News just out today on the Texas Stock Exchange, an upstart that is looking to begin operations in 2025 in Dallas. It will be a long road for the exchange, which faces an industry dominated by the NYSE and Nasdaq, though the entrant is backed by heavyweights such as Blackrock and Citadel Securities. There are good reasons that the industry has evolved and consolidated as it has, into just two big players, and even if (or especially if) the new exchange succeeded, it could be a ripe target for the industry's giants.