Texas will create a competitor to the NYSE and NASDAQ New York stock exchanges

The Texas Stock Exchange (TXSE) has received $120 million in investments from individuals and major financial institutions, including BlackRock and Citadel Securities. The platform plans to create a new alternative to the New York Stock Exchange (NYSE) and NASDAQ.

The TXSE Group was able to raise funds from more than 24 investors, as reported by the chairman of the exchange, James Lee. In the future, the exchange plans to file registration documents with the U.S. Securities and Exchange Commission (SEC). The launch of the auction is scheduled for 2025, and the first listing is scheduled to take place in 2026.

A representative of the Citadel Securities hedge fund confirmed the company's participation in the TXSE project, but declined to comment further. The American investment firm BlackRock also refrained from commenting.

The exchange's website says: «The Texas Stock Exchange will aim to provide U.S. and international companies with access to U.S. equity markets and will become a platform for trading and listing public companies, as well as for a growing number of exchange-traded products.»