The Texas Stock Exchange drew its first primary listings on Tuesday, a fresh milestone in the upstart bourse's push to compete with the heavyweights in New York.
Financial services firm Texas Capital Bancshares (TCBI.O) said two of its exchange traded funds would make TXSE their primary trading venue starting September 16, pending regulatory approvals. The funds currently trade on the NYSE Arca, a part of the New York Stock Exchange group.
The move marks an early test of TXSE's ambition to build a new home for companies and investment products outside the traditional hubs in New York.
While the exchange has already attracted secondary listings from several companies, a primary listing makes it the principal venue of the ETFs, giving it a greater role in their trading activity.
The ticker symbols and investment approaches of the funds — Texas Capital Texas Equity Index ETF and Texas Capital Texas Oil Index ETF — will remain unchanged, Texas Capital said.
TXSE is backed by investors including BlackRock (BLK.N), Citadel Securities and Charles Schwab (SCHW.N).
It began full trading operations in July and has said it expects to begin accepting initial public offerings next year.
