The Texas Stock Exchange, unveiled this week with $120 million in funding from BlackRock, Citadel Securities and others, wants to challenge the NYSE and the Nasdaq by giving companies and investors an alternative — but it's got its work cut out for it.
Why it matters: The U.S. currently has a handful of exchanges, but business has long been concentrated in the top two. The No. 3 player, CBOE, has only about a 12% market share in trading volume, and the rest don't even clear 3%.
