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Home»Business»Stock Exchange Backed By BlackRock, Citadel Securities To Launch In Texas To Rival NYSE
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Stock Exchange Backed By BlackRock, Citadel Securities To Launch In Texas To Rival NYSE

June 5, 2024No Comments2 Mins Read
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In a bid to challenge New York’s financial dominance, the Texas Stock Exchange (TXSE) will begin operations in Dallas by 2025, The Wall Street Journal (WSJ) reported.

The group has raised roughly $120 million from investors, which includes Wall Street giants BlackRock and Citadel Securities, according to the outlet.

The TXSE will be fully electronic, but plans to have a physical site in Dallas, the group’s founder and CEO James Lee told the WSJ. They reportedly intend to register with the Securities and Exchange Commission by the end of this year, and will start facilitating trades in 2025.

Excessive regulations at Nasdaq and the New York Stock Exchange (NYSE) are challenges to investors which the TXSE aims to take advantage of, the outlet reported. Among the regulations concerning investors is a Nasdaq “Board Diversity Rule.” (RELATED: Meme Stock Pioneer’s Tweet Sends GameStop Shares Soaring, Forces Exchanges To Halt Trading)

The creation of this Dallas-based stock exchange is happening as American corporations have moved to Texas for favorable tax rates and reduced regulation. “When companies are on the move, many head to Texas. Among the attributes driving this migration are relatively low taxes and light regulation, as well as high growth and a relatively low cost of living,” a Federal Reserve Bank of Dallas analysis reads in part.

“Dallas has become one of, if not the most, dominant financial centers in the country, if not the world,” Lee told the WSJ.

A proud day for Texas at the New York Stock Exchange.

This Texas-based Exchange-Traded Fund (ETF) will expand access to capital for Texas businesses.

None of this would be possible without the hard work of millions of Texans who made our state the economic capital of America. pic.twitter.com/KiGb4Cbtfi

— Greg Abbott (@GregAbbott_TX) September 29, 2023

Republican Texas Governor Greg Abbott announced that his state had become the first in the U.S. to have its own Exchange-Traded fund listing Sept. 2023 at the New York Stock Exchange. The recent establishment of the Texas Business Courts further demonstrated the state’s growing reputation as a corporate business hub, Lee told the WSJ. Citadel, alongside other large investors, previously backed another alternative stock exchange in Jan. 2019 when Members Exchange was announced, according to Reuters.

See also  GOP-controlled Texas House votes to impeach Trump ally Ken Paxton 121-23

backed BlackRock Citadel Exchange Launch NYSE rival Securities stock Texas
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