BlackRock, Citadel-backed group to start new national stock exchange in Texas, WSJ reports By Reuters

(Reuters) – A group backed by BlackRock Inc (NYSE:) and Citadel Securities Inc. plans to start a new national securities exchange in Texas, the Wall Street Journal reported on Tuesday.

The Texas Stock Exchange, which has raised about $120 million, plans to file registration documents with the Securities and Exchange Commission (SEC) later this year, the report added, citing CEO James Lee.

BlackRock and Citadel did not immediately respond to Reuters' request for comment.

The TXSE, as it is known, aims to facilitate trades in 2025 and host its first listing in 2026, the report said, adding that the exchange plans to compete for primary and dual listings.

It also hopes to attract exchange-traded product listings and aims to challenge rising compliance costs at Nasdaq and the New York Stock Exchange, and newer rules such as setting targets for board diversity at Nasdaq, the report added.