Energy magnate owns the biggest stake in the venture.
DALLAS — This article was originally published by our content partners at the Dallas Business Journal. You can read the original article here.
New details about the Texas Stock Exchange have emerged after the U.S. Securities and Exchange Commission recently published the exchange’s registration and application to begin trading.
TXSE Group Inc., the parent company of the upstart stock exchange, submitted its registration on Jan. 31, but the SEC did not make the filing public until April 4. Publication marks a key milestone in the regulatory approval process and now opens the filing up to public comment. The filing outlines the rules for membership, authorized traders and how pricing, trading and listing will work. It also includes TXSE’s financial statements and information about its ownership.
Led by CEO James Lee, TXSE aims to shake up the trading industry long dominated by the New York Stock Exchange and Nasdaq. The Texas Stock Exchange would also help further cement Dallas’ standing as the second-largest financial hub in the U.S. behind New York, earning it the moniker “Y’all Street.”
Lee has pitched the Texas Stock Exchange as a “CEO-friendly” alternative to the two larger stock exchanges, which have increased compliance costs and implemented rules like targets for board diversity at Nasdaq. While some have identified the Texas Stock Exchange as “anti-woke,” Lee, who led fundraising for Republican political campaigns in the past, has pushed back against the idea that the exchange is being driven by political motivations.
