The Texas flag precedes the game between the Houston Cougars and Texas Longhorns at TDECU Stadium on October 21, 2023 in Houston.
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BlackRock and Citadel Securities are among investors backing a group seeking to open a new national stock exchange in Texas.
TXSE Chairman and CEO James Lee said the group, headquartered in Dallas grossed $120 million with the support of more than two dozen investors.
“The booming Texas economy and strong economic and population growth in the states in the southeastern quadrant of the United States present incredible opportunities for businesses – and ultimately for the Texas Stock Exchange,” he said. TXSE CEO James Lee said this on LinkedIn..
Wall Street Magazine The venture was previously reported, saying the exchange was positioning itself as a “more CEO-friendly” alternative to the New York Stock Exchange and Nasdaq amid increasing regulation and “frustration over rising compliance costs.”
The challenged Nasdaq rule requires listed companies to disclose diversity on their boards of directors. The Securities and Exchange Commission (SEC) approved the plan in 2021, but it now faces a new challenge in a federal appeals court.
The TXSE website says it will be a “fully electronic national securities exchange that will seek registration with the U.S. Securities and Exchange Commission.” The TXSE plans to begin trading in 2025 and list in 2026, according to the Journal report.
The Dallas Morning News reported that the TXSE will target companies in “southeastern quadrant of the United StatesIn an interview with the newspaper, Lee thanked Texas Gov. Greg Abbott for his support and leadership.