Prior to the match between the Houston Cougars and the Texas Longhorns at TDECU Stadium on Oct. 21, 2023, the Texas flag was prominently displayed.
Image Credit: Tim Warner | Getty Images Sport | Getty Images
BlackRock and Citadel Securities, among other investors, are supporting a group that aims to launch a new national stock exchange in Texas.
With the help of over two dozen investors, the group, led by TXSE Chairman and CEO James Lee and based in Dallas, has managed to raise $120 million.
Lee stated on LinkedIn that the thriving economy and significant economic and population growth in Texas and the southeast quadrant of the U.S. offer remarkable opportunities for businesses and, ultimately, the Texas Stock Exchange.
The Wall Street Journal initially reported on the venture, describing the exchange as a more CEO-friendly alternative to the New York Stock Exchange and Nasdaq amidst growing regulation and dissatisfaction with the increasing cost of compliance.
Nasdaq has a controversial rule requiring listed companies to disclose diversity information about their board of directors. Although the SEC approved this rule in 2021, it is now being challenged in a federal appeals court.
The TXSE’s official website states that it plans to be a fully electronic national securities exchange, seeking registration with the U.S. Securities and Exchange Commission. According to the Journal’s report, the TXSE plans to commence trading in 2025 and host listings in 2026.
The Dallas Morning News reported that TXSE will focus on companies in the “southeastern quadrant of the U.S.” In an interview with the newspaper, Lee expressed gratitude to Texas Gov. Greg Abbott for his support and leadership.
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