Member Readiness & Launch Guide
Key information for members, market participants and technology partners on connectivity and access, testing and certification timelines, and the readiness steps leading up to go-live.
About TXSE
The Texas Stock Exchange (TXSE) is building a modern, transparent and resilient U.S. equities market.
Our mission is to deliver innovation, competition and efficiency for listed companies, investors, asset managers and trading firms through world-class market infrastructure and a premier listing venue.
TXSE is preparing for its launch as a fully registered national securities exchange. The below schedule outlines the operational and technology roadmap which targets trading to commence on July 6, 2026 in specified test stocks.
This guide provides members, market participants and technology partners with key information on:
- Connectivity and access options
- Testing and certification timelines
- Member readiness steps leading up to go-live
Key Dates and Milestones
| Milestone | Date | Details |
|---|---|---|
| Membership Applications | July 2025 | Membership application process opens. |
| Connectivity Requests Begin | November 2025 | Members may begin submitting physical connectivity requests. |
| Physical Connectivity Access Window | January 2026 | Member User Acceptance Testing (“UAT”) environment cross-connect provisioning and verification begins. |
| Member UAT Environment Opens | February 17, 2026 | UAT environment is available for order entry and market data testing. |
| Certification Window Begins | May 1st | Member certification and readiness testing begins. |
| Continuous Trading Launch | July 6, 2026 | Launch of live trading with a phased symbol rollout approach. |
| ETP Listing Launch | September 2026 | Anticipated first Exchange-Trade Product listing. |
| Corporate Listing Launch | October 2026 | Anticipated first Corporate listing. |
*Note: All target dates are subject to change and will be communicated via email to members/market participants via email and TXSE.com
Connectivity and Access
The Texas Stock Exchange (TXSE) operates from Equinix NY6 in Secaucus, NJ as its primary data center. TXSE’s Disaster Recovery (DR) facility is located in Equinix DA11 in Dallas, TX. Backhaul to the DR facility is available from 350 E. Cermak in Chicago, IL (CH1). No backhaul to the primary data center is provided. Connectivity to both production and DR environments is available through cross-connects, circuits or approved extranet providers. Cross-connects are limited to customers within the respective Equinix campuses, must terminate in a customer cage and cannot connect directly to rooftop infrastructure.
Available Connectivity Options
- Local Cross-Connects: 10Gb Ethernet connections (SMF LR/ER optics supported) within Equinix NY6, Equinix DA11, and 350 E. Cermak (CH1).
- Telco Circuit: Leased-line access through carrier partners present at Equinix.
- Extranet Providers: TXSE-approved extranet vendors offering managed connectivity solutions.
- VPN Access: Available exclusively for sandbox testing, not for UAT or production environments.
Latency Equalization
TXSE has implemented latency equalization via equal-length fiber optic cables between TXSE’s matching engine and members in NY4, NY5 and NY6. Latency equalization is not used in the DR data center.
For details or to request connection approval: noc@txse.com
Testing Environments
- TXSE Sandbox environment; and
- Member User Acceptance Testing (UAT) environment.
| Environment | Access Method | Purpose |
|---|---|---|
| TXSE Sandbox | Internet VPN | Testing with FIX 5.0, TXSE SEED binary order entry protocol and RAKE TCP. Users will be able to send orders, cancellations and receive executions. Market data and TXSE FEED will not be available in the TXSE Sandbox. |
| Member UAT | Cross-Connect, Telco Circuit, Extranet | Certification environment mirroring production systems. Full protocol suite including multicast market data (FEED). |
Member Certification Requirements: All members must complete certification prior to production go-live.
Protocol Overview
| Protocol | Purpose | Description |
|---|---|---|
| FIX 5.0 SP2 | Order Entry | Electronic order entry and data dissemination using the Financial Information eXchange (FIX) protocol, an industry standard for real-time electronic communication. |
| SEED | Order Entry | The SEED protocol is the high-performance order entry interface designed to provide market participants with low-latency access to TXSE equity markets. |
| RAKE | Network Session Protocol | RAKE is a payload agnostic message framing and network session protocol in the tradition of the OSI network layer model. RAKE uses TCP and UDP sockets for communication. |
| FEED | Market Data | FEED is designed to provide full depth of book, real-time and low-latency market data pertaining to all trading activities on TXSE. |
| BALE | Market Data | BALE is designed to provide top of book and last sale, real-time and low-latency market data for TXSE. |
Technical specifications and certification guides will be made available at: txse.com/trading-membership
Phased Rollout and Go-Live Strategy
TXSE will employ a staged rollout allowing members to continue validating connectivity, risk controls and routing logic beginning with a limited set of NMS securities to ensure system stability, orderly trading and participant readiness. Subsequent expansions will include all eligible securities following initial market validation. This controlled launch model reflects input from our current and prospective members, industry best practices and mitigates early-stage operational risk.
Membership applications.
Onboarding, certification, testing and trading support.
Connectivity, network performance and technical assistance.
TXSE maintains dedicated teams to support members through every stage of onboarding, certification and production readiness.
| Area | Contact | Purpose |
|---|---|---|
| Membership | membership@txse.com · 214-612-0389 | Membership Applications |
| Marketing Operations | marketops@txse.com · 214-612-0388 | Onboarding, certification, testing and trading support |
| Network Operations Center (NOC) | noc@txse.com | Connectivity, network performance and technical assistance |
Additional Resources
- TXSE Technical Specifications (FIX, SEED, FEED, RAKE)
- TXSE Connectivity Guide
- TXSE Membership Application Package
For updated information and technical documentation, please visit: txse.com/trading-membership
Disclaimers
- All information contained in this document is provided for planning purposes only.
- TXSE may adjust dates, requirements or procedures as necessary to ensure market stability and regulatory compliance.