In short: Opened as a trading venue in July and is "still working on procuring its own listings"; will occupy the new 30-story Dallas tower (with a rolling ticker on the side) alongside Bank of America's regional HQ. CEO James Lee pitches removing "wasteful fees and onerous rules" and is "on board with the Texas-ization of corporate America" — no board-diversity disclosure, and a state constitutional amendment bars taxes on securities transactions. Liquidity is the catch: the Texas venues together are under 1% of US equity volume.
The Texas Stock Exchange is a brand-new, privately owned competitor to the NYSE and Nasdaq, opened for trading in July and headed for the new Dallas tower it will share with Bank of America's regional headquarters. Its sales pitch is subtraction: fewer fees, fewer listing rules, no board-diversity disclosure requirement, and — thanks to a state constitutional amendment — no risk of a tax on trading its listed companies' shares.
Right now it is more statement than market. It is still "working on procuring its own listings," and all the Texas venues combined handle less than 1% of US share volume, so the practical liquidity argument for listing there does not yet exist. Its importance is as an instrument of the wider bet — that lighter regulation pulls companies in — and as a reminder of the risk that lighter regulation means fewer protections for the people who buy the shares.
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