(Reuters) -A gaggle backed by BlackRock (NYSE:) and Citadel Securities is planning to start out a brand new nationwide inventory alternate in Texas, a spokesperson for Citadel Securities mentioned on Tuesday.
The Texas Inventory Change, which has raised about $120 million, plans to file registration paperwork with the Securities and Change Fee (SEC) later this 12 months, The Wall Avenue Journal reported earlier, citing CEO James Lee.
BlackRock didn’t instantly reply to a Reuters request for remark.
The TXSE, as it’s identified, plans to compete for major and twin listings and goals to start out in 2025 and host its first itemizing in 2026.
The inventory alternate goals to draw listings of exchange-traded merchandise and goals to problem rising compliance prices at Nasdaq and NYSE, and newer guidelines just like the one setting targets for board variety at Nasdaq.
