BlackRock and Citadel Look To Create Stock Exchange In Texas
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June 5, 2024 11:39 am
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Citadel and BlackRock are backing a new start-up which would bring a new national stock exchange in Texas.
The new exchange is looking to rival the New York Stock Exchange.
TXSE CEO James Lee announced that the Dallas-headquartered exchange has already raised over $120 million from investors.
In a post on LinkedIn, Lee wrote, “Texas’s booming economy and the strong economic and population growth among states in the southeast quadrant of the U.S. present incredible opportunities for businesses — and ultimately the Texas Stock Exchange.”
The new stock exchange is advertising to investors as a new “CEO friendly” exchange.
🚨 JUST IN: 🇺🇸 BlackRock and Citadel plan to launch a new national stock exchange in Texas to compete with the New York Stock Exchange!
Here’s a Video of BlackRock CEO Explaining How Tokenization Is The Next Evolution In Finance…
“Every Stock, Every Bond” Will Be Tokenized… pic.twitter.com/VL6FhK2EnN
— Good Morning Crypto (@AbsGMCrypto) June 5, 2024
BlackRock and Citadel to start a new stock exchange based in Texas that is set to compete against the New York Stock Exchange
But why? Inherently holding the market through a bottleneck is ultimately far more profitable. Doing it in a state that could be the 6th biggest economy… pic.twitter.com/ytdGzqfKAd
— AKYLLES (@0XAKYLLES) June 5, 2024
Here’s what CNBC reported:
BlackRock and Citadel Securities are among investors backing a group seeking to start a new national stock exchange in Texas.
TXSE Chairman and CEO James Lee said the Dallas-headquartered group has raised $120 million with the support of more than two dozen investors.
“Texas’s booming economy and the strong economic and population growth among states in the southeast quadrant of the U.S. present incredible opportunities for businesses — and ultimately the Texas Stock Exchange,” Lee said on LinkedIn.
The Wall Street Journal reported on the endeavor earlier, saying the exchange is billing itself as a “more-CEO friendly” alternative to the New York Stock Exchange and Nasdaq in the face of rising regulation and a “disaffection with increasing compliance costs.”
A contested Nasdaq rule requires listed companies to disclose diversity information on their board of directors. The SEC approved the plan in 2021, but it now faces a new challenge in a federal appeals court.
🚨 Plot Twist: 🇺🇸 #Chainlink BlackRock and Citadel plan to launch a new national stock exchange in Texas to compete with the New York Stock Exchange!
“Every Stock, Every Bond” Will Be Tokenized by Chainlink CCIP
pic.twitter.com/BEiuBnqbJL— Junko Suzuki (@Junko__Suzuki) June 5, 2024
Per Cointelegraph:
The world’s largest asset manager, BlackRock, and market maker Citadel Securities have reportedly backed a firm in launching a new national stock exchange in Texas.
The Texas Stock Exchange (TXSE) has reportedly already secured approximately $120 million in funding and intends to file registration statements with the United States Securities and Exchange Commission (SEC) toward the end of 2024, according to a June 4 Wall Street Journal report.
The pro-crypto state’s stock exchange could be another alternative for crypto companies looking to go public.
However, the 11 approved spot Bitcoin exchange-traded funds (ETFs) are listed on both the Nasdaq and the New York Stock Exchange (NYSE). It was reported that the TXSE is focused on securing ETF listings.
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