A new national stock exchange, headquartered in Dallas and supported by major Wall Street players like BlackRock and Citadel, is gearing up to challenge the dominance of the New York Stock Exchange and Nasdaq.

The TXSE Group, backed by over two dozen investors with $120 million in funding, plans to file for registration with the US Securities and Exchange Commission later this year.

Led by founder and CEO James Lee, the group aims to tap into the economic strength of Texas and the southeastern states, as well as the growing demand from investors and companies for alternative trading and listing options, CNN reported.

With hopes to officially launch in 2026, the exchange anticipates leveraging the presence of over 5,200 private equity-sponsored companies in the region that may seek to go public.

Written by B.C. Begley