Agencies backed by Wall Street giants BlackRock and Citadel Securities are planning to launch a new national stock exchange in Texas in an effort to counter what they see as poor regulation on the New York Stock Exchange and Nasdaq. Texas Stock Exchange CEO James Lee told the Wall Street Journal that the exchange, which has raised about $120 million from individuals and large investment firms, plans to file registration papers with the Securities Exchange Commission later this year with the goal of starting facilitating trade in 2025 and hosting its first listing in 2016. The Texas Stock Exchange, which will trade entirely electronically but plans to establish a physical presence in downtown Dallas, also hopes to attract ETF listings.