Texas Stock Exchange raises US$155 million after first listings

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeInvestorTexas Stock Exchange raises US$155 million after first listings'Real competition for primary listings is here, and it is here to stay'Author of the article:TXSE built its early pitch in part around support from big-name backers, attracting investments from the likes of BlackRock Inc. and Citadel Securities. Photo by Al Drago/Bloomberg via Getty ImagesThe parent company of the Texas Stock Exchange raised US$155 million in a third funding round, bolstering its financial firepower as it challenges the New York Stock Exchange and the Nasdaq for equities listings.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountTXSE Group Inc.’s existing shareholders are providing about three-quarters of the new money, with the rest coming from new backers. Funding for the exchange now totals US$430 million, the Dallas-based company said in a statement Wednesday. It didn’t identify the new investors.This advertisement has not loaded yet, but your article continues below.“Real competition for primary listings is here, and it is here to stay,” James Lee, TXSE’s founder and chief executive, said in the statement. The latest funding is an “institutional validation” of demand for a competing exchange, he said.Canada's best source for investing news, analysis and insight.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Investor will soon be in your inbox.We encountered an issue signing you up. Please try againThe TXSE, which won authorization from federal regulators a year ago, recently lured an initial slate of primary listings consisting largely of companies with close ties to the exchange. One of the most prominent is Energy Transfer LP, whose chairman, Kelcy Warren, owns a big stake in TXSE Group. Another is Texas Capital Bancshares Inc., which is led by Rob Holmes, a member of an advisory board to the exchange.TXSE built its early pitch in part around support from big-name backers, attracting investments from the likes of BlackRock Inc. and Citadel Securities. It followed that up with a second round of fundraising led by JPMorgan Chase & Co.The NYSE and Nasdaq, which have long dominated the competition for United States listings, have responded to the threat with Texas-based venues designed to expand their reach in the state. Lee said TXSE’s focus would help it win new business.“While the legacy equities exchanges prioritize fintech, prediction and energy markets, mortgages, data businesses and other pursuits, TXSE is solely focused on being the best exchange operator in the world,” he said.We apologize, but this video has failed to load.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.