Wall Street Giants Plan 2025 Launch for Texas Stock Exchange – The Average Joe


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    Wall Street Giants Plan 2025 Launch for Texas Stock Exchange

    Noah Weidner

    June 5, 2024

    Jay-Z and Alicia Keys once said, “There’s nothin’ you can’t do, now you’re in New York.” Big businesses seem to disagree. Over the past decade, they’ve flocked to Texas, drawn by lower taxes and less demanding regulations. Now, Texas hosts the headquarters of 55 Fortune 500 companies. Adding to its unprecedented ascent, Wall Street giants BlackRock ($BLK) and Citadel Securities are challenging New York’s monopoly on the financial world.

    • Investors have raised $120M to open the Texas Stock Exchange (TXSE), which could start trading as early as 2025 — and host listings by 2026.
    • The exchange pledges to be more CEO-friendly, avoiding higher compliance costs and demands, like diversity targets and ESG reports, faced by current exchanges.

    Lone Star state of mind: Everything is bigger in Texas, but can its new exchange really challenge America’s largest stock exchanges? New entrants like IEX, Cboe, and the Long-Term Stock Exchange (LTSE) have struggled to gain traction — showing just how difficult it is to compete with the Nasdaq and New York Stock Exchange (NYSE). However, with Wall Street giants backing it, the TXSE might take a bite out of New York’s decades-long financial dominance.

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