Are YOU Ready For An "Anti-Woke" Stock Exchange?

By Jennifer Wentworth | Thursday, 06 June 2024 12:00 PM
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Image Credit : Photo by IG.com

The Texas Stock Exchange (TXSE), a newly formed group, is poised to establish a fresh national stock exchange, posing a challenge to the dominance of the Nasdaq and New York Stock Exchange (NYSE).

A representative from Citadel Securities, a key supporter of the initiative alongside BlackRock, disclosed to the Wall Street Journal that the group has amassed approximately $120 million in funding. They plan to submit registration documents to the Securities and Exchange Commission (SEC) later this year.

The TXSE is slated to commence operations in 2025, with its inaugural listing anticipated in 2026. The exchange aims to vie for primary and dual listings of exchange-traded products.

The group seeks to leverage the growing discontent in the market concerning escalating compliance costs at Nasdaq and NYSE. This includes recent regulations that mandate diversity targets for boards of Nasdaq companies. The new alternative has been dubbed by some as an "anti-woke" exchange.

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The Journal reports that a multitude of companies are relocating to states with more favorable regulatory and taxation policies. This trend has led Texas to house more Fortune 500 companies than any other state.

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Historically, there were numerous regional stock exchanges outside of New York. However, most were either shut down or absorbed. The Boston Stock Exchange, the Chicago Stock Exchange, and the Philadelphia Stock Exchange were integrated into the NYSE and Nasdaq over the past two decades.

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