Goldman Sachs Group Inc. and Bank of America Corp. are headlining a group of investors putting about $20 million into the parent company of the Texas Stock Exchange, adding to the list of Wall Street mainstays backing the upstart marketplace.
The investment boosts the capital raised by TXSE Group to $270 million as the Dallas-based exchange seeks to break off a piece of a market dominated by Nasdaq and the New York Stock Exchange. Other investors in the Texas venture include JPMorgan Chase & Co., BlackRock Inc. and Ken Griffin’s Citadel Securities.
“These strategic investments by global leaders put TXSE Group in an even stronger capital position for the long haul, enabling us to aggressively bring more innovation and competition to the US capital markets,” founder James Lee said in a statement Monday.
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The TXSE recently won approval from the U.S. Securities and Exchange Commission and expects to begin trading in 2026, becoming one of several competitors of the Nasdaq and NYSE duopoly.
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The incumbents have responded by ramping up their visibility in Texas. Nasdaq announced a regional office in Dallas and unveiled plans for a dual-listing venue in Texas, while the NYSE moved its Chicago operations to Dallas. NYSE Texas reached 100 dual listings this month.
Once TXSE’s latest investment is approved by the SEC, it will have 86 equity investors.
– Joe Lovinger for Bloomberg
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