A challenger exchange has emerged on the US capital markets scene with $120 million in financial backing and a view to establish equities in Dallas.
‘Equities in Dallas’, for the uninitiated, is a pejorative term popularised by Michael Lewis in his 1989 book Liar’s Poker to describe a low-ranking finance job.
But the Texas Stock Exchange, set to be launched by newly formed company TSXE Group, appears to see far greater potential in the Lone Star State than Lewis did in the 80s.
Concrete details on the exchange are slim for now.
“TXSE will focus on enabling US and global companies to access US equity capital markets and will provide a venue to trade and list public companies and the growing universe of exchange-traded products,” reads the official website.
More than two dozen investors joined the initial capital raise for the project, TXSE announced, including Blackrock, Citadel Securities and “prominent business leaders from around the country”.
Proactive has reached out to TXSE via LinkedIn for further details on these backers.
According to TXSE’s website: “Corporate issuers and exchange-traded product sponsors are demanding more stability and predictability around listing standards and associated costs.
“TXSE intends to expand access to US capital markets for all investors, while providing greater access and alignment for public companies and those seeking access to public capital.”
A clearer rationale for the challenger exchange will come to light if and when TXSE files its registration documents with the Securities and Exchange Commission.
TXSE said it intends to submit registration documents to the SEC “later this year”.