TXSE plans to file with the Securities and Exchange Commission (SEC) later this year|Wally Gobetz|CC BY-ND-ND 2.0
Investment titans BlackRock and Citadel Securities are backing a new stock exchange in Texas, dubbed the Texas Stock Exchange (TXSE), which aims to compete with the New York Stock Exchange (NYSE) and Nasdaq, per the Wall Street Journal. It has raised about $120 million from investors.
TXSE plans to file with the Securities and Exchange Commission (SEC) later this year, begin trading in 2025 and host its first listing in 2026.
Why Texas?
The state’s favorable regulatory and tax environment has already attracted more Fortune 500 companies than any other state, including Exxon Mobil, AT&T and American Airlines.
TXSE aims to attract companies tired of rising compliance costs and new regulations at NYSE and Nasdaq.
The exchange’s fully electronic system will also include a physical presence in downtown Dallas.