Texas Stock Exchange has raised $120 million and plans to file registration documents with the SE

A group supported by BlackRock and Citadel Securities is pushing to establish a new national securities exchange in Texas, according to The Wall Street Journal and The Dallas Morning News. The Texas Securities Exchange (TXSE) has raised about $120 million and plans to submit registration documents to the U.S. Securities and Exchange Commission later this year. According to the current schedule, TXSE will compete with major listings and dual listings and plans to make its first trade by the end of 2025 and hold its first listing in early 2026. According to CEO James Lee, TXSE aims to become the "third largest listing venue" in the United States, focusing mainly on listed companies in the southeastern United States. It also aims to attract exchange-traded products and challenge the compliance costs of Nasdaq and the New York Stock Exchange.