New rival to NYSE and Nasdaq
BlackRock, Citadel Securities support the Texas Stock Exchange, which wants to become an alternative to the New York Stock Exchange and Nasdaq.
BlackRock, Citadel Securities and other investors are backing a fledgling Texas stock exchange alternative to the New York Stock Exchange and Nasdaq.
The Texas Stock Exchange has raised $120 million and plans to file registration documents with the U.S. Securities and Exchange Commission, according to a LinkedIn post by the exchange’s CEO, James Lee.
Lee told the Wall Street Journal that the Texas exchange will try to persuade companies that want to avoid rising compliance costs on the NYSE and Nasdaq.
Lee’s post states that TXSE will be headquartered in Dallas; He said he would support a contact space that wins financial business from companies like Goldman Sachs Group and Charles Schwab.
TXSE aims to have its first transactions in 2025 and host its first listing in 2026, Lee told the Wall Street Journal.