Citadel Securities and BlackRock are among over two dozen investors backing a new project to start a national stock exchange called the Texas Stock Exchange based in Dallas, Texas. The TXSE has raised $120 million in funding so far from these investors. The TXSE aims to be a more "CEO-friendly" alternative to the New York Stock Exchange and Nasdaq by having lower compliance costs and less regulation. The TXSE will be a fully electronic national securities exchange that will apply to the SEC for registration. It targets companies in the southeastern U.S. and aims to start trading in 2025 and host listings in 2026. The founders believe the business opportunities from Texas' growing economy make it an attractive location.