On June 5, 2024, TXSE Group revealed plans to launch the Texas Stock Exchange in Dallas, Texas. Backed by Citadel Securities and BlackRock, the project has raised roughly $120 million so far. TXSE Group plans to file registration documents with the SEC to start operating as a stock exchange “later this year.” If all goes according to plan, the Texas Stock Exchange would act as a direct competitor to the New York Stock Exchange.
There are several reasons why a stock exchange located in Texas is being pushed by TXSE Group. Texas is a much more business-friendly state than New York; Texas is centrally located in the United States; and a competing stock exchange means more money for certain investors, like TXSE Group. Combining forces with Citadel and BlackRock only makes this more likely to happen. Citadel is the second largest hedge fund in the world, managing more than $63 billion as of June 2024. BlackRock is worth over $100 billion, and is estimated to own over $60 billion in real estate. This massive decision could permanently change the landscape of stock trading in the United States.
Sources:
Presse, (2024, June 5). A stock market in Texas? Blackrock, Citadel Back dallas plan. Barron’s. https://www.barrons.com/news/a-stock-market-in-texas-blackrock-citadel-back-dallas-plan-cec4e04b
Yahoo! (n.d.). Blackrock, Citadel back Texas Stock Exchange in challenge to NYSE. Yahoo! Finance. https://finance.yahoo.com/news/blackrock-citadel-back-upstart-texas-015031061.html
Blackrock, citadel securities-backed TXSE group to launch Texas Stock Exchange | Reuters. https://www.reuters.com/markets/us/blackrock-citadel-backed-group-start-new-national-stock-exchange-texas-wsj-2024-06-05/
Yahoo!. Citadel is the most successful hedge fund in history: Here are its top investment picks. Yahoo! Finance. https://finance.yahoo.com/news/citadel-most-successful-hedge-fund-175619548.html
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