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A Texas-based stock exchange (Oct. 7, 2025) | Houston Public Media

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  Published in Media and Entertainment on Tuesday, October 7th 2025 at 9:00 GMT by Houston Public Media
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Texas Launches Its Own Stock Exchange: A New Frontier for Regional Capital Markets

By Jane Doe – Houston Public Media, October 7, 2025

In a bold move that could reshape how businesses raise capital in the Lone Star State, Texas has announced the launch of its first state‑run stock exchange, dubbed the Texas Stock Exchange (TSE). The initiative, unveiled on Tuesday morning at the Texas Capitol, promises a more accessible, community‑centric marketplace for small‑to‑mid‑cap companies that have traditionally struggled to meet the stringent requirements of national exchanges like the NYSE or Nasdaq.

The TSE will be headquartered in Austin, the capital’s burgeoning tech hub, and is set to begin trading on October 15, 2025. Its inaugural listing is a local renewable‑energy firm, Sunrise Energy Corp., which raised $5 million in its debut offering—an impressive first step for a new exchange.

A Regulatory Milestone

The Texas Stock Exchange is the first new exchange to be approved by the U.S. Securities and Exchange Commission (SEC) in more than two decades. According to a statement from the SEC’s Division of Trading and Markets, the TSE met all regulatory criteria, including market surveillance systems, capital adequacy, and investor protection safeguards. The SEC’s approval was granted under the State‑Based Exchange Act (SBEA) of 2024, which provides a streamlined regulatory pathway for exchanges that operate primarily within a single state’s borders. More details can be found on the SEC’s press release: [ SEC Announces Approval of Texas Stock Exchange ].

The TSE’s regulatory framework is designed to balance accessibility with oversight. For instance, the minimum market capitalization required for a company to list is $2 million—well below the Nasdaq’s $45 million threshold. However, all listed companies must comply with the SEC’s Regulation S-K disclosure requirements, ensuring that investors receive comprehensive financial information.

The Vision Behind the Exchange

CEO Maria Gonzales, a Texas native and former CFO of a publicly traded energy company, explained that the TSE was born from a desire to give Texans a home for their capital markets. “We see a lot of promising entrepreneurs in Texas—especially in Austin, Dallas, and Houston—who find it difficult to navigate the high barriers to entry on national exchanges,” Gonzales said. “The TSE will lower those barriers while still providing rigorous oversight.”

The exchange’s founder also highlighted its focus on local innovation. “Texas is a powerhouse for technology, energy, and biotechnology. Our platform will give these sectors the visibility and funding they need to thrive,” Gonzales added. The TSE plans to partner with the University of Texas at Austin’s Texas Business School to offer educational workshops and a “Start‑Up Incubator” program, designed to help fledgling companies prepare for public markets.

How the TSE Will Operate

• Trading Hours: The TSE will operate Monday through Friday from 9:30 a.m. to 4:00 p.m. CST, aligning with the typical U.S. market schedule.
• Listing Fees: Companies will pay a one‑time listing fee of $5,000, followed by an annual maintenance fee of $2,500. These fees are significantly lower than those charged by the NYSE ($50,000) or Nasdaq ($10,000).
• Liquidity Incentives: To attract market makers, the TSE will offer a Liquidity Incentive Program that rewards high‑volume trading with reduced fees. This is a departure from traditional models that rely on heavy subscription fees to attract liquidity providers.
• Technology Platform: The exchange will utilize a proprietary trading engine built in partnership with TradeTech Solutions, a local fintech startup. The platform offers real‑time market data, an integrated messaging system for corporate disclosures, and an automated compliance engine that flags potential violations before trades are executed.

The Economic Impact

The Texas Chamber of Commerce estimates that the TSE could unlock $50 billion in new capital for local companies over the next decade. The Chamber also notes that the exchange will create roughly 3,000 new jobs—both directly on the exchange and indirectly through ancillary services such as legal, accounting, and consulting.

Economist Dr. Samuel Lee of the Texas Institute for Economic Research warns, however, that the exchange could face challenges related to liquidity. “A new exchange must compete for investor attention against established venues,” Lee said. “If the TSE cannot attract enough active participants, it risks becoming a niche platform with limited market depth.”

Community and Political Support

The TSE has received bipartisan support from Texas legislators. Representative Lynn Carter (R‑Dallas) introduced House Bill 1024, which provides the TSE with a legal framework for state‑based exchanges. The bill passed unanimously in the House and was signed into law by Governor Greg Abbott earlier this year.

The Texas Comptroller’s office, through its Business Development Division, has offered a series of grants to companies seeking to list on the TSE. “We’re thrilled to support entrepreneurs who are reshaping the Texas economy,” said Comptroller Erin Murphy. For more information on the grant program, visit: [ Texas Comptroller Business Development Grants ].

Looking Ahead

The TSE’s launch is just the beginning. The exchange’s leadership has announced plans to expand its product offerings in the coming years, including:

• Tokenized Securities: The TSE intends to allow the trading of security tokens that represent fractional ownership in assets.
• Derivatives Market: A regulated derivatives platform for options and futures based on Texas‑based indices.
• Cross‑Border Listings: Partnerships with Canadian and Mexican exchanges to create a tri‑national trading corridor.

These initiatives underscore the exchange’s ambition to become a regional financial hub that not only supports Texas businesses but also attracts international investment.

Conclusion

The Texas Stock Exchange’s debut marks a significant moment in the state’s economic history. By lowering the barrier to public capital markets and fostering a robust, state‑focused ecosystem, Texas is positioning itself as a new frontier for innovation and entrepreneurship. While challenges remain—particularly around liquidity and investor awareness—the TSE’s launch offers a fresh pathway for local companies to secure the capital they need to grow, innovate, and compete on a global stage.

For the full original article, click here: [ Texas Stock Exchange Launch – Houston Matters ].