BlackRock-backed TXSE Group (BLK.N) plans to launch the Texas Stock Exchange in Dallas, clashing with established New York-focused exchanges in a bid to attract global companies.
The exchange, which has raised about $120 million, plans to file registration documents with the U.S. Securities and Exchange Commission to begin operating as a national securities exchange later this year, TXSE said Wednesday.
A recovery in capital markets has prompted a plethora of companies inside and outside the United States to rush to list their shares, creating more opportunities for indexes.
But carving out a space could be difficult for a new exchange in the lucrative U.S. listings market, where the New York Stock Exchange and Nasdaq have dominated in a virtual duopoly since the 2000s.
“Competition is always good and is not a competition to be taken lightly,” said JJ Kinahan, CEO of IG North America and president of online brokerage Tastytrade. “That said, many other players have tried it and it’s difficult to open a trade in the end.”