Texas Stock Exchange Unleashes Competition with NYSE and Nasdaq

The Texas Stock Exchange (TXSE) has officially begun live trading on July 6th, aiming to compete with established exchanges like NYSE and Nasdaq. Headquartered in Dallas, TXSE raised approximately $250 million in its second funding round, backed by prominent firms such as BlackRock, Citadel Securities, and J.P. Morgan.

The exchange received SEC approval on September 30, 2025, allowing it to launch a phased strategy that started with test symbols and is now expanding to cover all National Market System equities. TXSE's pitch to potential users focuses on greater transparency, competitive pricing, and the state of Texas's pro-business environment.

While TXSE has not announced plans to trade crypto assets or tokens, its creation in a state known for its favorable regulatory posture towards digital assets creates an infrastructure pathway for potential future expansion. The exchange is expected to list exchange-traded products (ETPs) in September 2026 and corporate primary listings in October 2026.

The presence of TXSE may challenge the pricing power of NYSE and Nasdaq, which have been raising listing fees and data fees in recent years. With a $250 million war chest, TXSE can operate at a loss while building liquidity, a crucial aspect for exchanges with network-effect businesses.