A group of financial firms and investors is planning to launch a Texas-based private market stock exchange and offer traders an alternative to the New York Stock Exchange and Nasdaq.
The group, which includes BlackRock, Citadel Securities and about two dozen investors, raised approximately $120 million of capital to create the Texas Stock Exchange, which would be headquartered in Dallas. They are now seeking registration with the U.S. Securities and Exchange Commission to operate as a national securities exchange later this year.
“Texas and the other states in the southeast quadrant have become economic powerhouses. Combined with the demand we are seeing from investors and corporations for expanded alternatives to trade and list equities, this is an opportune time to build a major, national stock exchange in Texas,” said James Lee, founder and CEO of TXSE Group.
In a vacuum I could see this being a very positive endeavor. However judging from the listed backers of this scheme and their explicitly stated goals I can’t see it being anything but a horror show.
Somehow I read this in furtherance of secession.
All I see is a way for the rich to rig the game even more than they already do so they get richer while the poor get poorer.
It’s about control.
Why does it matter where they’re located. Trading is online and there’s really no reason, aside from tradition, to have people on a floor trading securities.
Good luck powering the servers that make those transactions
This idea has a distinctly musky smell about it
it worked so well for their electrical grid, why not
Envestron - as Texas as razor wire deathtraps in a Saw franchise film
The only stock exchange to open and close based on power outages
