BlackRock, Citadel Securities-backed TXSE Group to start Texas Stock Exchangefinance.yahoo.com/news/blackrock-citadel-backed-group-start-005715815.html
1238 sats \ 21 comments \ @k00b 5 Jun econ
Corporate issuers and exchange-traded product sponsors are demanding more stability and predictability around listing standards and associated costs, TXSE said.
The Texas stock exchange aims to attract listings of exchange-traded products and challenge increasing compliance costs at the Nasdaq and the NYSE, as well as newer rules including setting targets for board diversity at the Nasdaq, as per a report from the Wall Street Journal on Tuesday.
I don't understand how stock exchanges come into existence. Presumably you can't create one willy nilly because there are so few. But maybe that's just a network effect thing. Yeehaw?
I guess as the single largest holder of public shares this is just Blackrock vertically integrating.
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131 sats \ 2 replies \ @elvismercury 5 Jun
In the same way that index funds exert a foundational and self-reinforcing bias into the system, presumably exchanges do the same? So even a smallish one could have big effects. Sadly, I don't know what they would be.
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0 sats \ 1 reply \ @zuspotirko 5 Jun
index funds exert a foundational and self-reinforcing bias into the system
do they?
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100 sats \ 0 replies \ @elvismercury 5 Jun
See e.g.
Fichtner, J., Heemskerk, E. M., & Garcia-Bernardo, J. (2017). Hidden power of the Big Three? Passive index funds, re-concentration of corporate ownership, and new financial risk. Business and Politics, 19(2), 298–326. https://doi.org/10.1017/bap.2017.6
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155 sats \ 5 replies \ @Undisciplined 5 Jun
Is this a step towards or away from Texas independence?
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134 sats \ 2 replies \ @kepford 5 Jun
When I see a headline like that I think of Texas independence. Why to companies relocate to other countries. Why do they move to different states? There are always reasons. Texas to me is the most obvious candidate to become independent from the US. It won't happen overnight. It will be many steps and before you know it... its done.
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203 sats \ 0 replies \ @Car 5 Jun
exactly, which is why we are building everything around community in texas, esp around bitcoin, personally not stopping till hyperbitcoinization and it starts with your town/city/state/country/world
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73 sats \ 0 replies \ @0xbitcoiner 5 Jun
The allure of Texas has reached even multinational corporations: Tesla and SpaceX. Musk has reportedly asked shareholders of the automaker to support a proposal to move the company's corporate charter from Delaware to the state. Earlier this year, Musk revealed that the transfer of SpaceX to Texas was also underway.
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42 sats \ 1 reply \ @Car 5 Jun
💯 toward
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0 sats \ 0 replies \ @Undisciplined 5 Jun
That's what I wanted to hear!
Giddy Up!
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128 sats \ 0 replies \ @0xbitcoiner 5 Jun
I've been reading more about the topic and entering a market composed of 16 stock exchanges will not be an easy task for TXSE. The trading volumes between the various exchanges in the US are very distinct: since the beginning of the century, Nasdaq and NYSE have been leading the race, representing 15% and 20% of the trades, according to Bloomberg - as a "duopoly".
Other "regional" stock exchanges, such as Boston, Philadelphia, and Chicago, ended up merging with the two industry giants, this because they were unable to attract traders.
What benefits does choosing a local exchange bring to companies? In addition to tax relief, they typically offer incentives such as billboard marketing in the iconic Times Square or ringing the opening bell. Once registered, the company generates a constant profit for the exchange - unless it switches to a rival.
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34 sats \ 0 replies \ @grayruby 5 Jun
This doesn’t sound like it is going to be built on ethereum like all the ETH influencers keep trying to convince me.
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34 sats \ 3 replies \ @siggy47 5 Jun
I assume they will be looking to set up in PlebLab?
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108 sats \ 1 reply \ @k00b OP 5 Jun
lol Yeah Larry is renting the hot desk outside my office.
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110 sats \ 0 replies \ @siggy47 5 Jun
Watch that guy. Don't be leaving your wallet out on the desk.
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54 sats \ 0 replies \ @Car 5 Jun
he could apply when we launch PlebLab Dallas
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10 sats \ 0 replies \ @kepford 5 Jun
To me the most interesting thing is that they are going to locate in Texas.
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10 sats \ 0 replies \ @TomK 5 Jun
Will they tokenise anything to run it on solana with 50% down time?
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0 sats \ 3 replies \ @0xbitcoiner 5 Jun
They can't spread liquidity too thinly.
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0 sats \ 2 replies \ @k00b OP 5 Jun
How so?
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20 sats \ 1 reply \ @0xbitcoiner 5 Jun
Presumably you can't create one willy nilly because there are so few.
I may have misunderstood. There can't be too many stock exchanges so as not to spread liquidity around.
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26 sats \ 0 replies \ @k00b OP 5 Jun
Oh I think I understand. You're noting a stock exchange is like a liquidity pool and have pretty big network effects. I guess Blackrock is uniquely positioned to make another exchange then - they can singlehandedly provide enough liquidity.
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