Backed by major institutions and a booming state economy, the TXSE is positioning itself as a pro-business alternative to the NYSE and Nasdaq.

For more than a century, America’s stock listings have been dominated by two addresses: Wall Street’s New York Stock Exchange and Nasdaq’s MarketSite in Times Square. That may soon change. On September 30, 2025, the US Securities and Exchange Commission approved the Texas Stock Exchange (TXSE) to operate as a national securities exchange.

Headquartered in Dallas and backed by major financial institutions, TXSE plans to begin trading in early 2026 — marking the first serious challenge in decades to the entrenched exchange duopoly and opening a new chapter for American capital markets.

Texas offers both symbolism and substance for such an endeavor. With roughly $2.7 trillion in annual economic output, the state represents about one-tenth of the entire US economy. It is home to more than a tenth of the nation’s publicly listed companies, and its mix of rapid growth, favorable taxes, and business-friendly regulation makes it a natural candidate for a financial hub. The creation of a new national exchange in Dallas isn’t just a regional milestone — it’s a sign that financial innovation is no longer bound to Manhattan’s geography or culture.

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