Texas Stock Exchange

What Texas Stock Exchange does

Texas Stock Exchange (TXSE) is a SEC-approved, fully integrated electronic national securities exchange headquartered and incorporated in Dallas, Texas. Operated by Texas Stock Exchange LLC, a wholly owned subsidiary of the privately held TXSE Group Inc., it is positioned to compete with the NYSE/Nasdaq duopoly by offering primary corporate equity listings, ETP listings, and a continuous electronic trading platform for U.S. and global public companies. Backed by approximately $275 million in private capital from a consortium of more than two dozen institutional investors — including BlackRock, Citadel Securities, Charles Schwab, J.P. Morgan, Goldman Sachs and Bank of America — TXSE received SEC Form 1 approval on September 30, 2025, secured S&P Dow Jones Indices eligibility for the S&P 500/400/600 effective with launch, and announced a Nasdaq mutual dual-listing arrangement ahead of its scheduled July 6, 2026 start of continuous trading. First IPOs are expected in Q1 2027.

The technology stack is purpose-built for low-latency electronic trading: a proprietary matching engine hosted in Equinix NY6 (Secaucus, NJ) with disaster recovery in Equinix DA11 (Dallas, TX) and a connectivity node at 350 E. Cermak (Chicago), using latency equalization across NY4/NY5/NY6. Order entry, market data and corporate actions are exposed through a proprietary suite of binary protocols — SEED (order entry), RAKE (TCP/UDP session and multicast), FEED (depth-of-book market data), BALE (top-of-book market data), CALF (corporate actions listing feed) — alongside FIX 5.0 with TXSE-specific guidelines. Extranet connectivity is delivered through approved partners including Pico Quantitative Trading, Options Information Technology, NYSE Technologies Connectivity (ICE) and Waypoint Trading Solutions, with Options Technology's AtlasInsight providing network monitoring at up to 200 Gbps. The product surface is organized around three named solutions: List TXSE (corporate and ETP listings), Trade TXSE (the electronic trading platform), and TXSE Digital (market data and index products).

The revenue model is multi-stream and follows the standard national exchange playbook: (i) transaction fees on member executions governed by the published TXSE Fee Schedule, (ii) subscription revenue from market data products (FEED, BALE, CALF) governed by Market Data Policies, (iii) connectivity, cross-connect and port fees for access to the Equinix-hosted infrastructure, and (iv) recurring listing fees for corporate equities and ETPs. Customer acquisition is sales-led, with a streamlined waive-in membership process for FINRA-registered firms and members of other registered national securities exchanges, complemented by direct enterprise listings sales to public company issuers (with particular emphasis on Texas and BOOM BELT-headquartered companies and on large-cap issuers redomiciling to Texas). The first primary listing commitment is from Westwood Holdings Group (an energy ETF). TXSE is a pre-revenue company at the time of the source material: continuous trading has not yet begun and the company is in active build-out ahead of its July 2026 launch.

Name

Texas Stock Exchange

Legal name

Texas Stock Exchange LLC

Website

https://txse.com

Company type

Private

Founded year

2024

Operating status

Operating

Headcount range

101–250 employees

Short description

Texas Stock Exchange (TXSE) is a SEC-approved, fully integrated national securities exchange in Dallas offering corporate and ETP listings, electronic trading, and market data services. Backed by $275M from leading Wall Street institutions, it begins continuous trading in July 2026.

Ownership category

akta.pro rank

Product category

National Securities Exchange

NAICS

Securities and Commodity Exchanges (5232), Securities and Commodity Exchanges (523210)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Equities Trade Execution Platforms (ATS/MTF/ECN) (FSAFANAA)

akta.pro secondary industry

Broad Market Equity ETFs (FSAAAFAA)

Keywords

• National securities exchange
• Equity trading platform
• Corporate listings services
• Exchange traded products
• Market data feeds

Headquarters

HQ city

Dallas

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales, Others

Revenue model

1. Trading Transaction Fees: Transaction fees charged to members for executing orders on TXSE, governed by the published TXSE Fee Schedule
2. Market Data Subscriptions: Subscription fees for market data products including depth-of-book (FEED), top-of-book (BALE), and corporate actions (CALF) feeds; market data agreements governed by TXSE Market Data Policies
3. Connectivity and Port Fees: Fees for cross-connects, circuits, and extranet connectivity to TXSE infrastructure at Equinix NY6/DA11; service bureau application and port fees also charged
4. Listing Fees: Recurring fees for listing corporate equities and exchange-traded products (ETPs) on TXSE; supported by listings team including Nicole Chambers, Jeff Karcher, and Marc Cunningham

Pricing tiers

Go-to-market motion4 records

Distribution channels4 records

Marketing channels5 records

Core offering

Texas Stock Exchange (TXSE) is a fully integrated, electronic, national securities exchange headquartered and incorporated in Texas that provides a global venue for listing and trading U.S. equities and exchange-traded products. The platform operates through three named solution areas — List TXSE (corporate and ETP listings), Trade TXSE (low-latency electronic trading via a proprietary matching engine in Equinix NY6 with DR in Equinix DA11), and TXSE Digital (market data and index products) — serving public company issuers, ETP sponsors, FINRA-registered trading members, and market data subscribers.

Product overview

Texas Stock Exchange (TXSE) is a single, fully integrated national securities exchange platform — rather than a modular suite — organized around three named solution areas: List TXSE (listings for public companies and exchange-traded products), Trade TXSE (the electronic trading platform itself, with low-latency matching engine hosted in Equinix NY6 and DR in Equinix DA11, Dallas), and TXSE Digital (market data and index products). Together they form the unified exchange offering headquartered and incorporated in Texas, purpose-built to bring competition to corporate listings and expand access to America's public markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Texas Stock Exchange (TXSE) Fully integrated, electronic, national securities exchange headquartered and incorporated in Texas, purpose-built to bring competition to corporate listings and expand access to U.S. public markets. Provides a complete venue to list and trade U.S. and global public companies and exchange-traded products.
• List TXSE Listings product offering a compelling alternative for existing companies to transfer their listings to TXSE and for high-growth companies to access the public markets; serves as a global listing venue for public companies and exchange-traded products, with recurring listing fees.
• Trade TXSE Fully electronic trading platform built for innovation and competition in U.S. equity trading markets, with proprietary low-latency matching engine hosted in Equinix NY6 (Secaucus, NJ) and disaster recovery in Equinix DA11 (Dallas, TX), simple connectivity, and competitive trading and connectivity fees.
• TXSE Digital Market data and index products offering including FEED depth-of-book data, BALE top-of-book data, CALF corporate actions data, and a range of index products, with TXSE's core trading infrastructure designed for low-latency, reliability, and simple connectivity.

Quantifiable outcome

• $275 million total capital raised across multiple funding rounds
• +3 more outcomes

Named customers2 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature8 records

Partnerships

Six partnerships are on record, tiered flagship and major.

• Nasdaq, Inc.flagshipStrategic or Co-development PartnerNasdaq publicly announced its support for the Texas Stock Exchange. Nasdaq Texas (Nasdaq's own Dallas-based branch) launched March 5, 2026, with Nasdaq, Inc. dual-listing alongside the first cohort of companies.
• S&P Dow Jones IndicesflagshipStrategic or Co-development PartnerAdded TXSE as an eligible exchange for S&P U.S. Indices (S&P 500, S&P MidCap 400, S&P SmallCap 600) effective upon TXSE's launch of continuous trading on July 6, 2026.
• Pico Quantitative Trading LLCmajorTechnology or IntegrationFirst extranet connectivity partner. PicoNet™ network platform enables trading firms, brokers, and market participants to establish access ahead of TXSE launch; combined with Pico's Redline Trading Software for ultra low-latency data and execution.
• Options Technology (Options Information Technology LLC)majorTechnology or IntegrationSelected for network monitoring and analytics. AtlasInsight platform provides real-time visibility and packet capture at up to 200 gigabits per second across TXSE trading infrastructure.
• NYSE Technologies Connectivity, Inc. (ICE)majorTechnology or IntegrationApproved extranet connectivity provider for TXSE; access via ICE Global Network.
• Waypoint Trading Solutions (TNSI)majorTechnology or IntegrationApproved extranet connectivity provider for TXSE; contact via TNSI.

Scale indicators8 records

Recent moves8 records

Expansion highlights7 records

Broad incumbents

• New York Stock Exchange (NYSE): The incumbent national securities exchange that TXSE explicitly targets for listings competition. NYSE is part of Intercontinental Exchange (ICE) and operates the listing venue and trading platform that TXSE aims to disrupt with its 'Y'all Street' alternative; TXSE has hired multiple NYSE veterans and targets NYSE-listed companies for transfers.
• Nasdaq: The other half of the U.S. listings duopoly that TXSE is challenging. Notably, Nasdaq launched its own Texas-based competitor (Nasdaq Texas) on March 5, 2026 directly targeting TXSE's core geographic pitch, while simultaneously supporting TXSE's launch — making it both a competitor and a customer.
• Cboe Global Markets: Major U.S. exchange operator and the single largest source of TXSE's senior talent (10+ named C-suite and MD hires). Cboe's ETP listings business is a direct competitor to TXSE's ETP strategy, and its exchange technology expertise is the foundation of TXSE's infrastructure team.
• Intercontinental Exchange (ICE): Parent of NYSE and one of the largest exchange operators globally. ICE's NYSE Technologies Connectivity division is also a TXSE extranet partner, creating an unusual relationship in which TXSE simultaneously competes with ICE's NYSE listing business while relying on ICE for distribution.

Direct peers

• MEMX (Members Exchange): Direct competitor as a newer, technology-forward U.S. equities exchange challenging the incumbent duopoly on cost and transparency. MEMX is the most comparable exchange to TXSE in terms of mission (incumbent disruption), and TXSE's CLO Jeffrey Brown, CTO Rick Yoder, CRO Scott Palmer, and CCO Rob Salman all previously held the same roles at MEMX.
• Investors Exchange (IEX): Direct competitor as an alternative U.S. equities exchange launched to bring competition and transparency to public markets. TXSE EVP Mathew Verghese was previously CTO at Hudson River Trading which serves IEX, and IEX is referenced alongside Nasdaq/NYSE/Cboe in TXSE's talent pedigree — comparable in mission and target market.

Emerging players

• MIAX (Miami International Holdings): Multi-asset class exchange operator with growing U.S. equities presence. MIAX is a comparable newer-entrant exchange group challenging incumbents, and its expansion into equities listings and trading provides a template for TXSE's competitive approach against NYSE/Nasdaq.
• Long Term Stock Exchange (LTSE): Newer SEC-registered national securities exchange focused on long-term shareholder alignment and issuer-friendly governance. LTSE is the most direct strategic peer to TXSE given both target issuers seeking governance differentiation and align around 'issuer alignment' as a value proposition distinct from incumbents.

Others

• Pico Quantitative Trading: TXSE's first extranet connectivity partner and provider of low-latency network infrastructure via PicoNet. Comparable as a market infrastructure enabler whose platform integrates with TXSE's matching engine to onboard trading firms, brokers, and market participants.
• Options Technology: Approved extranet provider and provider of network monitoring (AtlasInsight platform) across TXSE trading infrastructure. Comparable as a market infrastructure and technology partner enabling connectivity and observability for TXSE members.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights8 records

Customer concentration

• Xx.com/TXStockExchange
• Facebookfacebook.com/txstockexchange
• LinkedInlinkedin.com/company/txse
• Instagraminstagram.com/texasstockexchange

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries1 record

Funding overview

Funding rounds5 records

Investors13 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Texas Stock Exchange