BlackRock and Citadel to Launch New National Stock Exchange in Texas

BlackRock and Citadel to Launch New National Stock Exchange in Texas

BlackRock Inc., Citadel Securities, and other investors are supporting the establishment of the Texas Stock Exchange (TXSE), a new national stock market aimed at competing with the New York Stock Exchange (NYSE) and Nasdaq Inc. The TXSE has raised approximately $120 million and plans to file registration documents with the US Securities and Exchange Commission (SEC) later this year. The exchange aims to facilitate trades by 2025 and host its first listing in 2026.

The Texas Stock Exchange, which will be headquartered in Dallas, seeks to attract companies by offering an alternative to the increasing compliance costs associated with the NYSE and Nasdaq. The initiative is part of a broader trend of financial firms relocating to the Dallas area, including major players like Goldman Sachs Group Inc. and Charles Schwab Corp. Despite the substantial backing and clear objectives, the TXSE is expected to face significant challenges in competing with the well-established NYSE and Nasdaq.

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