In the US there is a saying: everything in Texas is bigger. Oil wells, weapons, distances, cars, portions of food and freedom (especially from taxes). And several financial giants want to get Texas to add something else to the list of things that are biggest in the southern state: a stock market capable of surpassing Wall Street itself. A project that is already underway and is expected to begin operating at full capacity in 2026.
The architects of the project are BlackRock and Citadel Securitiestwo large investment firms that have founded, together with other investors, the Texas Stock Exchange (TXSE). Its objective is to beat the New York Stock Exchange (NYSE), the world center of stock investments. And for this it has an attraction: its market will impose lighter rules than those of other exchanges. For example, will not have any ESG requirements (environmental, social and governance). “We want it to be as apolitical as possible,” said TXSE CEO James Lee in a press meeting with the state’s governor, Republican Greg Abbott.
For the moment, the stock exchange has managed to sign several well-known names in the world of American finance, such as Nicole Chambers, until now head of IPOs at Nasdaq; Jeffrey Brown, who is leaving Charles Schwab to be its chief regulatory officer; or Cam Smith, a veteran of the US Securities and Exchange Commission. And among his advisors are names like Richard Fisher, former president of the Dallas Federal Reserve.
It is precisely in dallas where the headquarters of the stock exchange will be, taking advantage of the fact that a large number of financial firms are moving to the Texas city to take advantage of favorable regulations and lower taxes. Dallas is the second city with the most financial employees in the entire USonly behind the ‘king’ they want to dethrone, the almighty New York.
The stock market had risen $135 million in financing at the end of the third quarter of the year, and is in process with regulators to officially register. If all goes well, their expectation is that the first operations will be registered during 2025, and that the first firms will be listed on the TXSE throughout 2026.
The biggest hope of the firms behind this bag is that Donald Trump’s Government supports its objective of creating a ‘wilder’ market in a republican state, facing the old ‘government’ bag of Democratic New York face to face. Among the supports they could count on is Elon Musk, self-proclaimed “first colleague” of the future president and new citizen of Texas, willing to defend everything that confronts the ‘woke’. The division of the US into irreconcilable sides continues, and may also reach the stock markets.
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