TYLER, Texas (KLTV) – The Texas Stock Exchange is now open for business, with a limited public trading phase set to begin Thursday. The Dallas-based exchange was approved by the Securities and Exchange Commission and looks to eventually compete with the New York Stock Exchange and the Nasdaq. The new market is designed to provide a more cost-effective way for companies to publicly list their stock, along with more flexible regulations for businesses still looking to go public.
While the exchange opened earlier this week, live trading has not yet started. The first exchange will happen on Thursday – that’s when the TXSE will begin live-trading the first five securities. The current phase is focused on technology and trade routing — ensuring the system functions before moving to full-scale trading.
Chad Castle of Winnacle Wealth says that testing is essential to the process. “The front-end testing is critical. Well, you know, let’s say that you wanted to buy or sell a particular security in your portfolio, all the testing makes sure that those trades happen flawlessly.”
The exchange is already drawing attention and investment into our region. So far, it has raised $275 million. Additionally, Governor Greg Abbott’s office says the state of Texas has an estimated $2.9 trillion economy – treated as a stand-alone economy, that would make it the eighth largest in the world.
Texas is now one of six states to serve as the headquarters for a national stock exchange. The TXSE is currently operating out of a temporary headquarters in Dallas. According to the organization’s website, its long-term physical presence will expand into the Texas Market Center.
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