BlackRock, Citadel Securities plan to launch new national stock exchange in Texas

An institution supported by Wall Street giants BlackRock and Citadel Securities is planning to establish a new national securities exchange in Texas to counter what they see as inadequate regulation by the New York Stock Exchange and Nasdaq. Texas Stock Exchange CEO James Lee told The Wall Street Journal that the exchange has raised about $120 million from individuals and large investment companies and plans to submit registration documents to the US Securities and Exchange Commission later this year, with the goal of facilitating trades starting in 2025 and holding its first listing in 2026. The Texas Stock Exchange will operate entirely electronically, but plans to establish a physical presence in downtown Dallas. The Texas Stock Exchange also hopes to attract ETF listings.