06.05.24

New Texas Stock Exchange Takes Aim at New York’s Dominance

by: Corrie Driebusch

A group backed by BlackRock and Citadel Securities is planning to start a new national stock exchange in Texas. The Texas Stock Exchange, which has raised approximately $120 million from individuals and large investment firms, plans to file registration documents with the U.S. Securities and Exchange Commission later this year. The new exchange aims to begin facilitating trades in 2025 and host its first listing in 2026 — planning to tap in to disaffection with increasing compliance costs at Nasdaq, the New York Stock Exchange and newer rules like one setting targets for board diversity at Nasdaq.

Read the full article on Wall Street Journal