A new challenger to Wall Street made its official debut on Friday as the Texas Stock Exchange (TXSE) went fully live, with trading available for all of its listed tickers for the first time.

Headquartered in Dallas, TXSE — pronounced "Tex-ee" — is the first new major stock exchange to launch in the United States in decades. While a handful of smaller national securities exchanges have debuted in recent years — including the Long-Term Stock Exchange and the Members Exchange — TXSE stands apart in its ambition to build a primary corporate listings venue at a scale capable of challenging the entrenched duopoly of the New York Stock Exchange and Nasdaq, which together account for the overwhelming majority of U.S. corporate listings. The exchange aims to compete directly with both for corporate listings.

TXSE has secured backing from several prominent financial institutions, including BlackRock, Goldman Sachs, and Charles Schwab, among others. The exchange plans to begin corporate listings later in 2026 and intends to facilitate initial public offerings (IPOs) starting in 2027.

TXSE leadership views the economic ascent of Texas and a broader region across the South — which the exchange has branded the "Boom Belt" — as the emerging "center of gravity for American capitalism" and a fertile market for IPO activity.

"As the only primary corporate and ETP listings venue built and headquartered in the Boom Belt, TXSE is both a product of the region's rise and a catalyst to accelerate it," the exchange stated.

According to TXSE's website, the Boom Belt region generates an annualized GDP of $8.9 trillion — exceeding the output of every national economy worldwide except the United States and China. The region accounts for 40% of American exports and has captured 57% of U.S. job growth over the past five years.

The exchange is currently operating from temporary offices in Dallas's Uptown neighborhood, where it will hold a bell-ringing ceremony on Friday afternoon to commemorate its official launch.

TXSE plans to relocate its permanent headquarters to the Bank of America Tower in Dallas, which will become the tallest building in Uptown Dallas upon completion. The tower will house the exchange's Texas Market Center, featuring executive offices, a Texas business museum, and a broadcast studio. According to a May announcement by architectural design firm KPF, the exchange will occupy multiple areas within the building, including ground-floor space and a 12th-floor sky lobby.

The launch of the Texas Stock Exchange coincides with a broader effort by the Lone Star State to attract businesses seeking to relocate their headquarters or change their state of incorporation. In recent years, several major corporations have moved their headquarters to Texas, including Tesla, which relocated to Austin in 2021, Oracle, which moved to Austin in 2020, and Hewlett Packard Enterprise, which shifted its base to the Houston area. Texas has promoted its business-friendly policies and favorable tax environment as competitive advantages over states such as California and New York.

TXSE's established rivals, the New York Stock Exchange and Nasdaq, have also expanded their presence in Texas and have encouraged companies to dual-list on the new exchange facilities at no additional cost.