BlackRock and Citadel Back $120M Texas Stock Exchange to Challenge NYSE and Nasdaq, Launch in 2025

Jun 5, 2024, 02:00 AM

A group backed by Wall Street heavyweights BlackRock and Citadel Securities is planning to launch a new national stock exchange in Texas. The Texas Stock Exchange (TXSE) has raised approximately $120 million from investors and aims to challenge the dominance of the New York Stock Exchange (NYSE) and Nasdaq. The TXSE plans to file registration documents with the Securities and Exchange Commission (SEC) later this year, with trading expected to commence in 2025 and the first listing anticipated in 2026. The new exchange seeks to attract listings of exchange-traded products and aims to address what it views as onerous regulations at the NYSE and Nasdaq. The TXSE will be a fully electronic and CEO-friendly platform, with plans to incorporate tokenized assets.