Meet the TXSE: Texas Stock Exchange.
The WSJ reported on June 4 that a group backed by BlackRock and Citadel with $120M raised is planning to launch a new U.S. stock exchange based in Texas. The exchange plans to open for trading in 2025 and host its first listing in 2026.
The goal of the exchange is to serve as an alternative to companies seeking lighter regulations and compliance than the Nasdaq and NYSE. The exchange will compete directly for primary and dual listings.
By the start of 2028, will the TXSE be seen as a serious, viable alternative to the Nasdaq and NYSE? Ie, will companies going to market in 2026-7 begin to list on the TXSE?
https://www.reuters.com/markets/us/blackrock-citadel-backed-group-start-new-national-stock-exchange-texas-wsj-2024-06-05/
it's this woke bullshit:
https://listingcenter.nasdaq.com/assets/Board%20Diversity%20Disclosure%20Five%20Things.pdf
Mostly betting no because NEH, but just going to point out that it's a heck of a conflict of interest for Citadel (which is one of the biggest HFT firms) to build an exchange in Texas (which is far enough away from New Jersey and Chicago that, if they were to build their own microwave channel, they could gain a speed advantage).
@ShakedKoplewitz it's what everyone thought Alameda was doing with ftx until it turned out no, they were somehow managing to lose money despite owning the exchange.