BlackRock and Citadel Securities last week announced a plan to deliver one of the biggest shake-ups to the world of finance in some time: They intend to compete with the stock market duopoly of NYSE and Nasdaq by launching the Texas Stock Exchange, which will have a physical presence in downtown Dallas and is aimed at CEOs weary of the costs and regulation that go with listing in New York. The new exchange, TXSE, plans to host its first trades next year and attract its first listing in 2026.
The news gave rise to a very clever headline—“All my indexes live in Texas” (George Strait reference here)—and also some Texas-sized boasting. The CEO of the new venture declared that the time is right for a major stock exchange in the Lone Star state, in part because “Dallas has become one of, if not the most, dominant financial centers in the country, if not the world."
