A group backed by Wall Street heavyweights BlackRock and Citadel Securities is planning to start a new national stock exchange in Texas, aiming to take on what they see as onerous regulation at the New York Stock Exchange and Nasdaq. 

The Texas Stock Exchange, which has raised approximately $120m from individuals and large investment firms, plans to file registration documents with the Securities and Exchange Commission later this year, chief executive James Lee told The Wall Street Journal. The goal is to begin facilitating trades in 2025 and host its first listing in 2026.