BlackRock, Citadel Back New Texas Challenge to NYSE, Nasdaq (2)

BlackRock Inc., Citadel Securities and other investors are backing an upstart Texas stock market, laying down a challenge to the New York Stock Exchange and Nasdaq Inc. and signaling a potential boost for a state trying to grab more of the financial services industry.

The Texas Stock Exchange has raised $120 million and plans to file registration documents with the US Securities and Exchange Commission, according to a LinkedIn post by James Lee, the exchange’s chief executive officer.

The Texas bourse will try to entice companies seeking relief from rising compliance costs at the NYSE and Nasdaq, Lee ...