A group of financial firms and investors is planning to launch a Texas-based private market stock exchange and offer traders an alternative to the New York Stock Exchange and Nasdaq.

The group, which includes BlackRock, Citadel Securities and about two dozen investors, raised approximately $120 million of capital to create the Texas Stock Exchange, which would be headquartered in Dallas. They are now seeking registration with the U.S. Securities and Exchange Commission to operate as a national securities exchange later this year.

“Texas and the other states in the southeast quadrant have become economic powerhouses. Combined with the demand we are seeing from investors and corporations for expanded alternatives to trade and list equities, this is an opportune time to build a major, national stock exchange in Texas,” said James Lee, founder and CEO of TXSE Group.