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New National Stock Exchange Based in Dallas The company plans to list in the United States as a rival to the New York Stock Exchange and Nasdaq and is backed by several major Wall Street firms.
TXSE Group Inc. said on Wednesday it plans to file with the U.S. Securities and Exchange Commission (SEC) later this year to register to list on the Texas Stock Exchange (TXSE). The company has already raised $120 million from more than two dozen investors, including BlackRock Inc. and Citadel Investments.
A new Texas-based stock exchange, known as the TXSE, is set to open as a rival to the dominant NYSE and Nasdaq. (Michael M. Santiago/Getty Images/Getty Images)
“We are pleased to have realised our long-held vision of a national stock exchange. Texas“Texas and other Southeast states have become economic powerhouses, and given the growing demand from investors and businesses for more alternative ways to trade and list their stocks, this is the perfect opportunity to build a large, national-scale securities exchange in Texas,” TXSE Group founder and CEO James Lee said in a statement.
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Lee said The Wall Street JournalAccording to , which first reported the news, the TXSE aims to begin trading next year and have its first listings in 2026.
Traders work on the floor of the New York Stock Exchange on October 12, 2018 in New York City. (Getty Images)
The media noted that Texas, long known for its business-friendly environment, is now home to more Fortune 500 companies than any other state, and the TXSE aims to attract companies in a similar way by promising to operate without the “burdensome” rules and regulations required in other states. new york.
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Still, the soon-to-be listed TXSE faces tough challenges before it can compete with the NYSE and Nasdaq.
Skeptics are already beginning to weigh in on the prospects for its success.
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“The likelihood of this dealing a blow to the @NYSE-@NasdaqExchange duopoly is as strong as a snowball from hell,” FOX Business’ Charles Gasparino wrote in response to the news on X. “Nasdaq and NYSE regulation is driven primarily by @SECGov, and the Texas Exchange will have to follow suit.”
