BlackRock, Citadel Back Upstart Texas Challenge to NYSE, Nasdaq – Bloomberg

BlackRock Inc., Citadel Securities and other investors are backing an upstart Texas stock market to challenge the New York Stock Exchange and Nasdaq Inc.

The Texas Stock Exchange has raised $120 million and plans to file registration documents with the US Securities and Exchange Commission, according to a LinkedIn post by James Lee, the exchange’s chief executive officer.

The Texas bourse will try to entice companies seeking relief from increasing compliance costs at the NYSE and Nasdaq, Lee told the Wall Street Journal, which earlier reported the development. While entirely electronic, Lee’s post said the TXSE will be headquartered in Dallas, bolstering a metro area that has been gaining financial jobs from the likes of Goldman Sachs Group Inc. and Charles Schwab Corp.

Source: BlackRock, Citadel Back Upstart Texas Challenge to NYSE, Nasdaq – Bloomberg