The New York Stock Exchange Company is moving operations for the Chicago Stock Exchange (which it’s owned since 2018) to Dallas.
The Lone Star State has long been a magnet for capital investment, and recent developments regarding the establishment of not one, but two Texas-based stock exchanges seek to increase that momentum.
The Texas Stock Exchange (TXSE), set to be based in Dallas, was announced in June last year on the principle that “Texas and the other states in the southeast quadrant have become economic powerhouses,” according to TXSE founder James Lee.
“Combined with the demand we are seeing from investors and corporations for expanded alternatives to trade and list equities, this is an opportune time to build a major, national stock exchange in Texas.”
The first step to full incorporation was taken in January when registration forms were filed with the Securities and Exchange Commission — after $161 million in initial capital was raised by the TXSE group.
Former Texas governor and U.S. Department of Energy secretary Rick Perry, former acting general counsel for Charles Schwab and former head of its Office of Legislative and Regulatory Affairs Jeffrey Brown, and former KCG Holdings, Inc. chief technology officer Jonathan Ross, are some of the members on the TXSE leadership team.
Now, the New York Stock Exchange (NYSE) has announced plans to establish its own exchange in Dallas, which could be a competitor to the TXSE.
“As the state with the largest number of NYSE listings, representing over $3.7 trillion in market value for our community, Texas is a market leader in fostering a pro-business atmosphere,” NYSE Group President Lynn Martin said in a press release.
“We are delighted to expand our presence in the Lone Star State, which plays a key role in driving our U.S. economy forward.”
NYSE Texas is planned to be a fully electronic equities exchange as part of the Intercontinental Exchange. The plan, pending regulatory filings, is to reincorporate NYSE Chicago in Texas.
Though some stocks are listed specifically on the Chicago Exchange, it also trades stocks listed on other exchanges like NYSE and NASDAQ. Interestingly, a Chinese group tried to buy the Chicago Exchange back in 2016, but Donald Trump objected to the deal and it was eventually rejected by the Securities and Exchange Commission.
Chalk up another case of another company in a failing high tax, high regulation, blue-run locale getting the hell out while the getting is good and moving to Texas.
Tags: Cameron Abrams, Chicago Stock Exchange, China, Dallas, New York Stock Exchange, SEC, Texas, Texas Stock Exchange
Here’s hoping any transplants don’t bring their blue-pill politics with them.
Pity there’s no way to screen would-be immigrants to Texas for political philosophy and reject the Leftists.
Don’t worry. They won’t. Why do you think they’re moving in the first place?
A long time ago, gold holdings being stored at the NYC fed resulted in New York City becoming the nation’s financial center.
“Black Gold” may be sufficient justification for establishing a Dallas stock exchange today.
@370H55V I/me/mine: “Why do you think they’re moving in the first place?”
They’re following the money, which I understand. That doesn’t mean they’re going to realize *why* Texas is a better environment than their various People’s Republics. Some will, but I expect that most will not. :-(
When Cruz ran against “Beto” O’Rourke Cruz’s margin of victory was provided by voters who moved to Texas from places like California and Illinois. Native-born Texans prove more likely to vote for O’Rourke, especially younger Texas voters, those 30 and under.
Cruz was saved by blue-state transplants, who overwhelmingly (by 2:1 or 3:1) voted for him over the faux Hispanic. They *knew* what it was like to live under Democrats, while young Texans were wowed by Beto’s hip image. Cruz would likely have lost without the transplants.
I don’t think those like Kurt Schlichter moved to Texas just following the money.
Seawriter is correct. I’m a lifelong citizen of Illinois, and if I had the chance, I’d move to Texas, Tennessee, or Florida in an instant, and I’d continue to vote for Conservatives. Unfortunately I have elderly relatives that don’t want to leave and I’m responsible for them.
Several friends and acquaintances have left the Peoples Republic of Illinois for “Free States”.
Companies who leave Illinois will take many employees with them, most will be on the right side of the political spectrum. Those citizens will then have votes that count and live in a state that’s not headed towards insolvency.
[…] NYSE Chicago Moving To Dallas. “Chalk up another case of another company in a failing high tax, high regulation, blue-run […]
This is not as big a deal as it seems. https://jeffreycarter.substack.com/p/a-nothing-burger If CME/CBOE move, that’s a big deal. The NYSE is headquartered where? Atlanta. It’s owned by ICE. This is merely a competition for listings. It may attract some order flow from trading firms based in Texas.
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