Trading giants Blackrock and Citadel Securities plan to launch a national stock exchange in the south-central US to take over from the Texas Stock Exchange.
Previously, both were firms that supported investments for groups that wanted to start trading on the exchange.
According to TXSE Chief Executive Officer, James Lee said the rapidly growing Texas economy due to the strong population in the southeast quadrant of the US has provided tremendous business opportunities and made it impossible for the Texas Stock Exchange to operate.
The Wall Street Journal has reported in its news about the effort and thinks it is the best solution step on the New York Stock Exchange and Nasdaq which is currently experiencing the problem of dissatisfaction and compliance costs by investors.
Previously, Nasdaq's rules were highly controversial when they required small companies to disclose various types of information to directors. Although it won approval by the SEC in 2021, now they are facing a new challenge in the federal appeals court.
TXSE in its statement said they will become a fully electronic national securities exchange by obtaining registration with the US Securities and Exchange Commission.
They aim to start trading in 2025 and become the main host in 2026.
The Dallas Morning News reported that TXSE will dominate the companies in Texas and now they have thousands of offices in Dallas and have $120 million with the support of more than two dozen investors.
