Dear TXSE Member,
Thank you to all participants who took part in TXSE's industry test on May 30. We appreciate your engagement and support as we continue preparations for launch.
We will support a limited subset of test stocks on July 6, 2026, our target date for the first NMS security is July 10, 2026.
Following June 6, only two remaining Saturday industry-wide test events will be available before launch.
As previously announced, TXSE will conduct its next industry-wide test on Saturday, June 6, 2026. This coordinated test provides firms with the opportunity to perform end-to-end validation of TXSE trading workflows with both DTCC post-trade processing and FINRA CAT reporting. TXSE will publish to the SIPs during this test session.
Participants are encouraged to submit test orders and trades to the TXSE test environment to verify end-to-end operational processing and operational readiness ahead of launch.
Additional testing specifications, connectivity requirements, and certification details can be found on the TXSE website or by contacting marketops@txse.com.
1. TEST DETAILS
Test Schedule (ET)
- Pre-Market: 8:00 AM – 9:30 AM
- Regular Market: 9:30 AM – 11:00 AM
- Post-Market: 11:00 AM – 12:00 PM
2. DTCC UTC TESTING
National Securities Clearing Corporation (NSCC) will support TXSE industry testing through Universal Trade Capture (UTC) in the Participant Services Environment (PSE).
Questions regarding DTCC UTC testing or DTCC output setup may be directed to NSCCIntegration@DTCC.com.
KEY CONSIDERATIONS
- TXSE will submit trades executed during the June 6 industry test to the DTCC PSE on Monday, June 8, 2026, to support end-to-end participant testing and output verification.
- TXSE executions will be identified using market code 165 in UTC output reporting (FIX Tag 30; MRO positions 58-60).
- All equity trades will be reported using Contra Clearing Firm 8602 and Contra Executing Broker (MPID) "ANON" in support of post-trade anonymity.
- Participants are encouraged to validate trade capture, clearing workflows, reconciliation, settlement processing, and DTCC output reporting associated with TXSE executions.
3. FINRA CAT REPORTING
Members should ensure that orders submitted to TXSE during industry testing are properly reflected in CAT submissions and related supervisory workflows.
KEY CONSIDERATIONS
- Orders and executions from the June 6 test will be assigned a trade date of June 8, 2026.
- CAT submissions should be submitted by 8:00 AM ET on June 9, 2026.
- Participants are encouraged to validate exchange and market center handling, routing and execution destination mapping, CAT linkage integrity, timestamp handling, downstream surveillance processing, and venue-specific reporting logic associated with TXSE executions.
Upcoming Industry Test Schedule
If you have questions or require assistance, please contact marketops@txse.com.
We look forward to working with you.