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STORY: TXSE Group, backed by BlackRock and Citadel Securities, plans to launch the Texas Stock Exchange in Dallas, going up against established New York-centric exchanges in a bid to attract global companies.

The exchange, which has raised about $120 million, plans to file registration documents with the U.S. Securities and Exchange Commission to start operating as a national securities exchange later this year, TXSE said on Wednesday.

Increased competition "hopefully helps affect filing fees and other expenses and makes things more efficient," Mussio said. "That's that's kind of the business case for this."

But carving a space could be difficult for a new exchange in the lucrative U.S. listings market, where the New York Stock Exchange and the Nasdaq have dominated in a virtual duopoly since the 2000s.