Good day all. It’s no secret that New York City and New York State are going hard Communist. The Democrats have been driving people and businesses out of the state for years. Even the Wall Street financial companies have started migrating out of New York. Now a new stock Exchange has just launched.
When I say a new stock market, I’m walking about another New York Stock Exchange or Nasdaq. The NYSE has considered abandoning New York off and on for easily a decade. Now it looks like a new exchange is about to offer serious competition. Here are the details from Fox Business News:
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.
Considering how many companies are looking to bail out of New York, I have little doubt that they may succeed. They certainly have some major backers.
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.
“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.
Again the big financial states, New York and Illinois, are driving business out of their states with massive regulations and taxes. We’re seeing something similar happening in Delaware. For decades, businesses would incorporate in Delaware due to it’s lower regulations and fees and a dedicated court for business. That all started falling apart when Leftard judicial activists got on the bench and started ruling against companies for things that, realistically, they had no say in. Elon Musk was the first victim and he has led the way in bailing out of Delaware.
Currently, the exchange is operating from temporary offices in the Uptown neighborhood of Dallas, where it will hold a bell-ringing ceremony Friday, (July 31st), afternoon to mark its official launch. The exchange plans to move its permanent headquarters to the city’s Bank of America Tower, where it will operate the Texas Market Center.
Obviously, I didn’t see this story until after the launch.
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.
Well, that’s why the temporary digs. The new office complex isn’t done yet. Of course, if I recall my history, the New York Stock Exchange first conducted business under a tree.
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.
That isn’t surprising. I suspect the ground floor is where the trading floor is going to be. The rest is probably going to be office space for management and support personnel.
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 New York.
As long as the businesses and people moving in leave the politics that forced them to relocate back in the Democrat states, then all should be good.
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.
That should terrify New York City and the state. Once the NYSE and NASDAQ have everything set up and working, it won’t take much for them to just say “New York can go to Hell. We’re going to Texas!” If that happens, the finances of both New York State and New York City, will probably collapse.
I did a quick search on Grok, asking how much New York Citiy and New York State make from fees and taxes on the NYSE and NASDAQ exchanges. It’s definitely NOT chump change.
Roughly $22 billion for New York State (SFY 2024-25) and $6.7 billion for New York City (CFY 2025) from the broader securities industry centered on the NYSE and related markets (including NASDAQ activity), per New York State Comptroller estimates.
I don’t think this includes all the secondary and tertiary taxes and fees both the city and state collect from brokers, various business owners catering to the exchanges and any number of other entities. I wouldn’t be surprised if, overall, it wasn’t closer to $100 billion to the city and state. If that money leaves, New York will probably go bankrupt. Personally? I think that needs to happen and the sooner, the better.
Thatisall
~The Angry Webmaster~
