 "BlackRock, Citadel Sec-backed group to start new stock exchange in Texas")
A group backed by BlackRock and Citadel Securities is planning to start a new national stock exchange in Texas, the Wall Street Journal reported on Tuesday.
The Texas Stock Exchange, which has raised about $120 million, plans to file registration documents with the Securities and Exchange Commission (SEC) later this year, the report added, citing CEO James Lee.
BlackRock and Citadel did not immediately respond to Reuters' request for comment.
The TXSE, as it is known, aims to facilitate trades in 2025 and host its first listing in 2026, the report said, adding that the exchange plans to compete for primary and dual listings.
It also hopes to attract listings of exchange-traded products and aims to challenge increasing compliance costs at Nasdaq and NYSE, and newer rules like one setting targets for board diversity at Nasdaq, the report added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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