NDAQ - Bye-Bye NYSE Nasdaq? Wall Street Bigwigs BlackRock Citadel Lead Charge For New 'Apolitical' 'CEO-Friendly' Stock Exchange In Texas | Benzinga
Wall Street’s biggest fund managers are reportedly preparing to challenge the dominance of the New York Stock Exchange — owned by Intercontinental Exchange, Inc. (NYSE:ICE) — and Nasdaq (NASDAQ:NDAQ).
What Happened: A group led by BlackRock, Inc. (NYSE:BLK), the world’s largest asset manager, and hedge fund manager Kenneth Griffin‘s Citadel Securities, are developing plans for a new national stock exchange based in Texas, the Wall Street Journal reported on Tuesday.
The exchange, named the “Texas Stock Exchange” (TXSE), has reportedly secured $120 million in funding from individuals and large investment firms. It aims to file registration documents with the SEC later this year and begin trading in 2025, with the first company listing expected in 2026, according to TXSE CEO James Lee, who spoke with the Journal.
Ambitious Goals: TXSE will be a fully ...