Texas Stock Exchange: A New Dawn for U.S. Capital Markets

The Texas Stock Exchange (TXSE) has taken a significant step towards becoming a reality, filing Form 1 with the U.S. Securities and Exchange Commission (SEC) to operate as a national securities exchange. With planned first trades in early 2026 and listings by the end of the same year, TXSE aims to revitalize competition for issuers, establish the premier venue for listings, and create a world-class trading platform for all market participants.

TXSE's Form 1 registration is currently under review, and if granted, the exchange intends to launch trading in early 2026, with listings by the end of the same year. This timeline is comparable to other recent national securities exchange launches, such as the 24X National Exchange, which filed its Form 1 in February 2024 and announced approval in November 28, 2024. However, several factors may influence this timeline, including the SEC approval process, technological development, and establishing high listing standards.

TXSE's focus on stability, predictability, and lower costs for listings aligns with the investment philosophy of favoring steady performers and valuing consistent growth. By offering more stability and predictability around listing standards and associated costs, TXSE aims to attract issuers looking for a more predictable and cost-effective listing process. Additionally, TXSE's backing from major financial institutions, such as BlackRock, Charles Schwab, and Citadel Securities, signals the depth of commitment to the success of the exchange and could attract more issuers and investors.

TXSE's regional focus on attracting companies from Texas, Oklahoma, and the Southeast United States could provide issuers with better access to local capital and investors. By centralizing financial activities in Dallas, TXSE could foster closer ties among cities and states in the region, creating a stronger regional ecosystem and attracting international investors.

TXSE's proposed timeline for trading and listings is comparable to other recent national securities exchange launches, but factors such as SEC approval, technological development, and establishing high listing standards may influence this timeline. TXSE's focus on stability, predictability, and lower costs for listings aligns with the investment philosophy of favoring steady performers and valuing consistent growth, making it an attractive option for issuers and investors seeking a more cost-effective, predictable, and regionally focused listing and trading experience.

In conclusion, the Texas Stock Exchange's filing to operate nationally and its proposed timeline for trading and listings present an exciting opportunity for issuers and investors seeking a more competitive, predictable, and regionally focused listing and trading experience. As TXSE continues to develop its technological infrastructure and establish high listing standards, it has the potential to become a major player in the U.S. capital markets, fostering economic growth and innovation in the process.