Texas could become the new financial center of America with launch of the Texas Stock Exchange (TXSE)
06/11/2024 // Lance D Johnson // Views

The world’s largest asset manager and one of the most successful electronic trading firms are teaming up to create a new national stock exchange right in the heart of Texas. BlackRock and Citadel Securities are teaming up to launch the Texas Stock Exchange (TXSE) to compete with the New York Stock Exchange and the NASDAQ.

TXSE will operate electronically but still have a physical presence in downtown Dallas. The investors want to compete for both primary and dual listings, while also seeking to attract exchange-traded products to enhance their platform. In doing so, TXSE will curb regulations and won't implement diversity quotas and other "woke" racist restrictions that are taking over the finance sector.

Anti-woke TXSE will begin facilitating trades in 2025

Having already raised $120 million from individuals and large investment firms, TXSE will start facilitating trades in 2025 and host its first listing in 2026. They are currently in the process of registering with the Securities and Exchange Commission (SEC).

TXSE seeks fewer regulations, less compliance costs and fewer rules than its competitors. The NASDAQ, for example, just implemented “woke policies” that oust board members for being white, while setting diversity quotas that prioritize people with darker skin colors.

Over the past four years, numerous companies have relocated from miserable Democrat-run states that implemented harmful medical mandates and DEI "diversity, equity and inclusion" requirements. Businesses have had to flee blue states with high crime, high taxes and onerous regulations. Many companies have moved to states that favor business growth, with fewer taxes and more freedom and opportunity. For example, Goldman Sachs recently broke ground in Dallas in 2023 with a Texas campus that employs more than 5,000 people. Texas is now the second ranked state for the number of Fortune 500 companies.

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“Dallas has become one of, if not the most, dominant financial centers in the country, if not the world,” said James Lee, the CEO of TXSE. He said TXSE will not wade into “woke” politics and force political agendas. The trading experience will be completely apolitical and attract opportunity and growth. It will be a CEO-friendly environment that allows merit to drive results.

Texas looks to be new financial center for America

TXSE will face challenges, due to the fact that NYSE and NASDAQ already dominate U.S. corporate stock listings. The primary challenges faced by new exchanges revolve around attracting the necessary liquidity and increasing trading volumes, as traders tend to favor platforms with robust order books. With BlackRock and a growing list of investors, TXSE is optimistic that its supporters will assist in overcoming this hurdle. While IEX and Cboe Global Markets continue to struggle at competing with the longstanding NYSE and Nasdaq exchanges, TXSE is poised to overcome initial investment challenges.

There are positive signs that TXSE could be a success. For one, BlackRock and Citadel Securities have had success with a recent venture -- the Members Exchange (MEMX) --  founded in 2020. As one of its principal investors, BlackRock has been able to elevate the new exchange and make it competitive against the big players. As such, MEMX is already handling between 2% and 3% of the stock market’s volume.

Over the decades, dozens of regional platforms outside of New York were eventually acquired by the larger players. The consolidation of these exchanges has driven NYSE and NASDAQ to dominate the stock exchange. However, analysts see MEMX's success and predict that a decentralization phase is approaching in the stock exchange. With even fewer regulations and with an anti-woke commitment, TXSE is poised to attract an even greater volume of the stock market and become America’s up and coming financial center.

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