BlackRock Inc., Citadel Securities, and other investors are backing a new Texas stock market, challenging the New York Stock Exchange (NYSE) and Nasdaq Inc. The Texas Stock Exchange (TXSE) has raised $120 million and plans to file with the US Securities and Exchange Commission, according to CEO James Lee. The TXSE aims to attract companies seeking relief from rising compliance costs at NYSE and Nasdaq. Headquartered in Dallas, the entirely electronic TXSE plans to handle its first trades in 2025 and host its first listing in 2026.
Backed by notable investors, the TXSE will join a competitive market with about 16 equities exchanges. NYSE and Nasdaq dominate, with NYSE handling over 20% and Nasdaq over 15% of US equities trading volumes. The TXSE aims to provide a venue for trading and listing public companies and exchange-traded products. Texas is increasingly attracting corporations and financial firms with lower taxes and a relaxed regulatory environment. Goldman Sachs and JPMorgan have significantly expanded their Texas operations, and Tesla and SpaceX are moving their incorporations to the state.
- Texas Stock Exchange (TXSE) to challenge NYSE and Nasdaq
- TXSE raises $120 million, files with SEC
- Headquartered in Dallas, entirely electronic
- First trades in 2025, first listing in 2026
- Backed by BlackRock, Citadel Securities, and others
- Texas attracts firms with lower taxes, relaxed regulations
- Goldman Sachs and JPMorgan expand Texas operations
- Tesla and SpaceX move incorporations to Texas