A new national stock exchange based in Dallas is slated to launch in the U.S. with the aim of taking on the New York Stock Exchange (NYSE) and the Nasdaq, and it has backing from some major Wall Street names.
A company called TXSE Group, Inc., announced on Wednesday it plans to submit its registration with the U.S. Securities and Exchange Commission (SEC) for the Texas Stock Exchange (TXSE) this year, and it has already raised $120 million from more than two dozen investors, including BlackRock and Citadel Investments.
"We're thrilled to bring to fruition the long-held vision for a national stock exchange in Texas," TXSE Group founder and CEO Jame Lee said in a statement. "Texas and the other states in the southeast quadrant have become economic powerhouses. Combined with the demand we are seeing from investors and corporations for expanded alternatives to trade and list equities, this is an opportune time to build a major, national stock exchange in Texas."
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Lee told The Wall Street Journal, which first reported the news, that the goal is for TXSE to begin facilitating trades next year and to host its first listing in 2026.
The outlet 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 much the same way with the promise of operating without the "onerous" rules and regulations required by its rivals in New York.
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Still, the forthcoming TXSE has a steep hill to climb in taking on the NYSE and Nasdaq.
Skeptics are already weighing in on its prospects for success.
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"This has about as much chance of making a dent in the @NYSE-@NasdaqExchange duopoly as that proverbial snowball in hell," FOX Business' Charles Gasparino wrote on X in reaction to the news. "Nasdaq and NYSE regulation is largely driven by the @SECGov, which the Texas exchange will have to follow as well."
