Citadel and Blackrock backing a plan to build a stock exchange that is more "CEO-friendly"

BlackRock and Citadel Securities-backed TXSE Group plans to build a new national stock exchange in Texas. Under the direction of James Lee, the CEO and chairman, TXSE has secured $120 million from more than twenty investors.

The proposal was originally covered by The Wall Street Journal, which called the Texas Stock Exchange a "more-CEO friendly" substitute for the Nasdaq and New York Stock Exchange. This stance is a reaction to both escalating regulations and growing worries about the expense of compliance.

A such policy that is in dispute is a Nasdaq rule that requires listed corporations to provide information about board diversity. This regulation was authorised by the SEC in 2021, but a federal appeals court is presently reviewing it.

A news statement from TXSE states that the company intends to become a "fully electronic, national securities exchange that will seek registration with the U.S. Securities and Exchange Commission." According to the Journal, the exchange plans to launch listings in 2026 and begin trading in 2025.

"The states in the southeast quadrant, including Texas, have emerged as economic giants," stated Lee. This is a great time to establish a significant, national stock exchange in Texas, especially in light of the growing demand from firms and investors for more options to list and trade stocks.

(Sources: investing.com, reuters.com)