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Texas Introduces New Stock Exchange Rivaling New York Stock Exchange


A new stock exchange could be coming to Texas in the near future.

Some of the biggest companies that lead the charge are Citadel and BlackRock.

Texas Stock Exchange CEO James Lee announced that the Dallas-headquartered exchange has already raised nearly $120 million from investors.

Lee wrote in a social media post, “Texas’s booming economy and the strong economic and population growth among states in the southeast quadrant of the U.S. present incredible opportunities for businesses—and ultimately the Texas Stock Exchange.”

The new stock exchange is leading investors to believe that it will be a new “CEO-friendly” exchange that will rival the New York Stock Exchange.

Check out what CNN reported:

Texas’ famous longhorns are coming for Wall Street’s bulls.

A new national stock exchange, based in Dallas, and backed by Wall Street heavyweights like BlackRock and Citadel, is looking to take on the world-famous New York Stock Exchange and Nasdaq.

The newly formed TXSE Group announced its plans to file for registration with the US Securities and Exchange Commission later this year. The group is backed by more than two dozen investors with $120 million in funding – that makes it the most well-capitalized exchange entrant to even file with the SEC.

“We’re thrilled to bring to fruition the long-held vision for a national stock exchange in Texas,” TXSE Group founder and CEO James Lee said in a statement on Wednesday. “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.”

The group said it was hoping to benefit from the more than 5,200 private equity-sponsored companies in the region that may want to go public.

Per PR Newswire:

TXSE Group Inc. announced today that it plans to launch the Texas Stock Exchange (TXSE), headquartered in Dallas. TXSE will focus on enabling U.S. and global companies to access U.S. equity capital markets and will provide a venue to trade and list public companies and the growing universe of exchange-traded products. TXSE will be a fully electronic, national securities exchange that will seek registration with the U.S. Securities and Exchange Commission.

TXSE Group Inc. successfully completed its initial capital raise with participation from more than two dozen investors, including some of the largest financial institutions and liquidity providers in the world, such as BlackRock and Citadel Securities, as well as prominent business leaders from around the country.

The liquidity providers backing TXSE Group Inc. represent a significant portion of the equity volume on U.S. lit exchanges and together comprise a majority of all U.S. listed retail volume. With approximately $120 million of capital raised, TXSE is expected to be the most well-capitalized exchange entrant to file a registration with the U.S. Securities and Exchange Commission.



 

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