Shake things up in the stock market? A group backed by financial giants BlackRock (NYSE:BLK) and Citadel Securities is aiming to do just that with plans for a new national stock exchange in Texas.

This new exchange, called the Texas Stock Exchange (TXSE), has already raised about $120 million and is gearing up for registration with the Securities and Exchange Commission (SEC) later this year, according to The Wall Street Journal.

Here's what we know so far:

• Challenger in the Corral: The TXSE is setting its sights on becoming a major player, vying for both initial public offerings (IPOs) and companies already listed elsewhere (dual listings).
• 2026 Debut: The exchange has a timeline in mind, aiming to be operational by 2025 and welcoming its first listed company in 2026.
• Exchange-Traded Ambitions: The TXSE is particularly interested in attracting exchange-traded products (ETPs), which are investment vehicles similar to mutual funds but traded like stocks.
• Regulatory Relief? A key driver for the TXSE seems to be a dissatisfaction with current regulations. They're looking to offer an alternative to what some see as rising compliance costs at established exchanges like Nasdaq and the NYSE. Additionally, the TXSE might target specific regulations, like the recent Nasdaq rule requiring board diversity.

It's important to note that this is a developing story. BlackRock has yet to comment publicly on the project. While details are still emerging, the TXSE's arrival could potentially shake up the landscape of US stock exchanges. We'll be keeping an eye on how this story unfolds.