Texas Stock Exchange gets SEC approval, aims to rival NYSE and Nasdaq from Dallas
Texas Stock Exchange gets SEC approval, aims to rival NYSE and Nasdaq from Dallas
Texas Stock Exchange gets SEC approval, aims to rival NYSE and Nasdaq from Dallas
The Securities and Exchange Commission approved Tuesday the Texas Stock Exchange (TXSE) as a national securities exchange, paving the way for the first new, fully integrated U.S. stock exchange in decades — and the only one based in Texas.
"Today's approval marks a pivotal moment in our effort to build a world-class exchange rooted in alignment, transparency, and partnership with issuers and investors," said James H Lee, founder and CEO of TXSE and its parent company, TXSE Group Inc.
TXSE is on track to launch trading services, as well as exchange-traded products, known as ETPs, and corporate listings, in 2026.
What are ETPs?
Exchange-traded products are financial instruments that follow the performance of underlying assets such as stocks, indexes or other financial benchmarks. Like stocks, ETPs are traded on public exchanges, allowing investors to buy and sell them throughout the trading day at market prices that fluctuate in real time.
Texas Gov. Greg Abbott congratulated TXSE for receiving SEC approval to operate as a national securities exchange.
"Texas is swiftly becoming America's financial hub," Abbott said Tuesday in a statement. "I congratulate the Texas Stock Exchange for the launch of Texas' own trading platform that will spur economic development and expand the financial might of our great state around the world. Working together, we will make Texas stronger and more prosperous than ever before."
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