The Texas Stock Exchange (TXSE), backed by BlackRock and Citadel Securities, aims to disrupt traditional finance.
The Texas Stock Exchange (TXSE) is looking to become a new national stock exchange in Dallas, a potentially pivotal change in the financial landscape. TXSE would challenge the dominance of the New York Stock Exchange, NYSE, and Nasdaq, as it is already backed by industry giants BlackRock and Citadel Securities.
The Texas Stock Exchange (TXSE) will be a fully electronic stock exchange looking to provide a trading and listing venue for public companies, exchange-traded products (ETPs), and American depositary receipts (ADRs). In order to achieve its goal of becoming operational by 2025, TXSE will file registration documents with the U.S. Securities and Exchange Commission (SEC) by the end of 2024.
To strengthen the creation of TXSE, BlackRock, the world's largest asset manager, and Citadel Securities, a major market operator, have joined forces. This collaboration demonstrates their commitment to disrupting traditional finance, having already raised $120 million.
ETPs and crypto integration are the talk of the town and maybe a big part of the new exchange.
The TXSE aims to attract Exchange-Traded Products (ETPs) listing, including Exchange-Traded Funds (ETFs) and Exchange-Traded Commodities (ETCs). By offering a wide range of ETPs, TXSE is positioning itself as a significant player in this market segment.
BlackRock's involvement in TXSE fits with its wider strategy of bringing cryptocurrencies into the traditional financial system. News of plans for an exchange of the Bitcoin ETF between BlackRock and major Wall Street players as authorized participants has backed this commitment. BlackRock’s IBIT (Bitcoin Spot ETF) has a large amount of assets under management and trading volume, exemplifying its innovative approach.
The partnership between BlackRock and Citadel Securities is a massive step forward. As it gets ready to launch, the TXSE is promising better alignment, competition, and opportunities for investors, issuers, and liquidity providers.
