The Texas state flag is displayed before the game between the Houston Cougars and Texas Longhorns at TDECU Stadium in Houston on October 21, 2023.
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black stone and Citadel Securities are among investors backing a group seeking to build a new national stock exchange in Texas.
TXSE Chairman and CEO James Lee said the Dallas-based group has Raised $120 million It is backed by two dozen investors.
“Texas’ booming economy and the strong economic and population growth of the states in the Southeast Quadrant of the United States provide incredible opportunities for businesses – and ultimately, the Texas Stock Exchange,” TXSE CEO James Lee said on LinkedIn.
wall street journal The effort was earlier reported, saying the exchange is billing itself as a “more responsive CEO” to the New York Stock Exchange and Nasdaq in the face of increasing regulation and “frustration over increased compliance costs.” Friendly” alternatives.
A controversial Nasdaq rule would require listed companies to disclose information about diversity on their boards. The SEC approved the plan in 2021 but now faces a new challenge in a federal appeals court.
The TXSE website says it will be a “fully electronic national securities exchange that will seek registration with the U.S. Securities and Exchange Commission.” According to the Wall Street Journal, the Texas Stock Exchange plans to begin trading in 2025 and go public in 2026.
According to the Dallas Morning News, the Texas Stock Exchange will target “Southeast Quadrant of the United StatesIn an interview with the newspaper, Lee thanked Texas Gov. Greg Abbott for his support and leadership.
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