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The Texas Stock Exchange on Tuesday crossed its latest hurdle toward becoming a direct competitor to the dominance of the New York Stock Exchange and the Nasdaq.

The announcement that the U.S. Securities and Exchange Commission had approved the Dallas-based startup to operate as a national exchange was met with celebration by Texas lawmakers, including Gov. Greg Abbott, who declared “Texas is swiftly becoming America’s financial hub.”

The hype around the Texas Stock Exchange, or TXSE (pronounced Tex-ee), has been building since the June 2024 announcement that the exchange intended to launch with $120 million in backing from investment large firms like BlackRock

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