By Suzanne McGee and NiKet Nishant
(Reuters) – The Texas Stock Exchange (TXSE) plans to launch in 2026 after submitting documents to operate as National Securities Exchange, its parent company announced on Friday.
The company hopes that the American Commission for Securities and Exchange will approve the request before the end of the year when it is trying to disrupt the industry dominated by New York.
The proposed scholarship said it wanted to reverse the number of listed companies, attacking that it has described as the high cost of public publication and remaining on the scholarships.
“This is a very big step forward,” said Anne Peetz, a lawyer specializing in capital markets at Reed Smith LP in Houston.
Since the donors of the exchange announced their plans in summer, few details have been disclosed. The so-called form 1, which includes the way in which the new scholarship will manage exchanges, registration rules, costs and other questions, may not be accessible to the public for several weeks.
In collaboration with the file, the Stock Exchange said it received $ 161 million in capital over four dozen investors. Their ranks include business giants such as Blackrock, Citadel Securities, Charles Schwab as well as the main American market manufacturers and negotiation companies such as Jump Trading.
“This is an interesting idea,” said Rick Wurster, CEO of Schwab, who added that he gave the company and its customers another option.
The exchange is positioned as a challenger in the Nasdaq and the New York Stock Exchange, for a long time the main securities markets in the country.
The headquarters of the Texas Stock Exchange will occupy part of a new building in Dallas, which will include executive offices, a conference center and a “place emblematic of ring”, according to a scholarship information sheet.
Two analysts of the market structure, who asked not to be appointed because they were not allowed to speak publicly about the company, said that TXSE will have to offer more to competition.
Another exchange of parasites, Iex, spent four years trying to attract existing companies listed only to abandon the effort in 2019.
“This is a very competitive environment,” said Peetz. Companies that plan to register on the TXSE “will want to make sure that the TXSE is the equivalent if not better” than its rivals.
The Governor of Texas, Greg Abbott, said that in September, the new exchange would extend the financial power of the State and cement its economic power on the world scene. A number of high -level companies, including Tesla d’Elon Musk, have transferred their head office in the state in recent years, citing a more welcoming commercial climate.
(Report by NiKet Nishant in Bengaluru and Suzanne McGee in New York; edition by Pete Schroeder and Cynthia Osterman)
