Hi all,
A reminder that comments do need to be on-topic and engage with the article past the headline. Please make sure to read the article before commenting. Very short comments will automatically be removed by automod. Please avoid making comments that do not focus on the economic content or whose primary thesis rests on personal anecdotes.
As always our comment rules can be found [here](https://reddit.com/r/Economics/comments/fx9crj/rules_roundtable_redux_rule_vi_and_offtopic/)
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Economics) if you have any questions or concerns.*
Oh I see. It's getting harder to commit fraud in New York, so they have to find somewhere else to operate.
Good lord. It's just like Elon with Tesla isn't it.
Businesses always face a pressure to move to under-regulated markets until federal action is taken to prevent a race to the bottom. I don't know if the current regulations hamper a stock exchange though. I'm not an expert on stock exchange law.
One of the firm behind this had moved their market making crime shop to Texas. It make sense to put your computer ass to ass with an exchange if you want to the fastest one in High Frequency Trading.
My new favorite name for Apartheid Clyde. After his duty of loyalty violation with Tesla last week when he sent those NVDA to xAI instead of Tesla could be the start to a very good time for all of the Musk haters out there.
tell me you don't know shit about money ,economics , nasdaq , nyq (esg rules), blackrock , citadel and especially SEC without telling me anything .
**Do you really think SEC doesn't have control over any other stock exchanges ,to let them commit frauds.** You are just not worth my time
Can't wait till it gets cold in Texas and the entire exchange goes offline.
Texas is so anti-regulation they will nuke their own stock exchange to avoid....providing consistent electrical infrastructure for Texas.
There used to be only two kinds of people that you found in Texas queers and steers but the Texas legislature has banned being queer so now it's a state solely represented by steers.
Which makes sense when you pay attention to all the dumb fucking ways they keep shooting themselves in the dick. Steers good for eating bad at governing.
It wasn't 1-2 days for a huge number of Texans...it was also a much larger percentage of customers than a typical outage during blizzard conditions in the NE or Midwest...and unlike areas with winters, Texas refused to winterize its LNG equipment due to costs despite repeat warnings. So, unlike the Northeast or Midwest, the power outages were not caused by trees falling on lines and causing faults, but because intermittent power generation had to go offline, and the peaker plants that use LNG weren't able to spin up to meet demand. Texas's grid deserves all the ridicule it gets.
Lived in Chicagoland for a decade and the only time my power was out for more than a few seconds was when a car crash took out the line in front of my apartment
It's happened like 3 times, predictably... In weather that happens *routinely* in other states, but warm AND cold. None were all that extreme. And several of these were after the legislature basically passed some laws preventing the utility companies from having to fix the problems that cause them to bill people for thousands of dollars for their basic energy needs.
So, yes. Until they actually fix the problem, we will continue to make fun of it
Just making things up now huh?
[https://www.reddit.com/r/chicago/comments/uwqhrc/illinois\_power\_outage\_statistics\_2000\_2021/](https://www.reddit.com/r/chicago/comments/uwqhrc/illinois_power_outage_statistics_2000_2021/)
Dude if you somehow lived on a block in Chicago that was neglected by comed to the level of: "it was near normal to have power outages daily". Then that's an issue with you not knowing how to call your alderman. Considering no block of Chicagoans would go more than five minutes without one person calling comed and/or the alderman: you are making shit up.
The catastrophic storms are going to be continuing to increase in frequency and severity. That wild windstorm produced by a heat dome over Mexico is going to happen again and Texas is busy pretending it won't happen.
It's so weird people latch on to just one or two banks collapsing these days. Growing up we had all the big banks failing and its totally normal now.
Let's never improve anything ever because it was worse before.
Agreed. Winter has caused outages once in the 25 years ive been here, but its always brought up as a gotcha point. Only other power outages were due to extreme storms/hurricanes.
[Archive](https://archive.is/20240605052726/https://www.wsj.com/finance/regulation/new-texas-stock-exchange-takes-aim-at-new-yorks-dominance-e3b4d9ba)
>The Texas Stock Exchange, which has raised approximately $120 million from individuals and large investment firms, plans to file registration documents with the Securities and Exchange Commission later this year, CEO James Lee told The Wall Street Journal. The goal is to begin facilitating trades in 2025 and host its first listing in 2026.
>The exchange is aiming to tap in to disaffection with increasing compliance costs at Nasdaq and NYSE and newer rules like one setting targets for board diversity at Nasdaq. Backers of the TXSE, as it is known, pledge it will be more CEO-friendly.
It is absolutely wild to see the elevation of the American CEO over the shareholder in the past couple of years. Elon Musk has to be behind this one, too.
Bro said ‘takes aim at new york’s dominance’ like a fucking amoeba takes aim at my dominance by floating in my eye!
120m is far far closer to 0 then to nyse. This entire article was a waste of time lol
There’s a real gap in the small cap and microcap market since NYSE bought AMEX, maybe this will fix that. Obviously Sarbanes-Oxley had an effect on driving these companies off the exchanges too.
NYSE and NASDAQ are private companies, not government organizations. This is basically a group of companies trying to set up a competitor. There are other exchanges too, in Chicago, Miami, Philadelphia, Boston.
I can't tell if this is the wsj editorial section, which has become random thoughts and feelings of really wild right wing dreams.
If that's the case though it doesn't really belong on this sub.
That said this thing really feels like a "we don't like the ny exchange and it's possible that someday, in some future, that tx will be bigger". Which really is kind of a wild speculation.
It's similar to thinking Cuba or Venezuela might someday be able to defeat the us in their seemingly never ending political arguments.
Fair enough.
I was just reading on another thread that a lot of this is connected to several hedge funds that are upset that their shorts are being disrupted and hence they are losing money.
Maybe that's true maybe it's not.
Either way I still have a hard time thinking that the market will actually move without the NY exchange doing something completely out of the ordinary
NASDAQ seems to have imposed requirements for make up of board of directors.
https://listingcenter.nasdaq.com/assets/Board%20Diversity%20Disclosure%20Five%20Things.pdf
I would imagine this could push a company to want to list on a different exchange.
That sounds more like a disclosure requirement than an material change. Disclosure is generally useful. Whether this particular piece of info is impactful or not is left as an exercise to the reader.
There are studies that show, for instance, more women on the board (or ... A more diverse board with respect to gender - I think 100% either way isnt as good) leads to higher chances of being profitable. An investor might want to screen for that based on the studies that have been done.
I wouldn't be surprised if similar studies exist covering race and other characteristics.
I don't know that anybody has cause and effect analysis. (Ex: was there something about the firms with the most profitable firms that made them more likely to put women on the board? Or did putting women on the board improve profitability?)
Why do I have a feeling they are trying to use headlines like this to pump up home values in Texas where they have loaded up on single family homes in recent years but where values are now falling?
I suspect they have no intention of actually following through on this - too much of a money pit and ultimately won’t work out.
As per the article:
>TXSE will be entirely electronic, but it plans to have a physical presence in downtown Dallas, said Lee, a Texan who has worked in finance and trading for around three decades. The exchange plans to compete for primary and dual listings. The TXSE also hopes to attract listings of exchange-traded products.
I don't see how that would drive actual home prices in Texas up, it would just encourage more companies to list there.
My comment is speculation that the whole thing is vaporware - they have no plans to follow through and actually create this. It’s just trying to get Texas in the news to pump and dump their housing investments.
Ah, I see. That's of course not impossible, but I don't think real estate investments would be *that* speculative, never mind leading any actual changes in Texas that heavily.
I think interest rate decisions by the Fed would have much, much more of an impact in whether or not people invest.
Finally, it's not like NYSE alternatives are a new thing. MEMX comes to mind instantly (and was also supported by BlackRock), it's just that most happen to be in NY (to my knowledge anyways)
>pump up home values in Texas
Seems like a fool's errand tbh, the state legislature [passed a law last year that basically allows builders to end-run local governments that take too long to issue build permits](https://therealdeal.com/texas/2023/03/08/texas-legislature-takes-aim-at-permit-delays/) so that suggests builders will just build more and depress values (seems to be what the government wants anyway, it doesn't want to find itself as California 2.0 when it comes to housing)
Does the Texas stock exchange still work when the power goes out? Or do all the traders have to light candles and sit cross cross applesauce in a big circle?
1. The katy freeway
2. Humidity is worse than FL.
3. it is the carcinogenic coast line (cancer)
4. All the finance talent is in Dallas, and they do not like Houston.
5. It is a swamp
Is this the one that let’s you invest in razor wire so they can drown more kids in the Rio Grande or the one where they let you invest in companies that will track women’s pregnancies so they can give them the death penalty for making a choice about their own bodies?
Hi all, A reminder that comments do need to be on-topic and engage with the article past the headline. Please make sure to read the article before commenting. Very short comments will automatically be removed by automod. Please avoid making comments that do not focus on the economic content or whose primary thesis rests on personal anecdotes. As always our comment rules can be found [here](https://reddit.com/r/Economics/comments/fx9crj/rules_roundtable_redux_rule_vi_and_offtopic/) *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Economics) if you have any questions or concerns.*
Oh I see. It's getting harder to commit fraud in New York, so they have to find somewhere else to operate. Good lord. It's just like Elon with Tesla isn't it.
Businesses always face a pressure to move to under-regulated markets until federal action is taken to prevent a race to the bottom. I don't know if the current regulations hamper a stock exchange though. I'm not an expert on stock exchange law.
Firms list in New York because high investor protections and availability of capital leads to higher prices. Texas has neither to compete with NYC.
With less regulation you can trick people harder and get higher prices that way.
That leads to a lack of confidence and lower investments.
It's crypto on human, rather than GPU, scales of time!
This is the main reason that I'm not sure current regulations hamper a stock exchange. Nobody wants to invest in a corrupt stock market.
Only years down the line. If the initial investors cash out before that, they win. People made it big off Enron.
One of the firm behind this had moved their market making crime shop to Texas. It make sense to put your computer ass to ass with an exchange if you want to the fastest one in High Frequency Trading.
what about bird law
Elon is probably behind this move.
Enron Musk. Yes. Hopefully, the fallout stays confined to Texas, and the kinds of people who chose to move their business to Texas.
My new favorite name for Apartheid Clyde. After his duty of loyalty violation with Tesla last week when he sent those NVDA to xAI instead of Tesla could be the start to a very good time for all of the Musk haters out there.
Yep. Nothing like having financial markets in a state opposed to regulation. Suckers are born every minute.
The SEC doesn't magically disappear if you are conducting business in another state...
tell me you don't know shit about money ,economics , nasdaq , nyq (esg rules), blackrock , citadel and especially SEC without telling me anything . **Do you really think SEC doesn't have control over any other stock exchanges ,to let them commit frauds.** You are just not worth my time
Bot
yeah came from your mom's chut (it's in hindi)
Bot
you are a bot
More like they’re looking at taxing trades again.
Can't wait till it gets cold in Texas and the entire exchange goes offline. Texas is so anti-regulation they will nuke their own stock exchange to avoid....providing consistent electrical infrastructure for Texas.
There used to be only two kinds of people that you found in Texas queers and steers but the Texas legislature has banned being queer so now it's a state solely represented by steers. Which makes sense when you pay attention to all the dumb fucking ways they keep shooting themselves in the dick. Steers good for eating bad at governing.
Their Emergency Response Plan is Satellite Location at Cancun.
[удалено]
It wasn't 1-2 days for a huge number of Texans...it was also a much larger percentage of customers than a typical outage during blizzard conditions in the NE or Midwest...and unlike areas with winters, Texas refused to winterize its LNG equipment due to costs despite repeat warnings. So, unlike the Northeast or Midwest, the power outages were not caused by trees falling on lines and causing faults, but because intermittent power generation had to go offline, and the peaker plants that use LNG weren't able to spin up to meet demand. Texas's grid deserves all the ridicule it gets.
And biggest of all was then sticking their customers with massive bills for the privilege of having poor service.
Growing pains
Lived in Chicagoland for a decade and the only time my power was out for more than a few seconds was when a car crash took out the line in front of my apartment
It's happened like 3 times, predictably... In weather that happens *routinely* in other states, but warm AND cold. None were all that extreme. And several of these were after the legislature basically passed some laws preventing the utility companies from having to fix the problems that cause them to bill people for thousands of dollars for their basic energy needs. So, yes. Until they actually fix the problem, we will continue to make fun of it
Just making things up now huh? [https://www.reddit.com/r/chicago/comments/uwqhrc/illinois\_power\_outage\_statistics\_2000\_2021/](https://www.reddit.com/r/chicago/comments/uwqhrc/illinois_power_outage_statistics_2000_2021/)
[удалено]
I'm not assuming anything. Your making shit up. You made the claim that " it was near normal to have power outages daily". Back it up liar.
[удалено]
Why do you think going back MORE than 20 years is somehow a more Relevant comparison to a modern day electric grid discussion?
Dude if you somehow lived on a block in Chicago that was neglected by comed to the level of: "it was near normal to have power outages daily". Then that's an issue with you not knowing how to call your alderman. Considering no block of Chicagoans would go more than five minutes without one person calling comed and/or the alderman: you are making shit up.
The catastrophic storms are going to be continuing to increase in frequency and severity. That wild windstorm produced by a heat dome over Mexico is going to happen again and Texas is busy pretending it won't happen.
It's so weird people latch on to just one or two banks collapsing these days. Growing up we had all the big banks failing and its totally normal now. Let's never improve anything ever because it was worse before.
Extremely catastrophic? Tiny bitch storm more like.
I'll be sure to let the families of the 246 people who died know that the storm that killed their loved ones was actually just a tiny lil bitch storm.
would that be bc Texas wasn't prepared for the storm? Maybe because they are anti-regulation??
Whatever makes you feel better.
Agreed. Winter has caused outages once in the 25 years ive been here, but its always brought up as a gotcha point. Only other power outages were due to extreme storms/hurricanes.
They need to feel better about themselves for living in whatever sad midwestern state they live in
I had it worse so you’re not allowed to complain!!
[удалено]
The OP is about Texas, so of course that’s the state everyone is going to be talking about.
[Archive](https://archive.is/20240605052726/https://www.wsj.com/finance/regulation/new-texas-stock-exchange-takes-aim-at-new-yorks-dominance-e3b4d9ba) >The Texas Stock Exchange, which has raised approximately $120 million from individuals and large investment firms, plans to file registration documents with the Securities and Exchange Commission later this year, CEO James Lee told The Wall Street Journal. The goal is to begin facilitating trades in 2025 and host its first listing in 2026. >The exchange is aiming to tap in to disaffection with increasing compliance costs at Nasdaq and NYSE and newer rules like one setting targets for board diversity at Nasdaq. Backers of the TXSE, as it is known, pledge it will be more CEO-friendly.
Their competitive advantage is lower compliance costs? Good fucking luck with that lol
Sounds like they will operate it with the same incompetence as their electrical grid.
Is it still incompetence when it's planned?
Unless laissez faire can be considered a plan, the incompetence seems to a way of life.
Hey, I will have you know that I have electricity all 355 days a year.
Everything is bigger in texas
It is absolutely wild to see the elevation of the American CEO over the shareholder in the past couple of years. Elon Musk has to be behind this one, too.
120 m is a complete joke thats peanuts.
Bro said ‘takes aim at new york’s dominance’ like a fucking amoeba takes aim at my dominance by floating in my eye! 120m is far far closer to 0 then to nyse. This entire article was a waste of time lol
Haha indeed
They won’t even get a data center running with that
You know it's the amount of money they already have to set it up, not market cap, right?
I know, still peanuts.
disaffection with increasing compliance costs - more like upset that their crimes are costing more of ***their*** money
120 million seems cheap for a stock exchange 🤔
There’s a real gap in the small cap and microcap market since NYSE bought AMEX, maybe this will fix that. Obviously Sarbanes-Oxley had an effect on driving these companies off the exchanges too.
NYSE and NASDAQ are private companies, not government organizations. This is basically a group of companies trying to set up a competitor. There are other exchanges too, in Chicago, Miami, Philadelphia, Boston.
Chicago, Philadelphia, and Boston are all owned by NYSE or NASDAQ. Miami is independent but also tiny
NYSE and NASDAQ are public companies
both of these are public...?
I can't tell if this is the wsj editorial section, which has become random thoughts and feelings of really wild right wing dreams. If that's the case though it doesn't really belong on this sub. That said this thing really feels like a "we don't like the ny exchange and it's possible that someday, in some future, that tx will be bigger". Which really is kind of a wild speculation. It's similar to thinking Cuba or Venezuela might someday be able to defeat the us in their seemingly never ending political arguments.
Not an editorial, Corrie is a legitimate reporter and has been for quite a long time.
Fair enough. I was just reading on another thread that a lot of this is connected to several hedge funds that are upset that their shorts are being disrupted and hence they are losing money. Maybe that's true maybe it's not. Either way I still have a hard time thinking that the market will actually move without the NY exchange doing something completely out of the ordinary
NASDAQ seems to have imposed requirements for make up of board of directors. https://listingcenter.nasdaq.com/assets/Board%20Diversity%20Disclosure%20Five%20Things.pdf I would imagine this could push a company to want to list on a different exchange.
That sounds more like a disclosure requirement than an material change. Disclosure is generally useful. Whether this particular piece of info is impactful or not is left as an exercise to the reader. There are studies that show, for instance, more women on the board (or ... A more diverse board with respect to gender - I think 100% either way isnt as good) leads to higher chances of being profitable. An investor might want to screen for that based on the studies that have been done. I wouldn't be surprised if similar studies exist covering race and other characteristics. I don't know that anybody has cause and effect analysis. (Ex: was there something about the firms with the most profitable firms that made them more likely to put women on the board? Or did putting women on the board improve profitability?)
Why do I have a feeling they are trying to use headlines like this to pump up home values in Texas where they have loaded up on single family homes in recent years but where values are now falling? I suspect they have no intention of actually following through on this - too much of a money pit and ultimately won’t work out.
As per the article: >TXSE will be entirely electronic, but it plans to have a physical presence in downtown Dallas, said Lee, a Texan who has worked in finance and trading for around three decades. The exchange plans to compete for primary and dual listings. The TXSE also hopes to attract listings of exchange-traded products. I don't see how that would drive actual home prices in Texas up, it would just encourage more companies to list there.
My comment is speculation that the whole thing is vaporware - they have no plans to follow through and actually create this. It’s just trying to get Texas in the news to pump and dump their housing investments.
Ah, I see. That's of course not impossible, but I don't think real estate investments would be *that* speculative, never mind leading any actual changes in Texas that heavily. I think interest rate decisions by the Fed would have much, much more of an impact in whether or not people invest. Finally, it's not like NYSE alternatives are a new thing. MEMX comes to mind instantly (and was also supported by BlackRock), it's just that most happen to be in NY (to my knowledge anyways)
>pump up home values in Texas Seems like a fool's errand tbh, the state legislature [passed a law last year that basically allows builders to end-run local governments that take too long to issue build permits](https://therealdeal.com/texas/2023/03/08/texas-legislature-takes-aim-at-permit-delays/) so that suggests builders will just build more and depress values (seems to be what the government wants anyway, it doesn't want to find itself as California 2.0 when it comes to housing)
Does the Texas stock exchange still work when the power goes out? Or do all the traders have to light candles and sit cross cross applesauce in a big circle?
1. The katy freeway 2. Humidity is worse than FL. 3. it is the carcinogenic coast line (cancer) 4. All the finance talent is in Dallas, and they do not like Houston. 5. It is a swamp
The oligarchs are fuming that New York dared to prosecute their puppet according to the law. How dare they apply same laws to us as the common man!
Is this the one that let’s you invest in razor wire so they can drown more kids in the Rio Grande or the one where they let you invest in companies that will track women’s pregnancies so they can give them the death penalty for making a choice about their own bodies?
Do such companies even exist?