Texas Stock Exchange (TXSW) will begin trading today
TAMU ‘98 Ole Miss ‘21
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stock market in Dallas opens today
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Last: 1 mo ago by GeorgiAg
what's the advantage to actually using this instead of buying stocks on the NYSE?
From what I have read, it will be transparent to the investor. TXSE will try to get companies to list with them instead of the NYSE, but as an investor nothing really changes.
I am sure a new or several TXSE indexes will eventually emerge and ETFs based on them, but I am not sure of any other benefit. Several companies will list on both, but apparently share price the same, so again, not sure why or how that is of any value tp the investor.
I could be wrong though, maybe there is more benefit than what I read about...
I am sure a new or several TXSE indexes will eventually emerge and ETFs based on them, but I am not sure of any other benefit. Several companies will list on both, but apparently share price the same, so again, not sure why or how that is of any value tp the investor.
I could be wrong though, maybe there is more benefit than what I read about...
It's my understanding that, on the retail level, your order simply routes to the exchange offering the best price. My understanding has been demonstrably limited at times, however.
Feels like it is good publicity for Dallas/Texas more than anything.
Yall Street
Where can I find a list of what's being traded on TXSE? Wonder if we'll see someone create an ETF comprised of said stocks.
Jimmy_the_gent said:
Where can I find a list of what's being traded on TXSE? Wonder if we'll see someone create an ETF comprised of said stocks.
As I understand it, they are trading a broad variety of national stocks and ETFs already, with several Texas companies ensuring their stock is available to be traded on TXSE (think TSLA, VST, HAL, etc.). As a consumer, you shouldn't really care. Your broker is likely to shop ALL exchanges for the best fulfillment of your trade order, and to insist on a particular exchange would only hurt your chances for the best execution price/timing.
All this is likely miniscule to the future of TXSE, as the real money is to be made on initial listings (IPOs, or re-listing and movement from other exchanges). My guess is that winning the listings of Saudi Aramco or BP, for example, would dwarf many of their other activities, profit-wise. In a world of global electronic trading, income from executing orders is probably the least of their worries.
They are attempting to position themselves as the easier exchange to file with, less regulations, and looser restrictions. The exchange matters much more to the companies than it does to the investors.
Jimmy_the_gent said:
Where can I find a list of what's being traded on TXSE? Wonder if we'll see someone create an ETF comprised of said stocks.
And on this question, I'd consider TEXN, a Texas-centric ETF. I bought it a year ago, and it's up 28% so far.
This feels like a solution in search of a problem.
jh0400 said:
This feels like a solution in search of a problem.
The amount of investment dollars that funded this from very large names disagrees.
Heineken-Ashi said:jh0400 said:
This feels like a solution in search of a problem.
The amount of investment dollars that funded this from very large names disagrees.
That could be said about any number of things, some of which paid off and others did not.
jh0400 said:Heineken-Ashi said:jh0400 said:
This feels like a solution in search of a problem.
The amount of investment dollars that funded this from very large names disagrees.
That could be said about any number of things, some of which paid off and others did not.
I'm agnostic on this (as it has virtually no impact on me as a consumer), and have no idea if investors will be happy with their returns. BUT, as a fan of free markets, it is good for the big boys to have some competitive pressure to keep costs low and services high for consumers longer-term. As a Texan, it has some vanity effect, and Dallas can certainly put this feather in their cap as another indication they are a viable alternative to New York for financial services (and potentially leaving Chicago, Philadelphia, Charlotte, etc. in the dust?).
I tend to agree with H-A - - if this was a simple vanity project, the caliber of investors wouldn't be as noteworthy. Someone thinks they can make long-term money on this bet.
There is little benefit that I see to consumers anyway. Listing fees are a negligible cost of being public. CFOs, lawyers, and boards are already intimately familiar with NYSE or Nasdaq governance requirements, so that's not really a selling point. Arbitrageurs ensure that spreads are tight across exchanges, and that there is little to no quoted price differences. The incumbents will have a distinct advantage on depth for the foreseeable future at minimum and likely forever. For consumers, most brokerages use a payment for order flow model for at least some portion of trades to keep fees to consumers down, so there isn't a ton of benefit to the end user there.
The way I see the investments is that it was a small price to pay for the investors to ensure that they aren't left out. Based on the late 2025 press releases, ~85 investors invested $250MM in the project. A $3MM average check size for a group that includes Blackrock, Schwab, BB Investment Banks, and a group of market makers like Citadel isn't meaningful to any of them overall.
The way I see the investments is that it was a small price to pay for the investors to ensure that they aren't left out. Based on the late 2025 press releases, ~85 investors invested $250MM in the project. A $3MM average check size for a group that includes Blackrock, Schwab, BB Investment Banks, and a group of market makers like Citadel isn't meaningful to any of them overall.
I bleed maroon said:Jimmy_the_gent said:
Where can I find a list of what's being traded on TXSE? Wonder if we'll see someone create an ETF comprised of said stocks.
And on this question, I'd consider TEXN, a Texas-centric ETF. I bought it a year ago, and it's up 28% so far.
That's awesome. Just looked at the holdings and it's pretty decent. Looks like you get a 1% exposure to SpaceX as well which isn't that bad.
jh0400 said:
This feels like a solution in search of a problem.
Considering the trend of NYC, I think you are ignoring a potentially huge problem. Forgive me for injecting politics, but when your exchange is based in a city that is now openly communist and antagonistic against free markets and capitalism then that is a problem.
NYSE is owned by ICE which is a Delaware co. The large majority of volume on the NYSE goes through Arca which is based in Chicago.
jh0400 said:
NYSE is owned by ICE which is a Delaware co. The large majority of volume on the NYSE goes through Arca which is based in Chicago.
Ok, but perception is reality.
Also, and separately, the NYSE Chicago branch has also now moved to Dallas.
Chicago is not far behind NYC.
We can nip this in the bud now though, so we don't derail.
jh0400 said:
NYSE is owned by ICE which is a Delaware co. The large majority of volume on the NYSE goes through Arca which is based in Chicago.
Opinion: I think the threat of politically-driven regulatory changes or precedent-defying court decisions are the bigger issue to watch. The TSLA Elon pay court decision in Delaware was a wake-up call for many domiciliary decisions, so this "Y'all Street" venture probably serves a doomsday-avoidance step and message-sender to NY, Delaware, and others. It's all connected, and serves as a shot across the bow to the established strongholds. Historically, no one thought upstart New York was any kind of real threat to London's financial sector dominance, if you care to study ancient history.
WSJ has a good article on this today:
https://www.wsj.com/finance/texas-new-stock-exchange-fbf71931?mod=hp_lead_pos7
https://www.wsj.com/finance/texas-new-stock-exchange-fbf71931?mod=hp_lead_pos7
Again, the benefit here is not as much for consumers but for companies. With how many continually are moving headquarters to Texas, providing a possible lower cost, lower regulatory path to public offering can be enticing.
Ag CPA said:
WSJ has a good article on this today:
https://www.wsj.com/finance/texas-new-stock-exchange-fbf71931?mod=hp_lead_pos7
Did not know we had more Fortune 500 companies here than in any state
TAMU ‘98 Ole Miss ‘21
Dallas is as commie as NY.
Should have put it in Pampa.
Should have put it in Pampa.
Red Fishing Ag93 said:
Dallas is as commie as NY.
Should have put it in Pampa.
It's not remotely that bad but it's certainly not trending well.
TXS ETF is up $.73
That is a much larger one day rise than the past. Of course the day is just starting.
That is a much larger one day rise than the past. Of course the day is just starting.
Red Fishing Ag93 said:
Dallas is as commie as NY.
Should have put it in Pampa.
Haha move to Pampa....I need that laugh this morning. Thanks!
I was listening to Bloomberg this morning and they were talking about a statistic that millionaires are leaving NYC. Then they all poo-poo'd that by trying to say how great NYC is and still busy. They all live there.
I think having another market outside of the Northeast is a good thing.
I think having another market outside of the Northeast is a good thing.
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