How new markets like TXSE and Upstream/MERJ are Pioneering Efficient and Accessible Trading

By Fernanda De La Torre 

When you think of capital markets, your mind typically goes to the stock markets like NYSE, Nasdaq, London Stock Exchange, and Tokyo Stock Exchange. Recently, there has been a push towards more efficient, transparent markets that offer greater access to the everyday investor. Legacy markets are making strides to address this demand, including the switch from T+2 to T+1 settlement. However, the question remains, can these legacy markets keep up with brand new markets being built? 

The Emergence of TXSE Group 

A new national stock exchange based in Dallas, backed by Wall Street heavyweights like BlackRock and Citadel Securities, is looking to take on the U.S. markets. The newly formed TXSE Group has announced its plans to file for registration with the US Securities and Exchange Commission later this year. Backed by more than two dozen investors with $120 million in funding, TXSE is the most well-capitalized exchange entrant to file with the SEC.1  

The involvement of significant investors like BlackRock and Citadel Securities underscores the potential and demand for innovative trading solutions. The TXSE Group aims to address the challenges faced by companies in the current public market landscape, such as intensified reporting requirements, higher litigation expenses, and costly regulations. By providing a more streamlined and efficient trading environment, TXSE hopes to attract companies that have been reluctant to go public due to these burdens. 

This development highlights the growing demand for choice and for markets that enforce transparency and efficiency by design. 

Upstream: Pioneering Modern Market Access 

While TXSE is making headlines in the U.S., Upstream is making waves on the global stage. Upstream, a MERJ Exchange market and stock trading app powered by Horizon and MERJ, aims to complement traditional exchanges by giving investors outside of the U.S. access to U.S. and international equities through a user-friendly trading app. Upstream’s platform offers several key advantages that set it apart from traditional markets: 

  • T+0 Trades and Settlement: Upstream offers real-time trading and settlement, reducing the time and risk associated with traditional T+2 or even T+1 settlements. 
  • Streamlined Onboarding: The onboarding process for Upstream is designed to be quick and easy, allowing investors to start trading with minimal hassle. 
  • Modern Funding Methods: Investors can fund their accounts using a variety of methods, including credit/debit cards, PayPal, USDC, and USD, making it more accessible for a global audience. 
  • Blockchain Technology: Upstream leverages Horizon’s in-house Ethereum layer-2 smart-contract technology suite, ensuring transparency, security, and efficiency in all transactions. 

Upstream also supports issuers with a robust media package that comes with ~$100k of IR value, a comprehensive dual listing guide, press release templates, social media and email copy, and additional marketing packages to increase visibility and attract retail investors. This holistic approach not only simplifies the listing process but also helps issuers engage with a broader audience. 

A New Era of Trading 

The emergence of exchanges like TXSE and Upstream signals a market demand for innovation that pushes the industry forward. It’s exciting to see new players entering the field, offering solutions that cater to the needs of today’s investors for more efficient and accessible trading environments. We believe next generation exchanges are set to revolutionize the way we think about and engage with capital markets. 

As Upstream continues to grow and innovate, we remain committed to providing cutting-edge solutions that empower investors and issuers alike. 

Parties interested in listing on Upstream can get started at: or reach the team at 


1 CNN 


U.S. persons may not deposit, buy, or sell securities on Upstream. 

This communication shall not constitute an offer to sell securities or the solicitation of an offer to buy securities in any jurisdiction where such offer or solicitation is not permitted. Collectibles have no royalties, equity ownership, or dividends. Collectibles are for utility, collection, redemption, or display purposes only. Anyone may buy and sell Collectibles on Upstream. All orders for sale are non-solicited by Upstream and a user’s decision to trade securities must be based on their own investment judgment. 

Upstream is a MERJ Exchange market. MERJ Exchange is a licensed Securities Exchange, an affiliate of the World Federation of Exchanges, a National Numbering Agency, and a member of ANNA. MERJ is regulated in the Seychelles by the Financial Services Authority,, an associate member of the International Association of Securities Commissions (IOSCO). MERJ supports global issuers of traditional and digital securities through the entire asset life cycle from issuance to trading, clearing, settlement, and registry. It operates a fair and transparent marketplace in line with international best practices and principles of operations of financial markets. Upstream does not endorse or recommend any public or private securities bought or sold on its app. Upstream does not offer investment advice or recommendations of any kind. All services offered by Upstream are intended for self-directed clients who make their own investment decisions without aid or assistance from Upstream. All customers are subject to the rules and regulations of their jurisdiction. By accessing the site or app, you agree to be bound by its terms of use and privacy policy. Company and security listings on Upstream are only suitable for investors who are familiar with and willing to accept the high risk associated with speculative investments, often in early and development-stage companies. U.S. persons may not deposit, buy, or sell securities on Upstream. There can be no assurance the valuation of any particular company’s securities is accurate or in agreement with the market or industry comparative valuations. Investors must be able to afford market volatility and afford the loss of their investment. Companies listed on Upstream are subject to significant ongoing corporate obligations including, but not limited to disclosure, filings, and notification requirements, as well as compliance with applicable quantitative and qualitative listing standards. 

Collectible products are akin to a digital sticker of an underlying artwork and should not be considered a financial investment; a security token, an e-money token, or a form of digital currency. Collectibles should not, therefore, be purchased by anyone seeking financial gain or with an expectation to profit from the purchase, ownership in the entity, dividends or distributions, sale or resale of a Collectible. By buying a Collectible, you agree that you are not doing so for investment purposes or for the purposes of obtaining a security or an appreciating asset. You understand that the benefit you receive for buying a Collectible is limited to supporting athletes, celebrities and other brands. You also acknowledge that ownership of a Collectible does not carry with it any rights, express or implied, including (without limitation) copyright, trademarks or other intellectual property or proprietary rights in and to the underlying artwork. The copyright to the digital artwork remains with the copyright holder. 

Forward-Looking Statements 

This communication contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential,” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified, and, consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) difficulties in obtaining financing on commercially reasonable terms; (ii) changes in the size and nature of our competition; (iii) loss of one or more key executives or brand ambassadors; and (iv) changes in legal or regulatory requirements in the markets in which we operate. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.