Texas Stock Exchange
A planned national securities exchange headquartered in Dallas, Texas.
Last updated August 25, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
The Texas Stock Exchange, commonly referred to as TXSE, is a planned national securities exchange headquartered in Dallas, Texas. The exchange is being developed by TXSE Group Inc. as a fully electronic marketplace with a physical presence in the Texas Market Center in Dallas. Its proposed business would include listings for public companies, exchange-traded funds and other exchange-traded products, as well as American depositary receipts. TXSE also expects to support dual listings for companies that are already traded on the New York Stock Exchange or Nasdaq. The project is positioned as a Texas-based alternative within the United States equity-market infrastructure. Its intended regional focus is the southeastern quadrant of the country, described by the group as extending from Texas to North Carolina. TXSE estimates that this area includes roughly 1,000 publicly traded companies and approximately 14,000 private-equity-backed companies. Dallas was selected as the headquarters location because of its concentration of financial-services employment, its Federal Reserve presence, and the large number of Fortune 500 companies in the metropolitan area and surrounding region. TXSE was led by chief executive James Lee in the development and fundraising phase. The project has attracted institutional and financial-sector backers including Charles Schwab, Fortress, BlackRock, Citadel Securities, and JPMorgan Chase. Reference material states that a second financing round completed in October 2025 brought total company capital above $250 million, compared with approximately $161 million in January 2025. A further investment reported in December 2025 increased the stated total to $270 million, with Goldman Sachs Group and Bank of America among the investors. The financing is intended to support the creation of exchange infrastructure, regulatory preparation, staffing, and the proposed Dallas operating presence. The exchange has presented its intended listing standards as more selective than those of existing major U.S. exchanges. James Lee has described requirements involving earnings tests and minimum share-price thresholds. Based on the cited description, those standards could make approximately 1,500 Nasdaq-listed companies and 200 NYSE-listed companies ineligible for TXSE listing. The planned approach therefore emphasizes a curated listings environment rather than unrestricted admission of issuers. Leadership and advisory support has included former Federal Reserve Bank of Dallas president Richard W. Fisher as a strategic adviser and former Texas governor Rick Perry as a board member. Other reported board participants include former Securities and Exchange Commission commissioner Rick Roberts, Citadel Securities strategy executive Alex Bussandri, Western Refining founder Paul Foster, and Circuit founder and chief executive Tyson Tuttle. The group has stated that the Dallas facility is expected to employ more than 100 people. Reference material reports that the U.S. Securities and Exchange Commission approved TXSE's registration to operate as a national securities exchange on September 30, 2025. The exchange was planned to launch in 2026, and the same material states that it became operational on July 6, 2026. Because TXSE is a newly established market infrastructure project, information about trading volumes, issuer membership, product breadth, and long-term financial performance remains limited in the supplied sources.
History
The Texas Stock Exchange was proposed as a new U.S. national securities exchange centered in Dallas, Texas. Its development reflects the growing importance of Texas and the broader southeastern United States as destinations for corporate headquarters, financial activity, and private-equity investment. The project is being organized through TXSE Group Inc. and is led by chief executive James Lee. From its development stage, TXSE combined a digital-market model with a local physical identity. The planned venue is fully electronic, but the company expects to maintain a Dallas presence at the Texas Market Center and to employ more than 100 people there. The exchange's organizers have argued that Dallas offers a substantial financial-services labor pool, a Federal Reserve presence, and proximity to numerous large corporations. The proposed market region extends from Texas eastward to North Carolina and is described by TXSE as the southeastern quadrant of the United States. The exchange has sought a substantial institutional capital base. Reported backers include Charles Schwab, Fortress, BlackRock, Citadel Securities, and JPMorgan Chase. A second financing round reported in October 2025 raised total capital above $250 million, up from approximately $161 million in January of that year. JPMorgan joined the existing investors and was expected to participate as a board observer. A further $20 million investment reported in December 2025, involving Goldman Sachs Group and Bank of America, brought the stated capital total to $270 million. SEC filings reportedly characterized the committed investment as making TXSE the best-capitalized exchange ever to submit a registration application to the regulator. Leadership appointments also helped establish the exchange's institutional profile. In September 2024, former Federal Reserve Bank of Dallas president Richard W. Fisher became a strategic adviser, while former Texas governor Rick Perry joined the board. Other reported directors include former SEC commissioner Rick Roberts, Citadel Securities strategy chief Alex Bussandri, Western Refining founder Paul Foster, and Circuit founder and chief executive Tyson Tuttle. Energy Transfer Partners chief executive Kelcy Warren is identified as the majority owner of TXSE Group Inc. TXSE's proposed market structure is designed to support public-company listings, exchange-traded funds and other exchange-traded products, and American depositary receipts. It also intends to attract companies that already trade on NYSE or Nasdaq through dual listings. At the same time, the exchange has emphasized stricter admission standards than the incumbent U.S. markets. The proposed requirements include earnings tests and minimum share-price rules. James Lee stated that these conditions could exclude about 1,500 Nasdaq companies and 200 NYSE companies, indicating that TXSE aims to build a more selective issuer base. The regulatory phase culminated, according to the supplied reference material, in SEC approval on September 30, 2025, authorizing TXSE to operate as a national securities exchange. The project was planned for a 2026 launch, and the reference material states that operations began on July 6, 2026. Its longer-term development will depend on attracting issuers, exchange-traded products, market participants, and liquidity while establishing a credible operating record alongside the NYSE and Nasdaq.
- 2026
Reported start of operations
[1]The supplied reference material states that TXSE became operational on July 6, 2026.
- 2025
Second financing round
[1]TXSE Group reported total capital above $250 million after a second financing round, with JPMorgan Chase joining the backers.
- 2025
Additional institutional investment
[1]A further reported investment increased total capital raised to $270 million.
- 2025
SEC national-exchange approval
[1]The supplied reference states that the SEC approved TXSE's registration to operate as a national securities exchange on September 30.
- 2024
Strategic and board appointments
[1]Richard W. Fisher became a strategic adviser and Rick Perry joined the board during TXSE's formation period.
Products and positioning
A Texas-centered, fully electronic national securities exchange emphasizing selective listing standards, institutional backing, and access to issuers in the southeastern United States.
Exchange listing services · 2026
Public-company listings
TXSE plans to admit public companies to trading on its national securities exchange. Its proposed listing framework is intended to use earnings tests and minimum price requirements that are more restrictive than those of existing major U.S. exchanges. The exchange expects this selective approach to distinguish its issuer base and support a higher-quality listings environment.
Exchange listing services · 2026
Dual listings
The exchange intends to accept companies that are already listed on the New York Stock Exchange or Nasdaq. Dual listing would give eligible issuers access to TXSE's proposed marketplace without requiring them to abandon their existing primary exchange, while giving TXSE a route to build an issuer base from established public companies.
Exchange-traded products · 2026
Exchange-traded products
TXSE is expected to accept listings of exchange-traded funds and other exchange-traded products. These products would broaden the exchange beyond ordinary corporate equities and could help attract asset managers and other institutional participants to the Dallas-based market.
Depositary receipts · 2026
American depositary receipts
American depositary receipts are included in TXSE's proposed product scope. The reference material does not identify specific ADR issuers or product terms, but the planned capability would allow eligible non-U.S. companies to access U.S. investors through a securities-exchange listing.
Brand decisions
2025
Adopt selective listing standardsStrategyBackground
TXSE positioned its proposed venue as a selective alternative to larger incumbent exchanges.
Action taken
Management described planned earnings tests and minimum share-price requirements that would be more restrictive than current exchange standards.
Aftermath
The proposed criteria could exclude approximately 1,500 Nasdaq-listed companies and 200 NYSE-listed companies, according to the cited management estimate.
2025
Expand the product and issuer scopeStrategyBackground
TXSE needed to build a broad enough marketplace to attract issuers and investors during its launch phase.
Action taken
The exchange planned to support public-company listings, dual listings, ETFs and other exchange-traded products, and ADRs.
Aftermath
The proposed scope gives TXSE several potential routes to attract listings beyond newly floated companies.
2024
Establish Dallas as the exchange's physical baseStrategyBackground
TXSE sought to differentiate itself as a Texas-centered market while operating electronically across the United States.
Action taken
The group planned its physical presence at the Texas Market Center in Dallas and projected a local workforce of more than 100 people.
Aftermath
The Dallas location became a central part of TXSE's identity and regional-market strategy.
Recent events
- 2026
TXSE begins operations[1]
Other
The supplied reference material states that the exchange became operational on July 6, 2026, following its planned 2026 launch.
- 2025
TXSE completes a second financing round[1]
Other
A financing round reported in October raised total company capital above $250 million and brought JPMorgan Chase into the investor group, with the bank also receiving a board-observer role.
- 2025
TXSE reports additional investment from major financial institutions[1]
Other
An additional investment reported in December increased total capital raised to $270 million, with Goldman Sachs Group and Bank of America among the named participants.
- 2025
SEC approves TXSE as a national securities exchange[1]
Regulation
Reference material states that the U.S. Securities and Exchange Commission approved TXSE's operation as a national securities exchange on September 30.
- 2024
TXSE adds prominent advisers and directors[1]
Leadership change
Richard W. Fisher was named a strategic adviser and Rick Perry joined the board as TXSE continued organizing its proposed Dallas-based exchange.
Sources2 sources
Cite this profile: Cite the canonical profile. /brand-wiki/texas-stock-exchange · Editorial policy · How profiles are compiled