SEC Approves Texas Stock Exchange (cbsnews.com) 43
The SEC has approved the Texas Stock Exchange (TXSE), the first new fully integrated U.S. stock exchange in decades and the only one based in Texas. TXSE is set to launch trading services, as well as exchange-traded products, known as ETPs, and corporate listings, in 2026. CBS News reports: Exchange-traded products are financial instruments that follow the performance of underlying assets such as stocks, indexes or other financial benchmarks. Like stocks, ETPs are traded on public exchanges, allowing investors to buy and sell them throughout the trading day at market prices that fluctuate in real time.
TXSE was backed by wealth management giant BlackRock and market maker Citadel Securities, among other firms. The Texas company said in June 2024 that it raised a total of $120 million from more than two dozen investors. TXSE's headquarters in Dallas opened this spring, the group said.
TXSE was backed by wealth management giant BlackRock and market maker Citadel Securities, among other firms. The Texas company said in June 2024 that it raised a total of $120 million from more than two dozen investors. TXSE's headquarters in Dallas opened this spring, the group said.
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Why is this on /.?
News for nerds, not news about nerds. It's an important event. Anyway, there will be hundreds to thousands of IT jobs trying to fix whatever system they buy to run the exchange.
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Texas Stock EXchange : TSEX
Far better then my initial post. My hat's off to you.
I do have an additional suggestion. It should be lower case tsex because lying about size is a big part (pun intended) of traditional Texas bullshit.
Just remember when this is modded down to -1,000,000 that you are insulting the proud heritage of the Texas Tall Tail.
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Virginia is Lovers
Texas is for Techbros
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Texas Stock Exchange [...] as well as exchange-traded products, known as ETPs, and corporate listings,
Y'all watch this!
Say goodbye to your 401k (Score:5, Insightful)
Yeah I know technically you can control where your money goes. Right now anyway. It won't last. I guess you could withdraw the money and take the tax penalties...
You put crooks in charge of everything. You think they're going to leave you alone? It is to laugh...
Re:Say goodbye to your 401k (Score:5, Interesting)
Texas resident here. I can't even find an above-board medical practice this year, I've bounced around between a few that are all engaged in fraudulent billing. Seems they're trying to scam the insurance companies, but my insurance is so shitty I end up seeing part of the bill. Also spent the last several years fighting "erroneous" (fraudulent) road tolls.
The state has made itself known as a destination for scammers. For a small fee, payable to Ken Paxton, you're licensed to scam in an industry of your choice. It's becoming a real hub for innovation, lots of interesting scams starting up. Pretty soon the Texas cryptobro will be as recognizable as the Nigerian prince.
Re:Say goodbye to your 401k (Score:5, Funny)
Texas resident here. I can't even find an above-board medical practice this year, I've bounced around between a few that are all engaged in fraudulent billing. Seems they're trying to scam the insurance companies, but my insurance is so shitty I end up seeing part of the bill. Also spent the last several years fighting "erroneous" (fraudulent) road tolls.
The state has made itself known as a destination for scammers. For a small fee, payable to Ken Paxton, you're licensed to scam in an industry of your choice. It's becoming a real hub for innovation, lots of interesting scams starting up. Pretty soon the Texas cryptobro will be as recognizable as the Nigerian prince.
The Lone Star is truly the Yelp rating.
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Embrace the power of "and."
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Moving it OUT of the NYSE (Score:1, Interesting)
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The mayor controls the stock exchange?
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What does the stock exchange have to do with the city's "quality of life"?
Conspiracy theorists.. (Score:1)
BlackRock, eh? Where are all the conspiracy nuts talking smack about this?
HFT trading will be interesting... (Score:3, Interesting)
HFT trading there will be interesting. In NYC, the success you have for that is measured by the foot your Internet pipe is from the stock exchange, so it will be interesting seeing a scramble for real estate physically close to this.
That's cute but (Score:2)
Re: HFT trading will be interesting... (Score:3)
It's Texas, why wouldn't friends of Abbott, Paxton, the ag commissioner, railroad commissioner etc. already have it.
Stock Exchanges (Score:2)
Such an unnecessary, worthless endeavor altogether. I wish we could just make them illegal.
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I disagree. I want there to be low-friction ways to buy tiny parts of large companies. A stock exchange is waaaaay better than every investor independently evaluating every potential company. No system is perfect, but the SEC and stock exchanges are MUCH better for the little guys than the law of the jungle.
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They should actually. What you're pitching is ETFs and mutual funds. "Take my money, smart man, and invest it." Stock market exchange, unless its an ETF or some packaged security, you literally do invest in single companies.
There was a time before computer trading, when investors in the stock market did evaluate every potential company. Its only laziness in the last 30 years that people throw money a
Re: Stock Exchanges (Score:2)
No, you're confused about what they meant. What you're implying by evaluating individual companies is going over their public filings. What they meant is if the company was not public, on the stock market, and required to generate those filings, what would you be looking at exactly?
If you're investing in a private company, what are they required to tell you? Are there any standards? How would you decide to trust them? Do you see the value of a regulated market now?
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Thanks, ToasterMonkey. That's exactly what I meant.
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I'd rather large businesses don't exist altogether, but I would accept them if they transitioned into either a non-profit or a coop. All businesses should fall under those two categories. Businesses should not be beholden to shareholders or investors who don't know dick about the business and don't actually do any work for the business.
Re: Stock Exchanges (Score:2)
They serve an important function, when you have more money than you want to spend, you can trade it to someone that does want to spend it. For a share in a company that hopefully grows.
A bank does that with loans from your deposits too, but you have no say where the money goes.
The alternative is keeping money under your mattress. That's not healthy for the economy no matter what end of it you're in. You may have problems with how much money too few people have and that's fair, but you still need these funct
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No one should have that much money to begin with and only people that actually do any work for the company should have a share in said company.
I wish banks didn't do that, but I also wish there was no such thing as a for-profit bank.
and that money should stay circulating in the economy
Yes. But the ultra-rich don't actually do this at all. So instead of letting them do whatever they want with it (which is nothing), they shouldn't be allowed to have that much to begin with. The entire concept of professional investors, hedge funds, etc, is fucked up.
Good! (Score:3)
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let the Reds have their own country
They lost the war, it's our country. Fuck 'em, we'll beat 'em again.
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