Governor Abbott Celebrates Launch Of NYSE Texas
“Texas is the most powerful economy in the nation, and now we will become the financial capital of America,” said Governor Abbott. “With the launch of NYSE Texas, we will expand our financial might in the United States and cement our great state as an economic powerhouse on the global stage. I thank the New York Stock Exchange for choosing Texas. Working together, we will continue to advance pro-growth economic policies that allow entrepreneurs and businesses to thrive and will make Texas stronger and more prosperous than ever in the history of our great state.”
Initially unveiled in June 2024, the Texas Stock Exchange aims to serve as an alternative to the New York Stock Exchange and Nasdaq, particularly for companies in Texas and across the southeastern U.S. By creating the Texas Stock Exchange, Lee hopes to address the high costs of going and staying public.
TXSE closed its initial capital raise at $161 million, which the company claims makes it "the most well-capitalized exchange" to file a registration. More than four dozen investors pitched in, including some of the largest financial institutions and liquidity providers in the world, as well as prominent business leaders. They included BlackRock, Citadel Securities, Charles Schwab Corp. and Fortress Investment Group. The company also disclosed Dell Family Office Management, the family office of Dell Technologies Inc. founder and CEO Michael Dell, as a new investor.
"The composition of our founding ownership was intentional and deliberate," Lee said. "The market power of our investors reflects the depth of commitment to the success of this exchange, not just in the early years but over the next decade and beyond."
If successful, Lee believes the fully electronic Texas Stock Exchange will lead to more companies moving to Texas, more companies going public in Texas and to the formation of copycat exchanges.