DALLAS — An effort is underway to launch a national stock exchange in Texas, and according to the Dallas-based group behind it, $120 million has been raised and it has the backing of more than two dozen investors.

What You Need To Know

  • An effort is underway to launch a national stock exchange in Texas that would be an alternative to Nasdaq and the New York Stock Exchange

  • According to The Texas Stock Exchange website, TXSE has raised $120 million and has the backing of more than two dozen investors 

  • The exchange, TXSE says, would be based in Dallas and completely electronic 

  • TXSE says it will submit a registration with the U.S. Securities and Exchange Commission to operate as a national securities exchange later this year

According to the TXSE website, “The Texas Stock Exchange will focus on enabling U.S. and global companies to access U.S equity capital markets and will provide a venue to trade and list public companies and the growing universe of exchange-traded products.”

TXSE says that the exchange will be fully electronic and that its backers include BlackRock, Citadel Securities and business leaders from across the company.

The Wall Street Journal recently reported that TXSE is billing itself as a “more-CEO friendly” alternative to Nasdaq and the New York Stock Exchange.

“We’re thrilled to bring to fruition the long-held vision for a national stock exchange in Texas,” TXSE Group Inc. founder and CEO James Lee said. “Texas and other states in the southeast quadrant have become economic powerhouses. Combined with the demand we are seeing from investors and corporations for expanded alternatives to trade and list equities, this is an opportune time to build a major, national stock exchange in Texas.”

TXSE says it will submit a registration with the U.S. Securities and Exchange Commission to operate as a national securities exchange later this year.