A new U.S. stock exchange is being launched, with the aim of competing against the major U.S. trading venues for listings and trading activity.

The Dallas-based TXSE Group Inc. announced that it has raised approximately US$120 million from a group of investors, including BlackRock and Citadel Securities, to finance the planned launch of the Texas Stock Exchange (TSXE).

“TXSE will focus on enabling U.S. and global companies to access U.S. equity capital markets and will provide a venue to trade and list public companies and the growing universe of exchange-traded products,” the company said in a release.

The company said it intends to seek registration from the U.S. Securities and Exchange Commission to operate as a fully electronic national securities exchange later this year.

“Changes in equities trading markets are driving more volume to exchanges and more choices for issuers and sponsors,” said James Lee, founder and CEO of TXSE Group, in a release.

“TXSE will ultimately create more competition around quote activity, liquidity and transparency, resulting in more consistent and reliable markets that benefit investors, global issuers and liquidity providers alike,” he said.