June 4 (Reuters) - A group backed by BlackRock ( BLK )

and Citadel Securities is planning to start a new national stock

exchange in Texas, a spokesperson for Citadel Securities said on

Tuesday.

The Texas Stock Exchange, which has raised about $120

million, plans to file registration documents with the

Securities and Exchange Commission (SEC) later this year, The

Wall Street Journal reported earlier, citing CEO James Lee.

BlackRock ( BLK ) did not immediately respond to a Reuters request

for comment.

The TXSE, as it is known, plans to compete for primary

and dual listings and aims to start in 2025 and host its first

listing in 2026.

The stock exchange aims to attract listings of

exchange-traded products and aims to challenge increasing

compliance costs at Nasdaq and NYSE, and newer rules like the

one setting targets for board diversity at Nasdaq.