By Suzanne McGee and Niket Nishant
(Reuters) – The Texas Stock Exchange (TXSE) looks at a launch of 2026 after submitting paperwork to work as a national stock exchange, her parent company said on Friday.
The company hopes that the US Securities & Exchange Commission will approve the application before the end of the year, because it tries to disturb the industry dominated by New York.
The proposed exchange said that it wants to reverse the shrinking number of listed companies, which tackled it that it described as the high costs to become public and to stay on exchanges.
“This is a very big step forward,” says Anne Peetz, a lawyer who specializes in capital markets at Reed Smith LP in Houston.
Since the Backers of the Exchange have announced their plans in the summer, few details have been announced. The so -called form 1, including how the new exchange deals with trade, listing rules, reimbursements and other matters, may not be available for several weeks.
In combination with the submission, the stock market said that it has received $ 161 million in capital from more than four dozen investors. Their ranks include company giants such as BlackRock, Citadel Securities, Charles Schwab and large American market makers and trading companies such as Jump Trading.
“It’s an interesting idea,” said Rick Wurster, CEO of Schwab, who adds that it gives the company and his customers a different option.
The stock exchange positions itself as a challenger of the Nasdaq and the New York Stock Exchange, the leading securities markets of the country for a long time.
The Texas Stock Exchange headquarters will occupy part of a new building in Dallas, including Executive Offices, a conference center and an “iconic call ringing location”, according to a fact sheet from the stock market.
Two market structure analysts, who asked not to be mentioned because they were not authorized to publicly speak of the company, said that TXSE should offer more to compete.
Another Upstart Exchange, IEX, spent four years trying to seduce existing listed companies, just to give the efforts in 2019.
“This is a very competitive environment,” said Peetz. Companies that are considering a list about the TXSE “will want to ensure that the TXSE is the equivalent, if not better” than its rivals.
Governor of Texas, Greg Abbott, said in September that the new exchange would expand the financial power of the State and strengthen the economic power at the world phase. A number of high -profile companies, including Tesla from Elon Musk, have moved their head office to the state in recent years, referring to a more hospitable business climate.
(Reporting by Niket Nishant in Bengaluru and Suzanne McGee in New York; adaptation by Pete Schroeder and Cynthia Osterman)