William Simpson
DALLAS – A Texas-based stock exchange is in the works.
Backed by BlackRock and Citadel Securities, TXSE Group, Inc. says it plans to register with the U.S. Securities and Exchange Commission to begin operating as a national securities exchange, the Texas Stock Exchange (TXSE), later this year. There are currently more than two dozen investors behind the effort, with $120 million in funding.
The new exchange would be based in Dallas and aims to take on the world-famous New York Stock Exchange and Nasdaq.
TXSE will be an “all-electronic national securities exchange” that seeks to expand access to the U.S. capital markets “for all investors, while providing greater access and alignment for public companies and those seeking access to public capital,” according to the press release.
“Changes in equity trading markets are generating more volume for exchanges and more options for issuers and sponsors,” said James Lee, founder and CEO of TXSE Group Inc. “TXSE will ultimately create more competition around trading activity. pricing, liquidity and transparency, resulting in more consistent and reliable markets that benefit investors, global issuers and liquidity providers alike.”
Previous regional exchanges such as the Philadelphia Stock Exchange, the Boston Stock Exchange, and the Chicago Stock Exchange merged with the Nasdaq or the NYSE after the U.S. Securities and Exchange Commission introduced laws favoring platforms automated trading.
Texas is home to the largest number of Fortune 500 companies in the country and more than 5,000 private equity-sponsored companies. There are also more than 1,500 publicly traded companies in the region. The Lone Star State is the eighth largest economy among the world’s nations. At $2.4 billion, Texas’ economy is larger than Russia, Canada and Italy, according to a report from the governor’s office.
“We are excited to realize the long-held vision of a national stock exchange in Texas,” said Lee. “Texas and the other states in the Southeast Quadrant have become economic powerhouses. Combined with the demand we are seeing from investors and businesses for expanded alternatives to trading and listing stocks, this is an opportune time to build a major national securities exchange in Texas.”
TXSE Group aims to launch by 2026.
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