A group of financial firms and investors is planning to launch a Texas-based private market stock exchange and offer traders an alternative to the New York Stock Exchange and Nasdaq.

The group, which includes BlackRock, Citadel Securities and about two dozen investors, raised approximately $120 million of capital to create the Texas Stock Exchange, which would be headquartered in Dallas. They are now seeking registration with the U.S. Securities and Exchange Commission to operate as a national securities exchange later this year.

“Texas and the other states in the southeast quadrant have become economic powerhouses. Combined with the demand we are seeing from investors and corporations for expanded alternatives to trade and list equities, this is an opportune time to build a major, national stock exchange in Texas,” said James Lee, founder and CEO of TXSE Group.

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[–] autotldr@lemmings.world 1 points 5 months ago

This is the best summary I could come up with:

Combined with the demand we are seeing from investors and corporations for expanded alternatives to trade and list equities, this is an opportune time to build a major, national stock exchange in Texas,” said James Lee, founder and CEO of TXSE Group.

If the SEC clears TXSE to begin operations, it will be the first stock exchange to launch in the country in recent years.

Texas, comparably to California, is growing economically and demographically really fast, and already has a big number of Fortune 500 biggest companies headquarters, so it makes sense Dallas would be an ideal place,” said Steven Pedigo, a professor at the University of Texas at Austin’s LBJ School of Public Affairs and an expert in economic and urban development.

TXSE founders said they chose Texas as the home for the new national securities exchange because of the state’s rapid economic and population growth.

Pedigo said this new stock exchange wouldn’t necessarily lead to more jobs being created in the state but would help further bolster the pro-business image Texas has been working on for years.

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