A start-up stock exchange headquartered in Dallas and backed by the financial powerhouses BlackRock and Citadel Securities is set to challenge the dominance of the New York Stock Exchange and Nasdaq in the listing and trading of companies and funds.
The Texas Stock Exchange, or TXSE, has raised roughly $120 million from more than two dozen investors, including BlackRock and Citadel Securities as well as some unnamed business leaders, according to a statement on Wednesday.
The exchange has yet to register with the Securities and Exchange Commission, which will be its primary regulator, but intends to do so later this year.
It cannot begin operating without the S.E.C.’s approval.
The announcement of the exchange was first reported by The Wall Street Journal.
Persons:
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Organizations:
BlackRock, Citadel Securities, New York Stock Exchange, Nasdaq, Texas Stock Exchange, Securities and Exchange Commission, Wall Street
Locations:
Dallas, BlackRock