TXSE Group poised to challenge New York exchanges’ dominance with Texas Stock Exchange launch
TXSE Group has announced its plans to challenge the dominance of New York-centric exchanges with the launch of the Texas Stock Exchange (TXSE), following an initial capital raise of nearly $120 million.
TXSE Group to launch new US stock exchange
Headquartered in Dallas, TXSE aims to provide US and international organisations with access to the US equity capital markets.
It will also offer a platform for trading and listing public companies, as well as an expanding “universe of exchange-traded products”, according to a statement.
TXSE, which will be a fully electronic national securities exchange, intends to submit a registration with the US Securities and Exchange Commission (SEC) later this year.
This planned launch has been made possible due to the substantial liquidity provided by “more than two dozen investors”, which includes the likes of BlackRock and Citadel Securities, alongside a number of industry angels.
Reflecting on the need for another exchange, James Lee, founder and CEO of TXSE Group, says: “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,” adds Lee.
