According to a leading outlet, BlackRock (BLK) and Citadel Securities (CDFT) are among the Wall Street heavyweights planning to open a stock exchange with other investors in Texas. They reportedly consider the regulations set by the New York Stock Exchange and Nasdaq to be onerous, and the group wants an exchange to be set up in the Lone Star state.
According to LinkedIn, the Texas Stock Exchange, founded in 2023, is owned by TXSE Group Inc. James H Lee posted on his LinkedIn account, “Texas’s booming economy and the strong economic and population growth among the states in the southeast quadrant of the U.S. present incredible opportunities for businesses—and ultimately the Texas Stock Exchange.”
He also mentioned speaking to the Dallas Morning News about the group’s “plans to launch TXSE.”
The Dallas Morning News reported that the Texas Stock Exchange has raised approximately $120 million from large investment firms and individuals. The group plans to file registration documents with the Securities and Exchange Commission (SEC) later in 2024. The new exchange will be established in 2025, headquartered in Dallas, and is expected to employ about 100 people.
The TXSE website says the proposed exchange would enable U.S. and global companies “to access U.S. equity capital markets” and more. It also envisages a “fully electronic, national securities exchange” and will seek to register with the SEC. Registration with the SEC is mandatory.
The Wall Street Journal reported that states have attempted to establish stock exchanges, citing the Chicago Stock Exchange and the Philadelphia Stock Exchange as examples. These regional exchanges have combined with the NYSE and Nasdaq.
According to the outlet, the NYSE had also considered relocating to the Dallas-Fort Worth area after the state proposed a financial transaction tax. Neither the tax was implemented nor did the exchange leave the Big Apple.
Governor Greg Abbott’s office released an end-of-first-quarter report stating that the Texas economy is worth $2.4 trillion, making it the eighth-largest economy in the world. CWEB will report further developments as they unfold.
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