Introduction

On April 4, 2025, the Texas Stock Exchange (“TXSE”) published its Form 1 application submitted to the Securities and Exchange Commission (“SEC”) to register as a national securities exchange. The TXSE’s proposed listing standards are outlined in Exhibit B of the submission. If the SEC approves the application, according to TXSE, it will become the first fully integrated US national exchange in over 25 years, providing a new venue for company listings. With the release of the proposed listing standards, the TXSE provides a preliminary look into its operations, allowing for meaningful comparisons with established exchanges like the New York Stock Exchange (“NYSE”) and Nasdaq.

Overview and Context

On June 5,…