A new stock exchange, backed by BlackRock and Citadel Securities, is being launched to compete with the New York Stock Exchange and Nasdaq.
Located in Dallas, the Texas Stock Exchange (TXSE) aims to offer a fully-electronic platform for trading and listing public companies, as well as a range of exchange-traded products. In preparation for its launch, TXSE successfully raised $120 million in initial capital, attracting participation from over two dozen investors, including prominent firms like BlackRock and Citadel Securities.
The organization aims to challenge the prevailing duopoly of the NYSE and Nasdaq by addressing growing concerns among investors regarding escalating compliance costs and new regulatory demands.
“Changes in equities trading markets are driving more volume to exchanges and providing more options for issuers and sponsors,” stated James Lee, founder and CEO of TXSE Group Inc. “TXSE will enhance competition related to quote activity, liquidity, and transparency, leading to more consistent and reliable markets that benefit investors, global issuers, and liquidity providers alike.”
TXSE plans to submit a registration to the US Securities and Exchange Commission later this year to operate as a national securities exchange.