Dream Exchange
Dream Exchange is a privately held, pre-operational national securities exchange headquartered in Chicago, structured to be the first minority-controlled licensed stock exchange in U.S. history. It plans to list NMS securities and, pending legislation, run a venture exchange for small-to-mid sized, early-stage companies.
- Company typePrivate
- Founded2018
- HeadquartersDes Plaines, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Dream Exchange does
Dream Exchange, LLC is a privately held, pre-operational national securities exchange organized under Illinois law and headquartered in Chicago. Founded in 2018 by securities lawyer and CPA Joseph J. Cecala, the company is structured as a minority-controlled LLC majority-owned by DX Capital Partners (Managing Member: Dwain J. Kyles), positioning it to be the first minority-controlled licensed stock exchange in U.S. history. Its core product is a planned NMS-securities exchange that will offer U.S. registered broker-dealers a limited order-type menu, transparent transaction-based pricing, and membership on a venue hosted on Members Exchange (MEMX) technology and secured by DefendEdge with encrypted AWS data infrastructure. A planned Venture Exchange module for small-to-mid sized, early-stage issuers is contingent on enactment of Main Street Growth Act-style legislation.
The company is currently in formation: its initial Form 1 application to register as a national securities exchange under Section 6 of the Exchange Act was denied by the SEC in December 2025, and Dream Exchange has announced plans to refile. To date it has not generated operating revenue, with all activity funded by a series of undisclosed individual strategic investments (Harvey Catchings in May 2024; Elwood Blackwell and Ian Skor in October 2025; Dr. Omar K. Danner in November 2025) and an earlier reported $10 million raise in February 2019. The leadership team combines securities-law, exchange-operations, and SEC regulatory expertise (Cecala ex-Archipelago; Chief Legal and Regulatory Officer Jim Yong ex-OCC and ex-SEC enforcement; Director of Research Dr. Ioannis Floros, a University of Wisconsin-Milwaukee associate professor), and is complemented by formal alliances with the National Black Chamber of Commerce, National Black Lawyers, National Society of Black Engineers, and the National Alliance for Black Business for issuer pipeline and policy advocacy.
Commercially, Dream Exchange plans to monetize through transaction-based trading fees, broker-dealer membership fees, and market-data fees once the exchange is operational, with a future venture exchange adding listing and trading fees. The near-term GTM motion is enterprise field sales targeting U.S. broker-dealers via the Trading & Membership team (Todd Kenny), supplemented by earned media, policy engagement, and a self-serve investor portal. The company has no public API, mobile app, or disclosed customer base at this stage.
Dream Exchange firmographics
Firmographics- Name
- Dream Exchange
- Legal name
- Dream Exchange, LLC
- Website
- https://dreamex.com
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Dream Exchange is a privately held, pre-operational national securities exchange headquartered in Chicago, structured to be the first minority-controlled licensed stock exchange in U.S. history. It plans to list NMS securities and, pending legislation, run a venture exchange for small-to-mid sized, early-stage companies.
- Ownership category
- akta.pro rank
Dream Exchange industry classification
Industry- Product category
- National Securities Exchange
- NAICS
- Securities and Commodity Exchanges (52321), Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (5232), Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Primary Listing Stock Exchanges (FSAFAAAA)
- akta.pro secondary industry
- Regional / Local Stock Exchanges (FSAFAAAG)
Keywords
Where Dream Exchange is headquartered
LocationHeadquarters
- HQ city
- Des Plaines
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Dream Exchange business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others
Revenue model
- Transaction-based trading fees: Planned core revenue from fair and transparent pricing on trading transaction fees across NMS securities once the exchange is operational, similar to NASDAQ and NYSE.
- Membership fees: Revenue from broker-dealer membership fees, although Dream Exchange states it does not presently intend to charge a fee for membership application; ongoing membership charges expected post-launch.
- Market data fees: Revenue from market data products, included in Dream Exchange's stated 'fair pricing on fees, membership, and market data.'
- Future venture exchange listing and trading fees: Once Main Street Growth Act-style legislation is enacted, additional revenue from listing fees and trading on the venture exchange serving small-to-mid sized, early-stage companies.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Annual | Broker-dealer membership |
| Transaction based/ take rate | Pay-as-you-go | Trading and execution fees |
| Other | Pay-as-you-go | Future venture exchange listings |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels9 records
Dream Exchange product offering
Product offeringCore offering
Dream Exchange is building a planned, SEC-registered national securities exchange that, upon approval, will transact in NMS Securities similar to NASDAQ and NYSE, supported by a Trading & Membership service for U.S. registered broker-dealers. On top of that core exchange sits a planned Venture Exchange module — contingent on legislation such as the Main Street Growth Act — designed to list and trade small-to-mid-sized, early-stage companies with aggregated liquidity, regulatory oversight, customized auctions and tick sizes, and transparent reporting. The company would be the first minority-controlled licensed stock exchange in U.S. history.
Product overview
Dream Exchange's offering is a single planned platform-plus-modules architecture centered on a national securities exchange currently in formation. The core product is the Dream Exchange stock exchange, which upon SEC approval will transact in NMS Securities similar to NASDAQ and NYSE and would be the first minority-controlled licensed stock exchange in U.S. history. The Trading & Membership service is the operational backbone through which U.S. registered broker-dealers connect to the exchange. Built on top of this core exchange is the planned Venture Exchange module — a new type of stock exchange contingent on enactment of legislation similar to the Main Street Growth Act — designed to list and trade small-to-mid sized, early-stage companies. Supporting the platform are an Investor Portal for current investors and an Introductory Company Evaluation service that produces evaluation reports using public record information from Thomson Reuters. Together, these named products form Dream Exchange's strategy to broaden public capital market access for small, mid-sized, and minority-owned businesses.
Differentiator
Problem solved
Functional benefit
Brands
- DreamEx: Short form commercial reference used in FAQs to refer to the Dream Exchange NMS Securities exchange.
Products and services
- Dream Exchange (National Securities Exchange) Planned, SEC-registered national securities exchange that upon approval will transact in NMS Securities similar to NASDAQ and NYSE, designed to be the first minority-controlled licensed stock exchange in U.S. history. Built on MEMX-hosted execution infrastructure and intended for U.S. registered broker-dealers.
- Venture Exchange (DreamEx Venture Exchange) Planned new type of stock exchange to be authorized once legislation similar to the Main Street Growth Act is enacted. Will list and trade small-to-mid-sized, early-stage companies, offering aggregated liquidity, regulatory oversight, customized auctions and tick sizes, and transparent reporting.
- Trading & Membership Core exchange service enabling U.S. registered broker-dealers (who are SRO members and maintain an NSCC clearing relationship) to become Members of the exchange, with simple pricing, a limited number of order types, and operational transparency.
- Investor Portal Separate web portal at investors.dreamex.com where investors can access investor-related information about Dream Exchange and sign up to receive updates on the SEC application and venture exchange milestones.
- Introductory Company Evaluation Paid offering for which Dream Exchange collects the minimum information required to complete an evaluation report, including public record information available through Thomson Reuters; underlying data is stored encrypted on Amazon Web Services.
Quantifiable outcome
- 92% of all jobs within a company are created after the company goes public, per the SEC IPO On-Ramp Task Force Report (October 20, 2011)
- +5 more outcomes
Companies that use Dream Exchange
Customer profileIdeal customer profiles3 records
Dream Exchange technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Dream Exchange partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered flagship and core.
- National Black Chamber of Commerce (NBCC)flagshipAlliance rooted in a shared vision for economic empowerment of Black-owned businesses and entrepreneurs. NBCC has publicly reaffirmed support for Dream Exchange and its mission to open public markets to small businesses (October 16, 2025). The two organizations jointly participate in the Annual National Business Policy Conference and lobby Congress for the Main Street Growth Act. Dream Exchange has awarded NBCC/Dream Exchange Entrepreneurship Awards (e.g., $25,000 to Lorri Dotson) through this alliance.
- Members Exchange (MEMX)coreDream Exchange selected MEMX to host certain aspects of its exchange, leveraging MEMX's proven trading technology infrastructure. Provides the underlying execution technology backbone for the planned NMS securities exchange.
- DefendEdgecoreDream Exchange chose DefendEdge to provide a robust cybersecurity framework for the exchange, addressing the increasing threat landscape facing businesses operating in financial services.
- DX Capital Partners, LLC (Dwain J. Kyles)flagshipMajority owner of Dream Exchange, with Managing Member Dwain J. Kyles (founder of DX Capital Partners, LLC, alongside Joe Cecala in 2020). DX Capital Partners is the majority shareholder of the entity that will house the stock exchange, making Dream Exchange minority-controlled in alignment with its mission.
- National Alliance for Black BusinesscoreCo-host (with NBCC) of the Annual National Business Policy Conference that Dream Exchange attends for White House and Senate engagement to support legislation like the Main Street Growth Act.
Scale indicators9 records
Recent moves6 records
Expansion highlights6 records
Dream Exchange competitors and assessment
Company assessmentOthers
- Securities Industry and Financial Markets Association (SIFMA): SIFMA is a major U.S. trade association representing broker-dealers and exchange members — directly relevant to Dream Exchange's broker-dealer member onboarding and policy advocacy ecosystem.
Emerging players
- BOX Exchange: BOX is a smaller U.S. options exchange that similarly targeted a niche within the incumbent-dominated exchange landscape, providing a peer on the scale and positioning spectrum Dream Exchange could resemble post-launch.
- WAVE NXT / Private Market Platforms: OTC Markets is an alternative trading system for smaller and emerging company securities, serving as a near-adjacent venue that addresses some of the same small-cap and pre-IPO issuer audience Dream Exchange's planned venture exchange targets.
Direct peers
- Long-Term Stock Exchange (LTSE): LTSE is an SEC-registered national securities exchange built around a distinct issuer-value proposition (long-term oriented governance and stakeholder disclosures), making it a structurally similar challenger to Dream Exchange in the post-2015 wave of licensed U.S. exchanges.
- IEX (Investors Exchange): IEX is a mission-driven, newer U.S. national securities exchange launched in 2016 with a differentiated value proposition (speed bump, fairness) — analogous to Dream Exchange's positioning as a fairness/equity-focused entrant in a legacy-dominated market.
- Members Exchange (MEMX): MEMX is both Dream Exchange's technology partner (hosting its exchange infrastructure) and a direct peer as a newer, technology-forward U.S. national securities exchange competing for broker-dealer order flow. Same regulatory category and product surface (NMS equities trading).
Broad incumbents
- Cboe Global Markets: Cboe operates one of the largest U.S. options exchanges and an equities exchange (Cboe EDGX/BZX), making it a comparable licensed exchange operator competing for transaction-fee revenue and broker-dealer memberships.
- NYSE (Intercontinental Exchange): NYSE is the other dominant incumbent U.S. national securities exchange and the second reference point Dream Exchange uses to describe its planned NMS securities trading operations.
- Nasdaq: Nasdaq is one of two dominant incumbent U.S. national securities exchanges. Dream Exchange references it as a comparable transaction-fee-based business model it intends to operate once approved.
- Miami International Holdings (MIAX): MIAX operates a portfolio of U.S. exchange listings (options and equities) including MIAX Pearl, representing a multi-venue operator with the same SEC-registered exchange licensing structure Dream Exchange is pursuing.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Dream Exchange social profiles
Digital presenceDream Exchange financial estimates
Financial estimateRevenue estimate
Valuation estimate
Dream Exchange leadership team
Management profileNumber of profiles
Profiles6 records
Dream Exchange subsidiaries and ownership
Company hierarchySubsidiaries1 record
Dream Exchange funding detail
Funding detailFunding overview
Funding rounds7 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Dream 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 Dream Exchange
What does Dream Exchange do?
Dream Exchange is building a planned, SEC-registered national securities exchange that, upon approval, will transact in NMS Securities similar to NASDAQ and NYSE, supported by a Trading & Membership service for U.S. registered broker-dealers. On top of that core exchange sits a planned Venture Exchange module — contingent on legislation such as the Main Street Growth Act — designed to list and trade small-to-mid-sized, early-stage companies with aggregated liquidity, regulatory oversight, customized auctions and tick sizes, and transparent reporting. The company would be the first minority-controlled licensed stock exchange in U.S. history.
Is Dream Exchange a public or private company?
Dream Exchange is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Dream Exchange founded?
Dream Exchange was founded in 2018. It employs 11 to 50 people.
Where is Dream Exchange based?
Dream Exchange is headquartered in Des Plaines, United States, in the North America region.
How does Dream Exchange make money?
Four revenue lines are on record. Transaction-based trading fees are the primary driver. The others are membership fees, market data fees and future venture exchange listing and trading fees.
Who are Dream Exchange's main competitors?
Securities Industry and Financial Markets Association (SIFMA) is listed as an others. Emerging players are BOX Exchange and WAVE NXT / Private Market Platforms. Direct peers are Long-Term Stock Exchange (LTSE), IEX (Investors Exchange) and Members Exchange (MEMX). Broad incumbents are Cboe Global Markets, NYSE (Intercontinental Exchange), Nasdaq and Miami International Holdings (MIAX).
Does Dream Exchange have an API?
No public API is recorded for Dream Exchange.
What industry is Dream Exchange in?
Dream Exchange's product category is National Securities Exchange. Its primary akta.pro industry code is FSAFAAAA, Primary Listing Stock Exchanges, with a secondary code of FSAFAAAG, Regional / Local Stock Exchanges. Its NAICS code is 52321 and its SIC code is 6200.