BlackRock, Citadel Securities-backed TXSE group to start new Texas Stock Exchange By Reuters
2024-06-05 20:20:21

(Reuters) -TXSE Group, backed by BlackRock (NYSE:) and Citadel Securities, plans to launch Texas Stock Exchange based in Dallas, the company said on Wednesday.

The exchange, which has raised about $120 million, plans to file registration documents with the U.S. Securities and Exchange Commission to start operating as a national securities exchange later this year, the company said.

Major U.S. indices such as New York Stock Exchange and Nasdaq are swamped as a plethora of companies from within and outside the United States scramble to list their stocks on these exchanges to make the most of a rebound in capital markets.

"Changes in equities trading markets are driving more volume to exchanges and more choices for issuers and sponsors," said James Lee, founder and CEO of TXSE Group.

Texas stock exchange aims to attract listings of exchange-traded products and challenge increasing compliance costs at the Nasdaq and the NYSE, and newer rules including setting targets for board diversity at the Nasdaq.

With sustainable investing getting more prominence, existing exchange operators have also increased their focus on environmental, social and governance (ESG) business opportunities. Exchanges have increasingly been rolling out new ESG initiatives to help investors understand ESG risks.

© Reuters. FILE PHOTO: The BlackRock logo is pictured outside their headquarters in the Manhattan borough of New York City, New York, U.S., May 25, 2021.  REUTERS/Carlo Allegri/File Photo

"TXSE will ultimately create more competition around quote activity, liquidity and transparency, resulting in more consistent and reliable markets that benefit investors, global issuers and liquidity providers alike," Lee added.

The TXSE plans to compete for primary and dual listings, and aims to start operations in 2025 and host its first listing in 2026, The Wall Street Journal reported on Tuesday.

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