"Texas is now home to more Fortune 500 companies, including Exxon Mobil, AT&T and American Airlines, than any other state," per WSJ.

BlackRock, $BLK, and Citadel Securities fund plans to start a new national stock exchange in Texas to "take on" the New York Stock Exchange.

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 TXSE, as it is known, plans to compete for primary and dual listings and aims to start in 2025 and host its first listing in 2026.

The stock exchange aims to attract listings of exchange-traded products and aims to challenge increasing compliance costs at Nasdaq and NYSE, and newer rules like the one setting targets for board diversity at Nasdaq.