New Stock Exchange in Texas Takes Aim at N.Y.S.E. and Nasdaq
The Texas Stock Exchange, based in Dallas, has the backing of BlackRock and Citadel Securities. But challengers to the dominant New York markets have gained little traction.
A start-up stock exchange headquartered in Dallas and backed by the financial powerhouses BlackRock and Citadel Securities is set to challenge the dominance of the New York Stock Exchange and Nasdaq in the listing and trading of companies and funds.
The Texas Stock Exchange, or TXSE, has raised roughly $120 million from more than two dozen investors, including BlackRock and Citadel Securities as well as some unnamed business leaders, according to a statement on Wednesday.
The exchange has yet to register with the Securities and Exchange Commission, which will be its primary regulator, but intends to do so later this year. It cannot begin operating without the S.E.C.’s approval. The announcement of the exchange was first reported by The Wall Street Journal.
Established exchanges have come under fire in recent years for what some investors have seen as onerous costs for services like accessing trading data, and from companies that have grumbled about regulatory overreach, such as with rules targeting board diversity and governance.
