With the support of major financial institutions such as Blackrock and Citadel Securities, TXSE Group Inc. has revealed its plans to launch the Texas Stock Exchange (TXSE) in Dallas. This upcoming exchange will provide a platform for trading and listing public companies and exchange-traded products. Having raised approximately $120 million in capital, TXSE has expressed its readiness to become a significant player in the US equity markets, thereby promoting increased competition and accessibility.
The Texas Stock Exchange, supported by Blackrock and Citadel Securities
TXSE Group Inc. made an announcement on Wednesday regarding the launch of the Texas Stock Exchange (TXSE) in Dallas, with the backing of renowned financial institutions. According to the announcement, the company has "successfully completed its initial capital raise with participation from more than two dozen investors, including some of the largest financial institutions and liquidity providers in the world, such as Blackrock and Citadel Securities, as well as prominent business leaders from around the country." The announcement further elaborated:
TXSE will primarily focus on facilitating access to US equity capital markets for both US and global companies, and it will serve as a platform for trading and listing public companies and the ever-expanding universe of exchange-traded products.
The forthcoming debut of the new Texas Stock Exchange aligns with the evolving dynamics in the equity markets, which are paving the way for increased competition and alignment. As corporate issuers and sponsors of ETPs call for improved stability and predictability in listing standards and costs, TXSE aims to broaden access to US capital markets for all investors, while simultaneously enhancing market accessibility for public companies and entities seeking public capital.
The announcement goes on to state, "With approximately $120 million of capital raised, TXSE is expected to be the most well-capitalized exchange entrant to file a registration with the US Securities and Exchange Commission," and it notes that the exchange intends to submit a registration with the SEC as a national securities exchange later this year. The company clarified, "TXSE will be a fully electronic, national securities exchange that will seek registration with the US Securities and Exchange Commission."
Texas and the neighboring southeastern states are at the forefront of economic and population growth in the US, making them the ideal location for a new national securities exchange. James Lee, the founder and CEO of TXSE Group Inc., expressed his excitement, stating, "We're thrilled to bring to fruition the long-held vision for a national stock exchange in Texas." The executive further explained:
Texas, along with the other states in the southeast quadrant, has emerged as an economic powerhouse. When combined with the demand we are witnessing from investors and corporations for expanded alternatives to trade and list equities, this is an opportune time to establish a major national stock exchange in Texas.
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