The Texas Stock Exchange has crossed its latest hurdle toward becoming a direct competitor to the dominance of the New York Stock Exchange and the Nasdaq.
The Sept. 30 announcement that the U.S. Securities and Exchange Commission had approved the Dallas-based startup to operate as a national exchange was met with celebration by Texas lawmakers, including Gov. Greg Abbott, who declared “Texas is swiftly becoming America’s financial hub.”
The hype around the Texas Stock Exchange, or TXSE (pronounced Tex-ee), has been building since the June 2024 announcement that the exchange intended to launch with $120 million in backing from large investment firms like BlackRock and Citadel Securities, making it one of the most well-funded attempts at a new national exchange in decades.
TXSE officials say the strength of the Texas economy made the move possible, noting the many Fortune 500 companies that have come to the state, drawn by favorable regulatory and taxation policies.
Texas is home to the headquarters of the second most Fortune 500 companies in the country, leading New York and closely trailing California.
