Overview

• The SEC on Sept. 30 approved TXSE’s registration as a national securities exchange—the first fully integrated U.S. venue headquartered in Texas in decades—subject to operational conditions before trading can begin.
• TXSE plans a fully electronic market launch in 2026, using a single-tier model aimed at mid- and large-cap issuers and requiring a formal confidential pre-application review for listings.
• The SEC said TXSE’s listing and governance standards closely track NYSE and Nasdaq, including core trading hours and a generic standard for Rule 6c-11 exchange-traded funds.
• In its approval order, the SEC noted commenters who expect more competition to drive innovation in fee structures, market data, pricing transparency and trading technology.
• Texas enacted measures such as SB 1057 and broader director protections to entice listings, a proposed ban on securities transaction taxes heads to voters in November, and Republican leaders are touting the exchange as a New York rival as reports cite over $160 million in backing from investors including BlackRock and Citadel.