The Texas flag is raised before the game between the Houston Cougars and Texas Longhorns at TDECU Stadium on Oct. 21, 2023 in Houston.
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“Texas’s booming economy and the strong economic and population growth across the southeastern U.S. state presents exciting opportunities for companies and ultimately the Texas Stock Exchange,” TXSE CEO James Lee said on LinkedIn.
The Wall Street Journal previously reported on the effort, saying the exchange, facing increased regulation and “frustration over rising compliance costs,” is pitching itself as a “CEO-friendly” alternative to the New York Stock Exchange and Nasdaq.
Nasdaq’s controversial rules require publicly listed companies to disclose information about the diversity of their boards of directors. The SEC approved the plan in 2021, but it is now facing a new challenge in a federal appeals court.
The TXSE website states that the exchange will be a “fully electronic, national securities exchange seeking registration with the U.S. Securities and Exchange Commission.” The TXSE aims to begin trading in 2025 and go public in 2026, according to the WSJ report.
The Dallas Morning News reported that the TXSE will target companies in the “southeastern U.S.” In an interview with the paper, Lee thanked Texas Governor Greg Abbott for his support and leadership.
