Waypoint Trading Solutions, a business unit of TNS, has confirmed it will provide connectivity to the Texas Stock Exchange (TXSE) from the day the new venue opens for trading. The addition means Waypoint clients can access all 22 US equities exchanges, alongside alternative trading systems and overnight venues, through a single infrastructure relationship.
TXSE is a fully electronic national securities exchange headquartered in Dallas and incorporated in Texas. Backed by some of the largest financial institutions and liquidity providers in the world, it has been built with the stated aim of bringing genuine competition to US corporate listings and expanding access to public capital markets. The exchange describes its trading platform as a high-throughput, low-latency system designed to compete on performance from day one.
Tom Lazenga, president of Waypoint Trading Solutions, said day-one connectivity was a client-driven priority. “Following the announcement of TXSE as a new trading venue, it was important to our clients that we establish connectivity to their platform from day one,” he said. “We have had a positive experience working with the TXSE team to make this connectivity a reality, part of our continued commitment to providing truly comprehensive access to US markets.”
Rick Yoder, chief technology officer at TXSE, said expanding third-party connectivity was central to the exchange’s market participation strategy. Waypoint currently supports connections to more than 800 financial exchanges, venues and service providers across more than 70 countries, and counts over 1,000 financial institutions as clients relying on it for mission-critical trading and market data operations.
The Waypoint infrastructure stack
Waypoint’s trading infrastructure offer is structured across three product areas. Radianz provides global connectivity through what the company describes as the world’s largest financial extranet. Xpress is a managed low-latency platform for high-performance exchange access. Sentinel handles fully managed market data operations at scale. The TXSE connectivity will be accessible through this existing stack.
Market context and competitive landscape
The launch of TXSE is itself the more structurally significant development here. The US equities exchange market has been dominated for decades by NYSE and Nasdaq, with a cluster of smaller venues filling niche roles in matching and dark pool activity. TXSE is among the most high-profile attempts to introduce a credible third force, backed by institutional capital at a scale that suggests serious intent rather than regulatory arbitrage. Whether it achieves competitive listing volumes will depend on whether it can attract issuers away from the incumbents’ deep analyst and investor relations networks.
For trading infrastructure providers, a new major exchange is commercially straightforward: it is a new venue to connect to, and the race to offer day-one access is a routine competitive signal. Waypoint’s announcement follows the same logic seen when MEMX, the Members Exchange, launched in 2020 backed by a consortium of broker-dealers and asset managers. Infrastructure firms that could claim immediate connectivity used the moment to reinforce their completeness-of-coverage positioning.
The broader trend is towards consolidation in trading infrastructure, where scale and global footprint matter more than any single venue connection. Waypoint’s parent, TNS, has built that position through the combination of the TNS Financial Markets and Radianz businesses. The TXSE announcement is incremental rather than transformational for Waypoint, but it is an early indicator of how quickly the new exchange is being taken seriously by the infrastructure layer.
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