So, are the exchanges connected? Would there be any difference for me buying and selling stocks on “normal NYSE” vs “NYSE Texas”? What benefits would companies see from listing on NYSE Texas vs the other NYSE?
More or less, in practice your US broker has to respect "best execution", meaning it cannot offer you a price worst than the "NBBO", which is the composite of all US stock markets.
In practice though, I expect most companies listed in NYSE Texas to be solely listed there.
> “normal NYSE” vs “NYSE Texas”
There's already _a lot_ of "NYSE" markets and segments. Some exist because of historical mergers (Amex, Arca), and some to offer alternate / cheaper listings (NYSE listing is very expensive vs say Nasdaq)
> What benefits would companies see from listing on NYSE Texas vs the other NYSE?
Unclear at the moment but I expect a lower bar for listing requirements and a cheaper price. Nyse is by far the most expensive listing there is, but it's also very exhaustive on listing requirements (audits, etc). I guess there is also a political/economical deal with Texas at play, to incentivise companies to move there, list there, and grab some of NY market share.
Roughly speaking, you will find the prestigious / big market cap / rich companies listed on NYSE main market, ETFs on NYSE Arca, small caps on NYSE American (ex Amex), and very small caps on NYSE National.
The listing requirements and prices, as well as fee structure also differ for each market. National has a fee structure to incentive adding liquidity for instance.
If the asynchronicity bothers you, imagine that you can also trade e.g. HSBC secondary listing on NYSE NY market hours + the ADR of HSBC HK on NYSE NY hours + HSBC primary listing on LSE on London hours + HSBC HKSE on HK hours for a lot of fun.
1: https://en.wikipedia.org/wiki/Bovine_spongiform_encephalopat...
Yes, and no. Not in the sense that it's one uniform trading system, but there are various interlinkages (market data via the SIP for example; mostly dictated by RegNMS) and most of the exchanges operate a brokerage running an order routing business.
> Would there be any difference for me buying and selling stocks on “normal NYSE” vs “NYSE Texas”?
Assuming you have the ability to dictate to your broker where they perform the trade there would be absolutely no difference between trading on NYSE vs NYSE TX (minus maybe some currently undecided fee differences). Functionally they are identical (they even run on the same technology stack).
> What benefits would companies see from listing on NYSE Texas vs the other NYSE?
The cultural issue TXSE (and by extension this NYSE TX move) are trying to capture is the 'anti-DEI' / 'the exchange tells us what the composition of our board must be to meet listings standards' type things. There's a subset of the corporate world who see value in capitalizing on these issues. There's also the potential for different financial requirements or incorporation requirements, but those haven't been disclosed yet (and wouldn't be too divergent from the existing differences between listing on the various Nasdaq or NYSE exchanges).