(Reuters) – A group backed by BlackRock (NYSE:) and Citadel Securities plans to open a new national stock exchange in Texas, the Wall Street Journal reported on Tuesday.
The Texas Stock Exchange, which raised about $120 million, plans to file registration documents with the Securities and Exchange Commission (SEC) later this year, the report said, citing CEO James Lee.
BlackRock and Citadel did not immediately respond to Reuters requests for comment.
The TXSE is understood to be aiming to facilitate trading in 2025 and have its first listing in 2026, the report said, adding that the exchange plans to compete for primary and dual listings.
It also hopes to attract exchange-traded products to list and aims to challenge rising compliance costs on the Nasdaq and NYSE, as well as new rules such as setting diversity goals on the Nasdaq board, the report added.