Texas Stock Exchange Backed by BlackRock and Citadel Raises $120 Million to Compete with NYSE

Jun 5, 2024, 01:27 AM

The Texas Stock Exchange, backed by financial giants BlackRock and Citadel Securities, plans to launch a new national stock exchange in Texas. The initiative, which aims to compete with the New York Stock Exchange (NYSE) and Nasdaq, has already raised approximately $120 million from investors. The group intends to file registration documents with the Securities and Exchange Commission (SEC) later this year. The new exchange will also seek to list exchange-traded funds (ETFs). The move is seen as a challenge to what the backers perceive as onerous regulations at existing major exchanges, WSJ reports.