Competition for Stocks

 BlackRock and Citadel Securities, two financial heavyweights, have begun the process to create a new stock exchange in Texas. The Texas Stock Exchange directly challenges the dominance of the New York Stock Exchange (NYSE) and NASDAQ. The new exchange, located in Dallas, aims to have fewer restrictions on listed companies and offer a cheaper and easier way for businesses to go public, in response to regulatory overreach and high costs associated with listing on the NYSE and NASDAQ. Citadel, a major trading firm, is involved as a market maker and could profit from the new exchange, putting pressure on incumbent exchanges to lower their fees. The Texas Stock Exchange could bring high-paying jobs and attract foreign companies to Texas, but concerns have been raised about the potential impact on local Texans due to the influx of industries and high-paying jobs. BlackRock and Citadel Securities are providing significant funding and market-making capabilities to make the exchange a viable option. Citadel, led by billionaire CEO Ken Griffin, has been criticized for halting the buying of GameStop on Robin Hood to protect their short positions, but no evidence of collusion has been found.