According to a report by The Wall Street Journal on Tuesday, a group backed by BlackRock and Citadel Securities plans to launch a new national securities exchange in Texas.
The report states that the project, named the Texas Stock Exchange, has already raised approximately $120 million and plans to submit registration documents to the Securities and Exchange Commission (SEC) later this year, as revealed by CEO James Lee.
BlackRock and Citadel have not yet responded to Reuters' request for comment.
The exchange, abbreviated as TXSE, plans to start trading in 2025 and conduct its initial listing in 2026. The report also indicates that the exchange aims to compete for primary and dual listing opportunities.
Additionally, TXSE hopes to attract listings of exchange-traded products and is committed to addressing the increasing compliance costs faced by Nasdaq and the New York Stock Exchange, as well as challenges posed by new regulations such as Nasdaq's board diversity goals.
