Dallas, Texas – A new Texas Stock Exchange recently announced that it has successfully raised $120 million from investors such as BlackRock and Citadel Securities. The exchange aims to establish itself as a national competitor to the New York Stock Exchange and Nasdaq.
TXSE Group, led by chair and chief executive James Lee, has garnered support from over two dozen investors and prominent business leaders nationwide. Lee stated that the exchange will be headquartered in Dallas and is positioning itself to become the best-capitalized entrant seeking federal recognition.
According to reports, the Texas Stock Exchange, under the leadership of James Lee, plans to commence trading in 2025 and list its first offerings in 2026. Citadel Securities and BlackRock are among the major financial firms supporting TXSE, although BlackRock has declined to comment on their involvement.
The exchange is described on its website as a fully electronic, national securities exchange that aims to serve public companies and the rapidly growing exchange-traded funds sector, which is currently challenging the dominance of traditional US mutual funds. Texas has been making efforts to establish itself as a hub for corporate finance by enacting laws like creating the Texas Business Court for commercial cases involving significant amounts.
While Delaware remains the top choice for companies looking to incorporate, Texas is seeking to rival its status. Elon Musk, CEO of Tesla, for instance, has contested Delaware’s position in corporate law cases. The Texas Stock Exchange faces tough competition from NYSE and Nasdaq, the two largest players in the US equities trading market, despite receiving support from major financial institutions like BlackRock and Citadel Securities who have backed new markets in the past.
In conclusion, the Texas Stock Exchange’s journey to challenge the dominance of NYSE and Nasdaq will be an uphill battle, but with the support of key investors and a strategic vision, the exchange aims to carve out its place in the competitive world of stock trading.