Texas Stock Exchange could become reality in 2025
TEXAS - As the Texas economy continues to grow, state leaders announced the launch of the Texas Stock Exchange.
"Today’s announcement is the next logical step in the trajectory of business in Texas," said Gov. Greg Abbott.
Abbott says the Texas Stock Exchange, or TXSE, is well on its way to becoming a reality, set to go live in 2025.
"Pending approval, we will execute our first trades at the end of next year and launch listings in early 2026," said TXSE founder and CEO Jim Lee.
TXSE will operate electronically from Dallas as a national stock exchange with companies from around the world able to trade and list their shares.
"That expands the financial might of Texas in the United States and cements our economic power on the global stage," said Abbott.
TXSE has already raised more than $135 million, and Lee says it was a no-brainer given the size of the Texas economy.
"With a GDP of $10.6 trillion, Texas is now the eighth-largest economy in the world," said Lee.
Texas currently leads the nation in economic development projects, and is already home to energy companies like Chevron, tech companies like Dell and AT&T, and innovators like Tesla and SpaceX. Abbott believes with the addition of TXSE, that growth will continue.
"What that does is going to bring even more businesses to the state of Texas. And in doing so, that means many more good, high-paying jobs for our state," said Abbott.
The Texas Stock Exchange is even setting its sights on being a serious competitor to Wall Street, with TXSE leaders suggesting it will be more business-friendly than its New York counterpart.
"We make it as easy as possible to do business in the state of Texas. The same thing goes with the Texas Stock Exchange," said Abbott.
The Texas Stock Exchange still has to get federal approval from the Securities and Exchange Commission, which we’re told will likely happen in the coming months.