A new rival to Wall Street officially debuted on Friday as the Texas Stock Exchange went fully live for the first time with trading available for all of its listed tickers.
The Texas Stock Exchange, which is based in Dallas, is the first new major stock exchange to launch in the U.S. in decades. The TXSE, called the “Tex-ee,” is looking to compete with the New York Stock Exchange and Nasdaq Composite for listings.
The exchange boasts several prominent financial backers, including BlackRock, Goldman Sachs and Charles Schwab, among others.
It currently plans to begin corporate listings later this year and intends to facilitate initial public offerings (IPOs) starting in 2027. The TXSE sees the economic rise of Texas and a broader swath of the South that it’s calling the “Boom Belt” as being the “center of gravity for American capitalism” and a market it can tap into for IPOs.
CALIFORNIA LOSES FORTUNE 500 CROWN TO TEXAS AS BILLIONAIRE TAX THREAT LOOMS
“As the only primary corporate and ETP listings venue built and headquartered in the Boom Belt, TXSE is both a product of the region’s rise and a catalyst to accelerate it,” TXSE explained.
The company’s website notes the region has an annualized GDP of $8.9 trillion – more than all world economies other than the U.S. and China. It adds that 40% of American exports pass through the Boom Belt, while 57% of U.S. job growth has occurred in the region in the last five years.
Currently, the exchange is operating from temporary offices in the Uptown neighborhood of Dallas, where it will hold a bell-ringing ceremony Friday afternoon to mark its official launch.
A NEW ECONOMIC IRON CURTAIN IS FALLING ACROSS AMERICA AS TRILLIONS IN WEALTH FLEE TO THE ‘BOOM BELT‘
The exchange plans to move its permanent headquarters to the city’s Bank of America Tower, where it will operate the Texas Market Center.
The tower will be the tallest building in Uptown Dallas when it’s completed. The exchange’s Texas Market Center will include executive offices, a Texas business museum and a broadcast studio.
An announcement by designer KPF from May added that the exchange will take up multiple areas within the building, including ground-floor space and a 12th floor sky lobby.
DELL SHAREHOLDERS APPROVE LEGAL MOVE FROM DELAWARE TO TEXAS
The opening of the Texas Stock Exchange comes as the Lone Star State is working to attract businesses looking to relocate their headquarters or change their state of incorporation, touting business-friendly policies and favorable tax regimes in comparison to states like California and Texas.
The Texas Stock Exchange’s rivals – the New York Stock Exchange and Nasdaq – have also expanded their footprint in the state of Texas and have enticed companies to dual list on the new duplicate exchanges at no cost.
Read the full article here
