BlackRock, Citadel Securities-Backed TXSE Group to Launch Texas Stock Exchange
New York, NY
– The TXSE Group, a consortium of financial institutions backed by BlackRock and Citadel Securities, has announced plans to establish a new stock exchange in Texas, potentially challenging the dominance of incumbent exchanges.
Background:
The TXSE Group, founded in 2022, has been developing a platform for trading stocks, derivatives, and other financial instruments. The group’s goal is to provide a competitive alternative to existing exchanges and create a more efficient and transparent marketplace.
Key Investors:
The TXSE Group is backed by a group of heavyweight investors, including: *
BlackRock:
The world’s largest asset manager, with over $10 trillion in assets under management. *
Citadel Securities:
A leading market maker and liquidity provider. *
Charles Schwab:
A major brokerage firm with over 30 million active accounts.
Features of the TXSE:
The TXSE is expected to offer several innovative features that differentiate it from other exchanges: *
High-speed trading infrastructure:
The TXSE will use state-of-the-art technology to enable high-frequency trading and reduce latency. *
Market transparency:
The TXSE plans to implement robust market transparency measures, providing traders with real-time information about order flow and executions. *
Competitive pricing:
The TXSE aims to offer competitive pricing for trading fees, clearing costs, and other services. *
Focus on ESG:
The TXSE will prioritize environmental, social, and governance (ESG) factors in its operations and listing standards.
Impact on the Industry:
The launch of the TXSE is expected to have a significant impact on the financial services industry: *
Increased competition:
The TXSE will create more competition for existing exchanges, which could lead to lower fees and improved services. *
Innovation:
The TXSE’s innovative features could spur innovation in the trading ecosystem. *
Decentralization:
The TXSE is based in Texas, which could help decentralize the US stock exchange landscape.
Launch Timeline:
The TXSE is targeting a launch date in 2023. The group is currently working on obtaining regulatory approvals and finalizing its trading platform.
Conclusion:
The TXSE Group’s plans to launch a new stock exchange in Texas is a significant development in the financial industry. Backed by a consortium of major investors, the TXSE has the potential to disrupt the status quo and introduce competition, innovation, and transparency to the trading landscape.
BlackRock, Citadel Securities-backed TXSE group, will start a new Texas Stock Exchange
A group backed by BlackRock Inc. and Citadel Securities plans to launch a new stock exchange in Texas, taking aim at incumbent venues such as the New York Stock Exchange and Nasdaq Inc. The exchange, called Texas Stock Exchange (TXSE), is expected to begin trading in the first half of 2023, according to a statement on Monday. It will be overseen by a board of directors that includes former U.S. Securities and Exchange Commission Chairman Jay Clayton and former Texas Governor Rick Perry. The TXSE is the latest in a series of new exchanges that have been launched in recent years, as investors seek alternatives to the dominant incumbents. These new exchanges often tout lower fees, faster execution speeds, and more transparency. The TXSE is backed by some of the biggest names in finance. BlackRock is the world’s largest asset manager, with over $10 trillion in assets under management. Citadel Securities is a leading market maker, handling a significant portion of the trading volume on U.S. stock exchanges. The exchange is also supported by the state of Texas, which has pledged to provide $25 million in funding. The state hopes that the TXSE will create jobs and boost the economy. The launch of the TXSE is a sign that the U.S. stock market is becoming more competitive. The new exchange will face an uphill battle against the incumbents, but it has the backing of some of the biggest names in finance. It remains to be seen whether the TXSE can succeed, but it is sure to shake up the status quo in the U.S. stock market.