(NewsNation) —- The Texas Stock Exchange is looking to open in Dallas by 2026, with big-name finance companies already supporting the project.
Backers have already raised about $120 million, and plan to file registration documents with the U.S. Securities and Exchange later this year, CEO James Lee said in an interview with The Wall Street Journal. Lee said he aims for the exchange to start facilitating trades in 2025 and host its first listing the year after.
More than two dozen companies have already invested in the Texas Stock Exchange, including BlackRock and Citadel.
Still, Texas faces competition from New York’s NASDAQ and NYSE, who currently maintain a duopoly with about 35% of the trades. While there are other stock exchanges throughout the United States, including in Chicago and Philadelphia, not many have traction.
Some financial experts remain hopeful Texas can beat the odds, though.
“Of the regional exchanges, there are several doing between 1% and 2%,” Bill Dendy, a certified financial planner, told NewsNation. “That’s still a whole lot of business, and that may be enough to make this Texas exchange successful.”
