New National Stock Exchange in Texas, TXSE, Raises $120M from Citadel Securities and BlackRock: A CEO-Friendly Alternative to NYSE and Nasdaq?

Dallas, Texas United States of America
Creation of TXSE part of a broader trend of business-friendly states attracting companies away from high-tax, heavily regulated states like California and New York
Dallas-headquartered group positions itself as a more CEO-friendly alternative to NYSE and Nasdaq due to rising regulation and increasing compliance costs
New national stock exchange, TXSE, being established in Texas with backing from Citadel Securities and BlackRock
Plans to start trading in 2025 and host listings in 2026
Rumored companies considering listing on TXSE include Exxon Mobil, AT&T, Tesla, Apple, Goldman Sachs, Oracle, Charles Schwab, Hewlett Packard Enterprise (HPE), and Caterpillar. NRG Energy is also reportedly considering a move to the new exchange
Targeting companies in the southeastern quadrant of the US, with Texas Lt. Governor Dan Patrick expressing support for the new exchange
TXSE aims to register as a national securities exchange with the SEC and has raised $120M from over two dozen investors
New National Stock Exchange in Texas, TXSE, Raises $120M from Citadel Securities and BlackRock: A CEO-Friendly Alternative to NYSE and Nasdaq?

In a move to challenge the dominance of the New York Stock Exchange (NYSE) and Nasdaq, Citadel Securities and BlackRock are among the investors backing a new national stock exchange in Texas named TXSE. The Dallas-headquartered group aims to register as a national securities exchange with the US Securities and Exchange Commission (SEC) and has already raised $120 million from over two dozen investors.

Texas, with its booming economy and strong economic growth in the southeastern quadrant of the US, presents incredible opportunities for businesses. TXSE's Chairman and CEO, James Lee, expressed his excitement about the potential of this new exchange in a LinkedIn post.

The Wall Street Journal reported that TXSE is positioning itself as a more CEO-friendly alternative to NYSE and Nasdaq in response to rising regulation and increasing compliance costs. The group plans to start trading in 2025 and host listings in 2026.

One of the major issues driving the creation of TXSE is the contested Nasdaq rule requiring listed companies to disclose diversity information on their board of directors. While the SEC approved this plan in 2021, it now faces a challenge in a federal appeals court. Citadel Securities, which moved from Chicago to Miami in 2022 and is also a founding investor in TXSE, supports the effort against this rule.

The Dallas Morning News reported that TXSE will target companies in the southeastern quadrant of the US. Texas Lt. Governor Dan Patrick has expressed his support for this new exchange as well.

Some of the major corporations rumored to be considering listing on TXSE include Exxon Mobil, AT&T, Tesla, Apple, Goldman Sachs, Oracle, Charles Schwab, Hewlett Packard Enterprise (HPE), and Caterpillar. NRG Energy is also reportedly considering a move to the new exchange.

The Texas Stock Exchange's creation comes as part of a broader trend of business-friendly states attracting companies away from high-tax, heavily regulated states like California and New York.


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Confidence

95%

Doubts
  • It's unclear if all rumored companies will actually list on TXSE
  • The exact number of investors backing TXSE is not mentioned in the article

Sources

98%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

Citadel Securities, BlackRock back Texas Stock Exchange in challenge to NYSE, Nasdaq

New York Post Ariel Zilber Wednesday, 05 June 2024 17:50
  • Unique Points
    • Wall Street titans BlackRock and Citadel Securities are backing the launch of the Texas Stock Exchange to challenge New York-centric markets.
    • 'Dallas-headquartered bourse' aims to attract listings of exchange-traded products and challenge increasing compliance costs at NYSE and Nasdaq.
    • TXSE plans to file registration documents with the SEC to start operating as a national securities exchange later this year.
    • Citadel Securities moved from Chicago to Miami in 2022, and BlackRock is also a founding investor in the Texas Stock Exchange.
    • Nasdaq is facing a challenge over a rule requiring companies to disclose board diversity figures, with Citadel Securities supporting the effort.
  • Accuracy
    No Contradictions at Time Of Publication
  • Deception (100%)
    None Found At Time Of Publication
  • Fallacies (90%)
    The article contains a few inflammatory rhetorical statements and appeals to authority but no formal logical fallacies. It mentions the Texas Stock Exchange's aim to challenge NYSE and Nasdaq by attracting global companies and reducing compliance costs, citing the shifting economic landscape towards business-friendly states like Texas. The article also highlights Citadel Securities' and BlackRock's support for the Texas Stock Exchange. However, it does not make any false claims or commit logical fallacies in its reporting.
    • ][The Dallas-headquartered bourse, which has raised about $120 million, plans to file registration documents with the Securities and Exchange Commission to start operating as a national securities exchange later this year, TXSE said on Wednesday.][Citadel Securities, the market maker run by hedge fund billionaire Ken Griffin, is also supporting the effort.][The parent companies that run NYSE and Nasdaq have historically swallowed up smaller stock exchanges including ones in Philadelphia, Chicago and Boston.]
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (100%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (100%)
    None Found At Time Of Publication

98%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

Citadel and BlackRock back project to start a national stock exchange in Texas

CNBC News Christine Wang Wednesday, 05 June 2024 03:55
  • Unique Points
    • TXSE is seeking registration as a national securities exchange with the US Securities and Exchange Commission.
    • James Lee is the Chairman and CEO of TXSE.
    • TXSE targets companies in the southeastern quadrant of the US.
  • Accuracy
    No Contradictions at Time Of Publication
  • Deception (100%)
    None Found At Time Of Publication
  • Fallacies (100%)
    None Found At Time Of Publication
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (100%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (100%)
    None Found At Time Of Publication

97%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

BlackRock, Citadel Back New Texas Challenge to NYSE, Nasdaq

Bloomberg News Now Julie Fine, Wednesday, 05 June 2024 20:13
  • Unique Points
    • BlackRock Inc., Citadel Securities and other investors are backing a new stock market in Texas.
  • Accuracy
    No Contradictions at Time Of Publication
  • Deception (100%)
    None Found At Time Of Publication
  • Fallacies (100%)
    None Found At Time Of Publication
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (100%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (100%)
    None Found At Time Of Publication