Suzanne Mcgee and Niket Nishant
(Reuters) – Texas Stock Exchange (TXSE) observes the launch of 2026. After submitting paperwork for acting as a national exchange of securities, his home company said on Friday.
The company hopes that the US Securities and Exchange Commission will approve the application before the end of the year, as it tries to disrupt the industry that dominates New York.
The proposed exchange said she wanted to reverse the reduced number of public trading companies, dealing with what was described as high public costs and remained on the stock market.
“This is a very big step forward,” said Anne Peetz, a lawyer specializing in capital markets at the Reed Smith LP in Houston.
Since the exchangers have announced their plans in the summer, several details have been announced. The so -called Form 1, which includes the way a new exchange will handle trading, list rules, fees and other issues, may not be publicly available for several weeks.
In cooperation with the application, The Exchange announced that she had received $ 161 million in capital from over four ten investors. Their ranks include corporate giants such as Blackkck, Citadel Securities, Charles Schwab, as well as the main manufacturers of the US market and trading companies like Jump Trading.
“It’s an interesting idea,” said Rick Wurster, the Schwab CEO, who added that it gives the company and his clients another possibility.
The exchange is positioned as a challenger of the Nasa New York Stock Exchange, long leading value of securities in the country.
The headquarters of the Texas Stock Exchange will occupy a part of the new Dallas building, which will include the executive offices, the conference center and the “iconic bell place”, according to the fact of the fact of The Exchange.
Two market structures analysts, who demanded not to name them because they were not authorized to speak publicly about the venture, said that Txse would have to offer more to compete.
Another upgrade exchange, IEX, has spent four years trying to attract existing public trading companies just to leave the effort in 2019.
“This is a very competitive environment,” Peetz said. Companies considering a list on TXSE “will want to ensure that TXSE is equivalent, if not better” than their rivals.
Texas governor Greg Abbott said that in September a new exchange would expand the financial power of the state and strengthen its economic power on the global stage. Numerous senior companies, including Tesla’s Elona Musk, have transferred their headquarters to the state in recent years, citing a welcome business climate.
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