(Reuters) – A group backed by BlackRock (NYSE:) and Citadel Securities is planning to start a new national stock exchange in Texas, as reported by the Wall Street Journal on Tuesday.
The Texas Stock Exchange, which has secured approximately $120 million in funding, intends to submit registration documents to the Securities and Exchange Commission (SEC) later this year, according to CEO James Lee.
BlackRock and Citadel have not yet responded to Reuters’ request for comment.
Known as the TXSE, the exchange aims to facilitate trades by 2025 and host its first listing in 2026. It plans to compete for both primary and dual listings and attract listings of exchange-traded products. The exchange also aims to challenge the increasing compliance costs at Nasdaq and NYSE, as well as newer rules such as those setting targets for board diversity at Nasdaq.
