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Call the Texas Stock Exchange

There was a time, not so long ago, when we could have scoffed at the hubris of opening a national stock exchange in Dallas. After all, the historic stock exchanges of Chicago, Philadelphia and Boston have long since given way to the New York Stock Exchange and Nasdaq.

But now call us crazy, this could really work.

On June 4, news broke that a group of investment heavyweights was planning to open the Texas Stock Exchange (TXSE), headquartered in downtown Dallas. They raised $120 million to reach this goal. They plan to register with the Securities and Exchange Commission later this year. They plan to attract their first listing by 2026, CEO James Lee said.

In recent years, North Texas has attracted powerful financial services companies like Goldman Sachs and Wells Fargo. Since 2019, Dallas-Fort Worth has created more than 59,000 financial sector jobs, making it the second-largest financial employment hub in the country. WFAA-TV (Channel 8) reported in February.

Dallas has become one of, if not the, dominant financial centers in the country, if not the world, Lee said. The Wall Street Journal.

Not only is it the idea of the future, but it's part of Dallas' past. We established the Federal Reserve Bank of Dallas in 1914. And don't forget, we were once home to one of the largest cotton exchanges in the world. As D review recalled in 2018By the second decade of the 20th century, there was no doubt that cotton was truly king; Dallas was his palace and the Dallas Cotton Exchange considered his throne.

Meanwhile, New York has been struggling lately. In 2020, the NYSE considered moving to Texas to avoid new taxes being considered by state officials in Albany.

TXSE is described as a CEO-friendly trading venue, an alternative to the increased compliance costs and regulatory burdens in New York. A TXSE spokesperson told us that some executives were frustrated by the New York Stock Exchange's lack of clarity and consistency regarding items such as nominating, governance and compensation committee requirements.

Interestingly, one of the backers of the TXSE is BlackRock, a company that has recently been at odds with Texas politicians. The Texas Permanent School Fund terminated management of $8.5 billion BlackRocks in March over its climate policies promoting clean energy investments.

That's the one thing that could make us and the market sour about this deal if it simply turns into a politically motivated revenge tour. THE Newspaper reported industry rumors about an anti-woke trade.

New York stock exchanges are expected to face market backlash due to their social engineering. For example, Nasdaq is attempting to require listed companies to disclose information about diversity on their boards of directors. But a conservative mirror image of the same intrusion will serve neither markets nor investors.

Lee told the Newspaper TXSE is apolitical. If it stays that way, this project could be a game changer for North Texas.

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Sources

1/ https://Google.com/

2/ https://www.dallasnews.com/opinion/editorials/2024/06/10/texas-stock-exchange-not-political-game-changer/

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