The group announced Wednesday it raised $120 million in capital to start a stock exchange in Dallas this year.
Traders work on the floor of the New York Stock Exchange in New York on August 23, 2016. A group of financial firms and investors are planning on launching a stock exchange in Dallas this year.We’re testing using AI-powered tools to provide an audio version of this story. While this audio recording is machine-generated, the story was written by human journalists.
“Texas and the other states in the southeast quadrant have become economic powerhouses. Combined with the demand we are seeing from investors and corporations for expanded alternatives to trade and list equities, this is an opportune time to build a major, national stock exchange in Texas,” said James Lee, founder and CEO of TXSE Group.
“If we look at the three states with the largest economy, New York has two stock exchanges. Texas, comparably to California, is growing economically and demographically really fast, and already has a big number of Fortune 500 biggest companies headquarters, so it makes sense Dallas would be an ideal place,” said Steven Pedigo, a professor at the University of Texas at Austin’s LBJ School of Public Affairs and an expert in economic and urban development.
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