Texas Stock Exchange
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.
- Company typePrivate
- Founded2024
- HeadquartersDallas, United States
- Headcount101–250
- GTM typeB2B
- OfferingServices
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.
Texas Stock Exchange firmographics
Firmographics- 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
Texas Stock Exchange industry classification
Industry- 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
Where Texas Stock Exchange is headquartered
LocationHeadquarters
- HQ city
- Dallas
- HQ country
- United States
- HQ region
- North America
Offices5 records
Markets served
Texas Stock Exchange business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales, Others
Revenue model
- Trading Transaction Fees: Transaction fees charged to members for executing orders on TXSE, governed by the published TXSE Fee Schedule
- 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
- 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
- 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
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Monthly | Trading and transaction fees per the TXSE Fee Schedule |
| Subscription | Monthly | Market data subscriptions (FEED, BALE, CALF) |
| Other | Pay-as-you-go | Membership tiers with limited-time waive-in |
| Other | Monthly | Connectivity and service bureau pricing |
Go-to-market motion4 records
Distribution channels4 records
Marketing channels5 records
Texas Stock Exchange product offering
Product offeringCore 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
Companies that use Texas Stock Exchange
Customer profileNamed customers2 records
Segments5 records
Ideal customer profiles4 records
Texas Stock Exchange technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
Feature8 records
Texas Stock Exchange partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered flagship and major.
- Nasdaq, Inc.flagshipNasdaq 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 IndicesflagshipAdded 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 LLCmajorFirst 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)majorSelected 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)majorApproved extranet connectivity provider for TXSE; access via ICE Global Network.
- Waypoint Trading Solutions (TNSI)majorApproved extranet connectivity provider for TXSE; contact via TNSI.
Scale indicators8 records
Recent moves8 records
Expansion highlights7 records
Texas Stock Exchange competitors and assessment
Company assessmentBroad 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
Texas Stock Exchange social profiles
Digital presenceTexas Stock Exchange financial estimates
Financial estimateRevenue estimate
Valuation estimate
Texas Stock Exchange leadership team
Management profileNumber of profiles
Profiles14 records
Texas Stock Exchange subsidiaries and ownership
Company hierarchySubsidiaries1 record
Texas Stock Exchange funding detail
Funding detailFunding overview
Funding rounds5 records
Investors13 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Texas Stock Exchange M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Texas Stock Exchange
What does Texas Stock Exchange do?
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.
Is Texas Stock Exchange a public or private company?
Texas Stock Exchange is a private company. It is classified as venture growth investor backed and is currently operating.
When was Texas Stock Exchange founded?
Texas Stock Exchange was founded in 2024. It employs 101 to 250 people.
Where is Texas Stock Exchange based?
Texas Stock Exchange is headquartered in Dallas, United States, in the North America region.
How does Texas Stock Exchange make money?
Four revenue lines are on record. Trading Transaction Fees are the primary driver. The others are market Data Subscriptions, connectivity and Port Fees and listing Fees.
Who are Texas Stock Exchange's main competitors?
Broad incumbents on record are New York Stock Exchange (NYSE), Nasdaq, Cboe Global Markets and Intercontinental Exchange (ICE). Direct peers are MEMX (Members Exchange) and Investors Exchange (IEX). Emerging players are MIAX (Miami International Holdings) and Long Term Stock Exchange (LTSE). Others are Pico Quantitative Trading and Options Technology.
Does Texas Stock Exchange have an API?
Yes. TXSE exposes multiple partner-facing technical protocols for connectivity, order entry, market data, and corporate actions. Available protocols include: SEED (high-performance binary order entry protocol for low-latency access to equity markets), FIX 5.0 (electronic order entry and market data, enhanced with TXSE-specific guidelines), RAKE (TCP-based protocol for reliable in-order delivery of Exchange messages and UDP for market data), FEED (binary Depth of Book market data protocol delivering real-time, low-latency market data), BALE (binary Top of Book market data protocol delivering real-time best bid, offer, and last sale data), and CALF (Corporate Actions Listing Feed delivering comprehensive corporate action and listing event data via intraday and end-of-day files). Wireshark LUA plugins and PCAP files are provided for protocol analysis. Authentication, rate limits, and versioning are not specified. A TXSE Sandbox (pre-Member UAT) environment is available for early integration and certification. Developer documentation is at www.txse.com/trading-membership.
What industry is Texas Stock Exchange in?
Texas Stock Exchange's product category is National Securities Exchange. Its primary akta.pro industry code is FSAFANAA, Equities Trade Execution Platforms (ATS/MTF/ECN), with a secondary code of FSAAAFAA, Broad Market Equity ETFs. Its NAICS code is 5232 and its SIC code is 6200.