**Texas Stock Exchange Could Exclude a Significant Portion of U.S. Public Companies**

As many as 35% of the 4,600 companies currently listed on U.S. stock exchanges might not qualify for the proposed Texas Stock Exchange (TXSE), according to James Lee, CEO of the TXSE. Lee shared this information at the Piper Sandler Global Exchange & Trading conference on Thursday.

A noteworthy portion of the companies that wouldn't meet TXSE's listing criteria includes Chinese-based firms, which, according to Lee, fall short of meeting "basic" U.S. listing standards. Highlighting the TXSE's focus, Lee said that the new exchange is likely to attract smaller and mid-cap companies.

The TXSE revealed its formation plans last June and has filed for regulatory approval earlier this year. According to its officials and supporters, the exchange aims to begin operations in the second half of 2025.