Journal .