The Dallas Stock Market? BlackRock, Citadel and a Texas entrepreneur are working on TXSE

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At the initiative of a Texas businessman, BlackRock and Citadel Securities are working on a stock exchange project based in Dallas, United States. The Texas Stock Exchange (TXSE) could make its first transactions as early as next year.

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– The Texas Stock Exchange (TXSE) will be a fully electronic stock exchange.

The Dallas Stock Market by 2025? That’s the project that the Texas entrepreneur brought up approx 120 million dollars. The men are backed by two big Wall Street players, Black stone AND Citadel Securities. THE Texas Stock Exchange (TXSE) should carry out its first transactions next year and propose a stock listing the following year, a spokesman told AFP on Wednesday (June 5), confirming information from The Wall Street Journal. The financial markets organization is a highly concentrated sector, with the New York Stock Exchange (NYSE) and Nasdaq (the National Stock Exchange) sharing almost all trading in US-listed stocks.

TXSE will be a stock exchange fully electronic, like Nasdaq, but should still have premises in Dallas, the spokesman said. The project was founded by Texas financier James Lee, who managed to mobilize around twenty investors, including “some of the largest financial institutions in the world”including the world’s largest asset manager, BlackRock, and market maker Citadel Securities.

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“Enable markets to be more consistent and reliable”

Several companies have attempted to offer alternatives to the NYSE and Nasdaq, including Member Exchange (MEMX), launched in 2020, but which today accounts for only a few percent of business volume in the United States. Small players on the market also include Miami International Securities Exchange (MIAX) and Exchange BOX options, in Boston, which however only deals in derivative contracts, not stocks themselves. TXSE Group plans to file its registration application later this year, according to a news release.

“TXSE will generate more.” competition for listing activity»said James Lee, quoted in the press release, “allowing markets to be more coherent and reliable”. The businessman intends to capitalize on the momentum that has benefited Texas in recent years, which has become a popular destination for American companies in search of new horizons, attracted by the climate, affordable real estate prices and favorable taxes.

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“Dallas happened. one of the dominant financial centersif not the most dominant in the United States, if not the world”said James Lee in an interview with the Wall Street Journal. “Texas and other states in the southeastern quarter (United States) have become economic strongholds”urged the businessman. “Add to that the demand from investors and businesses for listing alternatives, now is a good time to build a major national exchange in Texas.”

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