Live From Dallas: The Texas Stock Exchange

Last Spring, we provided an overview of the Texas Stock Exchange. One year later, the Exchange has clearly moved from concept to reality, following its June 27, 2026 Final Confidence Test and the launch of phased trading in July. The key question now is whether the Exchange can scale smoothly, attract listings, and build meaningful liquidity as it expands through 2026 and into 2027.

Recent Texas Stock Exchange Activity

Since our last article, the Texas Stock Exchange (TXSE) landed SEC approval, raised additional capital that saw participation by J.P. Morgan, and it beefed up infrastructure and grew its staff and leadership.

• SEC Approval: A big milestone, SEC approval, was achieved on September 30, 2025, making it the “first fully integrated national securities exchange” to do so in decades.
• Funding Increased: The TXSE completed its second round of financing, ultimately surpassing $270 million in backing. Notable along with this are the major participants: Black Rock, Charles Schwab, and Citadel Securities, who were joined by J.P. Morgan.
• Infrastructure and Staffing Growth: Over the past year, the TXSE performed required technology build-outs, connectivity requests, and Member User Acceptance Testing (UAT). It also opened its downtown Dallas headquarters.  In May 2026, the Exchange internalized finance and brought on Jaime Gow as CFO, and announced its Board of Directors who hail from executive positions with Charles Schwab, Jane Street, Jefferies, and others – plus former SEC commissioner Rick Roberts.

These preparations enabled the Exchange to meet its June 27, 2026 target date for the confidence test. This was followed by a production test two days later on June 29 – all part of the final readiness effort, ahead of the phased rollout.

The Phased Launch and Going Live

Key dates and milestones are shown on the TXSE webpage for Member Readiness and Launch Guide including upcoming phases between July and October:

• July 6, 2026: Continuous Trading Launch – Launch of live trading with a phased symbol rollout approach
• Sep. 2026: ETP Launch – Anticipated first Exchange-Trade Product listing
• Oct. 2026: Corporate Listing Launch – Anticipated first Corporate listing

Texas has long been home to notable corporate headquarters – with an increasing number relocating to the state in recent years. A similar trend could be reflected in the number of corporate listings placed with the TXSE come October, making it a stronger force to contend with the NYSE and Nasdaq. Time will tell, but many significant eyes are on Texas. (Remember — the NYSE already reincorporated its Chicago electronic exchange into Dallas as NYSE Texas and began operations in March 2025.)

On Friday, July 10, 2026, the TXSE began trading, taking an official step in the competition with the NYSE and Nasdaq.

What to Watch

Because the launch involved only a small group of securities, the subsequent phased expansion will have to go smoothly – to help demonstrate that the TXSE can scale without significant disruption. Investors, CEOs, and interested parties will monitor several factors:

• Meeting phased targets with ETP and Corporate objectives
• Increased, but stable trading
• Continuous addition of significant listings and trading volume

Many call this new era the “rise of ‘Y’all Street’” as the Dallas-Fort Worth area rapidly continues to develop a vibrant financial services sector that is now second only to New York City in terms of financial-related professionals. Meanwhile, Texas has long held itself out as pro-business, courting businesses and investments from beyond its borders. The TXSE follows in those footsteps as it strives to contribute to the business-friendly and CEO-friendly environment, including transparency. All are elements that could bode well for the TXSE future.

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