A national stock exchange in Texas is being supported by Citadel and BlackRock.

• The Dallas-based group, led by Chairman and CEO James Lee, has secured $120 million in funding from over 25 investors.
• Earlier, the Wall Street Journal reported that the exchange is marketing itself as a "CEO-friendly" alternative to the New York Stock Exchange and Nasdaq amidst increasing regulation.
• The website of TXSE stated that it plans to become a fully electronic national securities exchange and will seek registration with the U.S. Securities and Exchange Commission.

A group seeking to establish a new national stock exchange in Texas has gained the support of investors, including Citadel Securities.

The Dallas-based group, led by Chairman and CEO James Lee, has secured $120 million in funding from over 25 investors.

The booming economy and strong economic and population growth in the southeast quadrant of the U.S. present incredible opportunities for businesses, ultimately benefiting the Texas Stock Exchange, according to TXSE CEO James Lee on LinkedIn.

The Wall Street Journal previously reported that the exchange is positioning itself as a "CEO-friendly" alternative to the New York Stock Exchange and Nasdaq, citing rising regulation and mounting compliance costs as reasons for this shift.

The Nasdaq rule mandating diversity disclosure on board of directors is being contested in a federal appeals court, despite the SEC's approval of the plan in 2021.

The TXSE aims to become a fully electronic national securities exchange and seek registration with the U.S. Securities and Exchange Commission. The exchange plans to start trading in 2025 and host listings in 2026, according to the Journal's report.

The southeastern quadrant of the U.S. will be targeted by TXSE, as reported by The Dallas Morning News. In an interview with the newspaper, Lee expressed gratitude to Texas Gov. Greg Abbott for his support and leadership.