Texas’ famous longhorns are coming for Wall Street’s bulls.

A new national stock exchange, based in Dallas, and backed by Wall Street heavyweights like BlackRock and Citadel, is looking to take on the world-famous New York Stock Exchange and Nasdaq.

The newly formed TXSE Group announced its plans to file for registration with the US Securities and Exchange Commission later this year. The group is backed by more than two dozen investors with $120 million in funding – that makes it the most well-capitalized exchange entrant to even file with the SEC.

“We’re thrilled to bring to fruition the long-held vision for a national stock exchange in Texas,” TXSE Group founder and CEO James Lee said in a statement on Wednesday. “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.”

The group said it was hoping to benefit from the more than 5,200 private equity-sponsored companies in the region that may want to go public.

Source: CNN