![BlackRock, Citadel to launch Texas Stock Exchange to rival Nasdaq, NYSE](https://mr.cdn.ignitecdn.com/client_assets/thepostmillennial_com/media/picture/665f/fd38/6b3a/6f11/ef38/ebfc/original_texas.jpg?1717566775)
Some have called the new alternative an “anti-woke” exchange.
A spokesperson for Citadel Securities, one of the companies backing the effort with BlackRock, told the Wall Street Journal that the group has raised about $120 million and plans to file registration documents with the Securities and Exchange Commission (SEC) later this year.
The TXSE is planning to begin in 2025 and host its first listing in 2026. The exchange is looking to compete for primary and dual listings of exchange-traded products.
The group is aiming to capitalize on disaffection in the market regarding increasing compliance costs at Nasdaq and NYSE, and newer regulations including those that set diversity targets for boards of Nasdaq companies. Some have called the new alternative an “anti-woke” exchange.
According to The Journal, dozens of companies are moving to states with more favorable regulatory and taxation policies, which has made Texas home to more Fortune 500 companies than any other state.
In years past there had been dozens of regional stock exchanges outside of New York, but most were shut down or acquired. The Boston Stock Exchange, the Chicago Stock Exchange, and the Philadelphia Stock Exchange were folded into the NYSE and Nasdaq in the past two decades.
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