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Citadel and BlackRock support a project to launch a national stock exchange in Texas.

Investors including BlackRock and Citadel Securities are supporting a group’s initiative to establish a new national stock exchange in Texas.

James Lee, Chairman and CEO of TXSE, headquartered in Dallas, announced that the group has secured $120 million in funding from over two dozen investors, leveraging Texas’s flourishing economy and the robust economic and population growth in the southeastern states of the U.S.

The Wall Street Journal previously reported on this venture, highlighting the exchange’s positioning as a “more CEO-friendly” alternative to the New York Stock Exchange and Nasdaq amidst increasing regulation and mounting compliance costs.

One area of contention is a Nasdaq rule mandating listed companies to disclose diversity information about their board of directors, which received SEC approval in 2021 but faces a legal challenge in a federal appeals court.

TXSE aims to become a fully electronic, national securities exchange registered with the U.S. Securities and Exchange Commission. It plans to commence trading in 2025 and host listings by 2026, according to reports by the Journal.

TXSE intends to focus on companies located in the southeastern U.S. quadrant. In an interview with The Dallas Morning News, Lee expressed gratitude to Texas Governor Greg Abbott for his support and leadership.

di Il Quotidiano Online

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