Texas Stock Exchange Dallas

[llamaorama]

If they premise it entirely on being "anti-woke" its probably going to alienate some investors and attract the wrong sort of others to it. I hate how DFW attracts the worst kind of people sometimes.

Is there is some genuine demand for this, or is this some vanity thing? Does a stock market even need to geographically based in any particular place anymore? Wouldn't it make sense for a stock exchange company to just headquarter itself legally in the place with favorable regulations and taxes while putting data centers wherever there is the lowest latency path to the majority of traders, and then employing people who live literally anywhere and work remotely or in regional offices?

[mrnyc]

cleveland had a stock exchange 1899-1949.

it eventually became part of the nyse chicago today.

[Centropolis]

The Kansas City Board of Trade (KCBT) commodity futures and options exchange was acquired by CME about 10 years ago. I think there was a forumer who worked the floor...I remember when it was active when I lived in KC. Around 1900 Kansas City was likely significantly larger than Dallas and the "big city" of the plains sort of how Dallas is now (although Dallas feels as much subtropical as it is plains now).


https://upload.wikimedia.org

[pj3000]

Originally Posted by xzmattzx

And the Philadelphia Stock Exchange, now owned by NASDAQ since 2007 but still active.

There used to be many more stock exchanges, like the Baltimore Stock Exchange, Washington Stock Exchange, Pittsburgh Stock Exchange, Boston Stock Exchange (which apparently ceased only in 2007, or is now owned by NASDAQ), Colorado Springs Stock Exchange, Cincinnati Stock Exchange, Detroit Stock Exchange, Arizona Stock Exchange, and others. These are all separate from oil exchanges and mining exchanges.

There used to be a ton of exchanges back in the day. Stocks weren't just traded on Wall Street, but we tend to think that now.

I was just reading about the Pittsburgh Stock Exchange the other day... had no idea it ever existed, but did for over a century, from 1864-1974. Makes sense given that the coal, oil, and gas industries started in western PA, and those were the commodities that it was originally established for. But became a full exchange for all stocks in the 1890s.

It was at various locations on Fourth Ave in downtown Pittsburgh's financial district, where American venture capital has its origins with the Mellons creating Gulf Oil, Alcoa, and other large inventment bank enterprises of the day.

[urbanpln]

I know this is not a direct Chicago topic, but can anyone who knows the finance world give their opinion on this topic? Maybe Marothisu?

https://www.youtube.com/watch?v=e3jjy3EanGc&t=38s

[marothisu]

Originally Posted by urbanpln

I know this is not a direct Chicago topic, but can anyone who knows the finance world give their opinion on this topic? Maybe Marothisu?

https://www.youtube.com/watch?v=e3jjy3EanGc&t=38s

I'm conflicted as there's multiple angles. It is not easy at all to do this from a tech, ops, etc perspective but it's possible. Even if it'll take multiple years if they truly want to do it from scratch. Not even talking about getting all the regulatory approvals.

Then there's getting enough companies off of NYSE and NASDAQ to go there. And there has to be a reason other than "fuck NYC/these liberal places!!" If you arent getting companies to list there instead then whatever. There's a reason why most other stock exchanges in the US are small and the vast majority of people have never heard of them.

And maybe they'll go for something more unique, who knows. But again I think the amount of ops and tech to pull it off is at most equal to the amount of other shit that needs ro be pulled off to make it successful.

Texas doesn't even have an advantage in terms of location to pull off for example what CBOE can when there are prop trading firms which consider even 3ms extra lag a huge deal. So if they aren't doing that and catering to normal stocks, then sure they could have all new tech but the amount of time to get this thing operational means that NYSE will probably just beat them at their own game by offering something similar from a modernized perspective.

This basically just seems like a "if you build it they will come" scenario but I'm not sure "they will come" enough to make this thing matter. It just seems like a few.billionaires' dream to make Texas a new Wall Street but not considering that making it happen is way more than just spending 2 or 3 years on new tech. I think that's probably the easiest part.

[Kngkyle]

Miami would make more sense given it could become a hub for South American companies to list in the US. More of a business case than an "anti-woke" exchange in fucking Dallas of all places. I feel like Elon Musk is behind this scheme.

[iheartthed]

Originally Posted by Kngkyle

Miami would make more sense given it could become a hub for South American companies to list in the US. More of a business case than an "anti-woke" exchange in fucking Dallas of all places. I feel like Elon Musk is behind this scheme.

Don't worry, it's destined to fail. If it ever gains any momentum it would get quickly swallowed up by a larger stock exchange. But it's unlikely to ever have momentum. It'll probably just be a way for shady SPACs to IPO or something (a la Truth Social).

[urbanpln]

Thanks for the response.

[austlar1]

I saw a news story about this last evening that suggested the logic for creating a new exchange in Texas is that the lax regulatory climate in Texas would make it less onerous for newly emerging companies to become publicly traded by listing on TXSE. The actual location of the exchange entity is not a great concern, but the Texas regulatory climate makes Dallas an appealing choice. There is major money behind this undertaking. The group, which includes BlackRock, Citadel Securities and about two dozen investors, raised approximately $120 million of capital to create the Texas Stock Exchange. Time will tell the tale, but I wouldn't be so dismissive of the effort. I'm old enough to remember when people regarded Nasdaq as something of a joke.