The Texas flag is seen before the game between the Houston Cougars and the Texas Longhorns at TDECU Stadium on October 21, 2023 in Houston.
Tim Warner | Getty Images Sports | Getty Images
BlackRock and Citadel Securities are among investors backing a group seeking to create a new national stock exchange in Texas.
James Lee, chairman and CEO of TXSE, said the Dallas-headquartered group raised $120 million with the support of more than two dozen investors.
“Texas’ booming economy and strong economic and population growth in states in the southeastern quadrant of the U.S. provide incredible opportunities for companies – and ultimately for the Texas Stock Exchange,” said James Lee, CEO of TXSE, on LinkedIn.
The Wall Street Journal previously reported on the venture, saying the exchange is casting itself as a “more CEO-friendly” alternative to the New York Stock Exchange and Nasdaq amid increasing regulation and a “dissatisfaction with rising compliance costs.”
A controversial Nasdaq rule requires publicly traded companies to disclose diversity information on their boards. The SEC approved the plan in 2021, but now it faces a new challenge in a federal appeals court.
TXSE’s website states that it will 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 aims to begin trading in 2025 and hold listings in 2026.
The Dallas Morning News reported that TXSE will target companies in the “southeastern quadrant of the United States.” In an interview with the newspaper, Lee thanked Texas Gov. Greg Abbott for his support and leadership.
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2024-06-05 03:55:57
www.cnbc.com
