BlackRock and Citadel Securities are among investors backing a group seeking to start a new national stock exchange in Texas.

TXSE Chairman and CEO James Lee said the Dallas-headquartered group has raised $120 million with the support of more than two dozen investors.

“Texas’s booming economy and the strong economic and population growth among states in the southeast quadrant of the U.S. present incredible opportunities for businesses — and ultimately the Texas Stock Exchange,” Lee said on LinkedIn.

The Wall Street Journal reported on the endeavor earlier, saying the exchange is billing itself as a “more-CEO friendly” alternative to the New York Stock Exchange and Nasdaq in the face of rising regulation and a “disaffection with increasing compliance costs.”

Source: CNBC