(Yahoo) Texas is set to get its own stock exchange to rival those in New York, The Wall Street Journal reported.
BlackRock and Citadel are among the backers of the TXSE Group, which has raised about $120 million from investors and plans to register with the Securities and Exchange Commission later this year, the group’s CEO, James Lee, said.
He told the Journal the exchange would be based in downtown Dallas and aimed to open for trading in 2025.
The group’s founders have pledged to have fewer rules and regulations than the New York Stock Exchange and the Nasdaq. Since gaining the SEC’s approval in August 2021, the latter exchange has imposed diversity quotas on its constituents.
They’re also hoping to appeal to large-cap companies’ desire to incorporate in the Lone Star State, which has fewer regulations and more-favorable tax policies.
