A new stock exchange, Texas Stock Exchange (TXSE) is set to challenge the New York Stock Exchange (NYSE) and Nasdaq.
According to Finextra Research, Dallas-based TXSE aims to provide a fully-electronic venue to trade and list public companies and the expanding universe of exchange-traded products.
In a recent funding round, TXSE raised $120m, backed by more than two dozen investors, including significant participation from Wall Street heavyweights BlackRock and Citadel Securities. This substantial financial backing underscores the confidence investors have in TXSE’s potential to disrupt the current market leaders.
TXSE, led by founder and CEO James Lee, intends to tackle the effective duopoly of NYSE and Nasdaq. The new exchange plans to address the growing concerns among investors regarding the increasing compliance costs and stringent new regulations. TXSE’s mission is to enhance competition in the equities trading markets, thereby driving more volume to exchanges and offering more choices for issuers and sponsors.
James Lee highlighted the key benefits of TXSE’s approach: “Changes in equities trading markets are driving more volume to exchanges and more choices for issuers and sponsors. TXSE will ultimately create more competition around quote activity, liquidity and transparency, resulting in more consistent and reliable markets that benefit investors, global issuers and liquidity providers alike.”
TXSE plans to submit a registration with the US Securities and Exchange Commission (SEC) to operate as a national securities exchange later this year, marking a significant step in its journey to becoming a major player in the financial markets.
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