A new Texas stock exchange’s bid to break New York’s dominance of US equity markets has met with scepticism from rivals, traders and investor advocates in spite of backing from BlackRock and Citadel Securities. TXSE, the Dallas-based group behind the planned Texas Stock Exchange, said on Wednesday it would apply for approval from the US Securities and Exchange Commission to become a new hub for listed companies and the $8.6tn exchange traded funds industry.
Nasdaq and the NYSE, part of Intercontinental Exchange, declined to comment. One senior New York-based exchange official pointed to the history of failed attempts to break the NYSE-Nasdaq stranglehold, adding: “Most of that regulation isn’t coming from the exchanges; it’s the regulator.” The San Francisco-based Long Term Stock Exchange launched in 2020 with the aim of attracting buy-and-hold investors and has so far listed two companies. It did not respond to a request for comment.