Is there anything interesting or novel about this exchange, other than its headquarters are located in Texas?
From what I can tell, the primary data centers will be in New Jersey like all the others.
TXSE's goal is to provide greater alignment with issuers and investors and address the high cost of going and staying public.
So it is as one might imagine, the formation was probably for similar reasons why owners are moving their company registration out of Delaware.
https://www.bloomberg.com/opinion/articles/2024-02-01/texas-... https://www.bloomberg.com/opinion/articles/2025-02-03/texas-...
Delaware law exclusively protects the interests of the board of directors. It allows for a unique provision - the hilariously misnamed "Shareholders Rights Plan" that enable a board of directors to issue shares as they please, in order to make sure every attempt at takeover isn't against the interests of the directors.
The only check on the power of the board in a Delaware corporation is the Delaware court of chancellery.
> it is weird that Tesla’s management and board of directors and (a large majority of) shareholders all agreed that Musk should get paid $55.8 billion for creating $600 billion of shareholder value, and he did do that, and he got paid that, and a judge overruled that decision and ordered him to give back the money. I can see why Musk — and Tesla’s board, and its shareholders — would find that objectionable! They’re trying to run a company here.
Simply put, this is Republicans pushing for “Y'all Street". Target one will be earnings reports, but the eventual push will be to not be overseen by the SEC in some important capacity.
Those were struck down 11 months ago, though?
> eventual push will be to not be overseen by the SEC
But no crimes will be committed, because they're trustworthy businessmen
Forgive my ignorance, but what does that mean in this context?
> On August 6, 2021, the SEC approved Nasdaq’s proposed diversity rule for companies listed on its exchange. The rule required Nasdaq-listed companies to (1) publicly disclose board-level demographic data annually and (2) have, or explain why they do not have, a certain number of diverse directors on their boards. Companies with more than five board members were required to have two members from an underrepresented group, including one female and one person who self-identifies as Black, Hispanic, Asian, Native American, Alaskan Native, Native Hawaiian, Pacific Islander, biracial, or LGBTQ+.
https://ogletree.com/insights-resources/blog-posts/fifth-cir...
How would a securities exchange avoid being regulated by the securities and exchange commission?
SEC Chair says they are going to hunt crooks more aggressively, but won't leverage dawn raids as much to chase technical violations.
> US SEC buyouts hit legal, investment divisions hardest, data shows https://www.reuters.com/business/world-at-work/secs-legal-in...
> SEC Formally Withdraws Fourteen Rule Proposals https://www.proskauer.com/alert/sec-withdraws-fourteen-rule-...
The actions generally do not seem to match the words, and seem to point to a general trend of deregulation and lack of oversight (as the administration has said they would do, and especially in the crypto space has essentially stopped prosecuting crimes)
>> will be to not be overseen by the SEC in some important capacity.
Your articles don't dispute this.
As for whether oversight will be "weaker" and more de-regulated, maybe.
1. There's a headcount reduction. At worst, there's a quote that some really experienced watchdogs are out the door. Hard to tell until we get outcomes.
2. As for withdrawal of proposals, look closer.
> Although most observers doubted that the current Commission would adopt these proposals
Which makes it sound like the proposals were just withdrawn for later submittal and new discussion. Footnote #1 goes into how this isn't really unprecedented, citing similar withdrawals (or resets) under the Biden admin.
By having a Governor who's friendly with the President?
The President has a good amount of sway over the SEC. https://www.usatoday.com/story/money/legal/2025/03/03/sec-dr...
There is a party actively committed to implementing autocracy as fast as it can. To willfully ignore that and attempt to deflect from it as you are doing is wrong.
Moreover, if you don't think an autocracy will hurt YOU because you are in some protected group, you are wrong — it might not hurt you first, but it will hurt everyone, including you.
And regarding ignoring fascism/authoritarianism, you need only look at the difference between fascist and democratic societies
In democratic societies, the three branches of govt are independent, and the branches of civil society, press, academy, religion, business, industry, finance, entertainment, sport, and non-profits are ALL independent.
In autocratic societies, the power of the government is abused to corrupt or coerce all three branches of govt and all segments of civil society to serve the will of the executive.
EVERY single move by the person occupying the President's chair and his party as been to reduce or undermine the independence of the other government branches and all segments of civil society. The party who claims to be about "free enterprise" and "free speech" is seizing ownership of corporations, directly interfering in individual hiring decisions, and even making govt threats to get COMEDIANS fired. Seizing ownership of corporations, even partially, is more typical of Communist governments than democracies.
See if you can find a single substantive exception since 20-Jan-2025 where this administration increased freedom of expression or freedom of economic action, especially when such expressions or actions were unfavorable to it.
I will be keeping a record of this username as a known liar and coward for any time I encounter it again.
Lifting prohibitions on nuclear power and nuclear research would qualify I think. That took me about 5 seconds to come up with.
Your side is losing, so you attack, attack, attack. But all you are doing is driving reasonable people away. Your hyperbolic rhetoric is literally getting people killed. And you lie about the victims to justify that violence.
There is some truth for you...
The first thing coming up when I search that phrase is literally everyone but the current administration doing so: 1) World Bank, 2) Denmark, 3) Illinois Gov Pritzger (Dem), 4,5,6,+) Asian Bank. So, perhaps the administration has also reduced regulations in this area, but this is not an economic freedom that reduces concentration of power, particularly as this administration requires a vig to play in every area it can.
As to the rest of the allegations, they are vague, broad-brush, hyperbolic and entirely devoid of any actual examples. No truth at all, or only the kind of "truth" found on Truth Social.
But you do follow well Goebbels' instruction to accuse the enemy of that which you are guilty
CEO OF Robinhood has been talking about offering crypto as a vector for acquiring shares for private companies:
https://www.sec.gov/about/crypto-task-force/written-submissi...
This admin and this new exchange would probably allow all kinds of nonsense to be publicly traded compared to other exchanges.
We’ve got three more years to go and this exchange, or anything new that happens in Texas is absolutely going to be tied with deregulatory ambitions.
IEX data is now free after 15minutes instead of 15milliseconds.
One option is the Databento US Equities Mini for 200 USD per month. If I understand it correctly it is some sort of weighted average between multiple exchanges.
Their EQUS Mini dataset is a great way to dip the toe if you want live data without licensing restrictions. Databento's article talks exactly about how it is sourced, but it is not that it is averaged but anonymized, specifically because of the complexities of upstream exchange licensing. [2]
You don't have to pay $200 per month for that -- that's for all-you-can-eat. You can experiment with pay as you go.
You can use my dbn-go tools to help you... here's the cost to get all the 1-day candlesticks for all the US Equity Symbols for 1-year... which you could use to make all sorts of charts and redistribute them freely (the trickiest part honestly):
$ dbn-go-hist cost --dataset EQUS.SUMMARY -t 2024-07-01 -e 2025-07-01 -s ohlcv-1d ALL_SYMBOLS
EQUS.SUMMARY ohlcv-1d $ 4.380178 156772672 bytes 2799512 records
$ dbn-go-hist cost --dataset XNAS.ITCH -t 2024-07-01 -e 2025-07-01 -s ohlcv-1d ALL_SYMBOLS
XNAS.ITCH ohlcv-1d $ 3.784698 135459632 bytes 2418922 records
I hang out on their Slack. Today there was a deep discussion about optimizing C++ SPSC queues, although it is usually isn't too technical like that. They are pretty transparent about how they implement things.
[1] https://github.com/NimbleMarkets/dbn-go
[2] https://databento.com/blog/databento-us-equities-mini-now-av...
Reality is there are tax and regulatory advantages. The courts are setup in a way that is favorable to business. They read a very strict interpretation of contracts which is good in some scenarios.
Texas politics is a train wreck, but their bureaucracy is pretty good for a business - things like permitting and other regulatory processes are faster. They also will firehouse you with incentives.
> Texas politics is a train wreck, but their bureaucracy is pretty good for a business - things like permitting and other regulatory processes are faster. They also will firehouse you with incentives.
None of that is really relevant to a stock exchange though. Being on the Texas stock exchange doesn't mean you are subject to Texas laws and regulations just like being on the New York Stock Exchange doesn't subject you to New York laws and regulations.
The main reason to move away from the NYSE or NASDAQ is if you don't like the rules those stock exchanges have.
1. Texas is a corrupt state and you can bribe your way in to power
2. No income tax
“Well, we IPOed!”
“Congratulations!”
“…in Texas.”
“Do you need to use me as a reference?”