The TXSE
In October 2025, the SEC approved the Texas Stock Exchange (“TXSE”), a new national securities exchange. The TXSE is the first fully integrated national securities exchange to receive SEC approval in decades. The TXSE is expected to launch ETP and corporate listings, including SPACs in 2026.
In its press release the TXSE states that its “mission is to reverse the decades-long decline in the number of U.S. public companies by reducing the burden of going and staying public while maintaining some of the highest quantitative standards in the industry.” The TXSE is part of an integrated push by Texas to be a leader in pro-business initiatives, corporate headquarters (see HERE), listings and now an exchange operator.
TXSE Listing Process and Criteria
Unlike NYSE and Nasdaq’s multi‑tier systems that accommodate smaller issuers, TXSE will operate as a single‑tier exchange targeting mid‑ to large‑cap companies. A company seeking to list securities on TXSE must meet minimum listing requirements, including specified financial,
NASDAQ Listing Requirements
This blog is the first in a two-part series explaining the listing requirements for the two small-cap national exchanges, NASDAQ and the NYSE MKT, beginning with NASDAQ. In addition to often being asked about the listing requirements on NASDAQ and the NYSE MKT, I am asked about the benefits of trading on such an exchange. Accordingly, at the end of this blog I have included a discussion on such benefits.
The NASDAQ Stock Market
The NASDAQ Stock Market currently has three tiers of listed companies: (1) The NASDAQ Global Select Market, (2) The NASDAQ Global Market and (3) The NASDAQ Capital Market. Each tier has increasingly higher listing standards, with the NASDAQ Global Select Market having the highest initial listing standards and the NASDAQ Capital Markets being the entry-level tier for most micro- and small-cap issuers. Keeping in line with the focus of my blogs and practice, this blog is focused on the NASDAQ Capital Market tier.
A company seeking
