[tcbawo]

Is there anything interesting or novel about this exchange, other than its headquarters are located in Texas? From what I can tell, the primary data centers will be in New Jersey like all the others.

[no_circuit]

Yes, from https://www.txse.com/solutions:

  TXSE's goal is to provide greater alignment with issuers and investors and address the high cost of going and staying public.

The alignment part translates IMO to avoiding political / social science policy issues like avoiding affirmative action listing requirements like the Nasdaq Board Diversity Rules that was just recently repealed: https://corpgov.law.harvard.edu/2025/01/12/fifth-circuit-vac....

So it is as one might imagine, the formation was probably for similar reasons why owners are moving their company registration out of Delaware.

[underlipton]

In a structurally-biased environment, the loss of policies that counteract that bias does not allow companies to "avoid" politics and social science; it allows them to take the side in favor of the structurally-biased status quo. Just so we're clear about what that is.

[abirch]

Delaware protects the shareholders. It's uncertain what will happen in Texas.

https://www.bloomberg.com/opinion/articles/2024-02-01/texas-... https://www.bloomberg.com/opinion/articles/2025-02-03/texas-...

[piltdownman]

Run by Blackrock & Citadel, instigated in part to circumvent DEI protections, in a State that can’t keep their power grid stable, promising less regulations for the people running it and listing their companies on it.

Simply put, this is Republicans pushing for “Y'all Street". Target one will be earnings reports, but the eventual push will be to not be overseen by the SEC in some important capacity.

[hiatus]

> will be to not be overseen by the SEC in some important capacity.

How would a securities exchange avoid being regulated by the securities and exchange commission?

[0xbadcafebee]

> in part to circumvent DEI protections

Those were struck down 11 months ago, though?

> eventual push will be to not be overseen by the SEC

But no crimes will be committed, because they're trustworthy businessmen

[lupusreal]

> DEI protections

Forgive my ignorance, but what does that mean in this context?

[ecshafer]

This is tinfoil hat conspiracy thinking.

[eej71]

Consider a broader range of news sources in your daily diet.

[ivape]

Speculation (no pun intended), but …

CEO OF Robinhood has been talking about offering crypto as a vector for acquiring shares for private companies:

https://www.sec.gov/about/crypto-task-force/written-submissi...

This admin and this new exchange would probably allow all kinds of nonsense to be publicly traded compared to other exchanges.

We’ve got three more years to go and this exchange, or anything new that happens in Texas is absolutely going to be tied with deregulatory ambitions.

[tsunamifury]

You mean that ceo that hawks scam coins as fraudulent ways to invest in OpenAI.

[threetonesun]

Seems especially suspicious with the 401k executive order, like a nice avenue to get unaware people invested in digital Beanie Babies.

[janmo]

Hopefully they will provide cheap market data like IEX did in its beginning.

[H8crilA]

Yeah, this is more competition on the scene. We should welcome competition.

[ijidak]

Is there a similar source you're aware of, cheap with a clean API? Hated to lose IEX.

[raverbashing]

Ah so no timing arbitrage in finding a place in Tennessee where data arrives from both places milliseconds apart and you can explore minor differences in pricing

[Spooky23]

People online like to yak about the woke nonsense.

Reality is there are tax and regulatory advantages. The courts are setup in a way that is favorable to business. They read a very strict interpretation of contracts which is good in some scenarios.

Texas politics is a train wreck, but their bureaucracy is pretty good for a business - things like permitting and other regulatory processes are faster. They also will firehouse you with incentives.

[jjk166]

> Reality is there are tax and regulatory advantages. The courts are setup in a way that is favorable to business. They read a very strict interpretation of contracts which is good in some scenarios.

> Texas politics is a train wreck, but their bureaucracy is pretty good for a business - things like permitting and other regulatory processes are faster. They also will firehouse you with incentives.

None of that is really relevant to a stock exchange though. Being on the Texas stock exchange doesn't mean you are subject to Texas laws and regulations just like being on the New York Stock Exchange doesn't subject you to New York laws and regulations.

[philipallstar]

I imagine as businesses move away from NY and SF, they want their stock exchange to move with them, and for similar reasons.

[jcranmer]

As far as I'm aware, all of the major exchanges in the US are in NY or in Chicago, and even then, Chicago is mostly just futures exchanges for commodities and not stock exchanges. So unless you're headquartered in NYC (which most companies listed on NYSE/NASDAQ are not), you're already not working with a stock exchange in the same area as you, and failing to collocate the stock exchange isn't really a detriment. (Interestingly, even historically, when stock exchanges were more plentiful in the country, there just doesn't seem to have been much demand for a stock exchange on the west coast at all.)

The main reason to move away from the NYSE or NASDAQ is if you don't like the rules those stock exchanges have.

[kstrauser]

And yet, it’ll be inevitably be seen as the Dollar Store stock exchange.

“Well, we IPOed!”

“Congratulations!”

“…in Texas.”

“Do you need to use me as a reference?”

[thinkingtoilet]

Why would businesses want to move away from the 4th largest economy in the world to less successful states?