Texas Stock Exchange documents will be operated nationwide, and the eyes will be traded in early 2026

Suzanne McGee and NIKET NISHANT

(Reuters) -The parent company said on Friday that the Texas Stock Exchange (TXSE) was submitting a document to work as a national stock exchange, and it was launched in 2026.

The company hopes that the US Securities and Exchange Commission will approve the application before the end of the year because it tries to destroy the industry led by New York.

The proposed exchange said it hopes to reverse the number of companies that constantly trade, to solve the high cost of public listing and maintaining exchanges.

“This is a big step forward,” said Anne Peetz, a lawyer who specializes in Reed Smith LP capital market.

Since the supporters of the exchange announced the plan in the summer, they have rarely revealed details. The so -called form 1 includes how to deal with transactions, listing rules, costs and other matters in the new exchanges, and may not be used publicly within a few weeks.

The exchanges said that with the submitted documents, it has obtained $ 161 million in capital from four more than four investors. Their levels include Belle, Castle Securities, Charles Schwabu, and the United States mainly as municipal merchants and trading companies, such as jump trading giants.

“This is an interesting idea.”

The exchange has positioned itself as a challenger of the Nasdaq and the New York Stock Exchange, the country's leading securities market for a long time.

According to a factual explanation of the exchanges, the headquarters of the State State Stock Exchange will occupy part of a new building in Dallas, including the administrative office, the conference center and the “iconic bell ring field”.

The two market structure analysts were required to be named because they were not authorized to openly talk about the joint venture. They said that TXSE will need to provide more competition.

Another new noble exchange IEX spent four years trying to attract existing public trading companies, but only abandoned the job in 2019.

“This is a very competitive environment.” Considering the company listed on TXSE “to ensure that TXSE is comparable to its competitors.”

Greg Abbott, Governor of Texas, said that the new exchange will expand the state's financial capacity and consolidate its economic capabilities at the global stage. Many of the highly anticipated companies, including Elon Musk Tesla, have shifted their headquarters to the state in recent years as a more popular business environment.

(NIKET NISHANT's report in Bangalore and Suzanne McGee in New York; editor of Pete Schroeder and Cynthia Osterman)