Is there anything interesting or novel about this exchange, other than its headquarters are located in Texas?
From what I can tell, the primary data centers will be in New Jersey like all the others.
TXSE's goal is to provide greater alignment with issuers and investors and address the high cost of going and staying public.
The alignment part translates IMO to avoiding political / social science policy issues like avoiding affirmative action listing requirements like the Nasdaq Board Diversity Rules that was just recently repealed: https://corpgov.law.harvard.edu/2025/01/12/fifth-circuit-vac....
So it is as one might imagine, the formation was probably for similar reasons why owners are moving their company registration out of Delaware.
Delaware law exclusively protects the interests of the board of directors. It allows for a unique provision - the hilariously misnamed "Shareholders Rights Plan" that enable a board of directors to issue shares as they please, in order to make sure every attempt at takeover isn't against the interests of the directors.
The only check on the power of the board in a Delaware corporation is the Delaware court of chancellery.
The irony is that the Levine article the parent provided argues that DE did the exact opposite of shareholder wishes!
> it is weird that Tesla’s management and board of directors and (a large majority of) shareholders all agreed that Musk should get paid $55.8 billion for creating $600 billion of shareholder value, and he did do that, and he got paid that, and a judge overruled that decision and ordered him to give back the money. I can see why Musk — and Tesla’s board, and its shareholders — would find that objectionable! They’re trying to run a company here.
In a structurally-biased environment, the loss of policies that counteract that bias does not allow companies to "avoid" politics and social science; it allows them to take the side in favor of the structurally-biased status quo. Just so we're clear about what that is.
The "real reason" people "freaked out" about Trump dismantling agencies is that he was and has been ignoring the law by fiat and not executing the law as is his constitutionally defined role. It would be one thing to veto a refunding of the DoEd, to approve a dismantling of the DoEd; it's another to unilaterally dismantle institutions that have been enacted into law by Congress. The DoEd is no more unconstitutional than the DoD or any other cabinet-level institution.
I think it's fair to have a hard discussion about the effectiveness of or need for the DoEd, but the way to do that is in Congress, not by fiat by the president. The way the Trump administration has approached it IMHO is grossly unconstitutional and a violation of the separation of powers. The only semi-reasonable rationale I can think of is that Congress is implicitly approving of or voting on the president's actions by not impeaching him, but that seems like an unreasonably high bar, equates lack of action with active approval, and it also infringes on the power of the Congress that enacted the law.
As someone else here on HN noted recently: what is the point of anything pertaining to congressional vote procedures, veto authority, overrides, and so forth if the president ignores, and is allowed to ignore, the laws that are passed anyway?
> mental shackles of subordination to psychological abusers and manipulators that are constantly pushing the idea that state's rights are subsumed to federal rights
Wow. The inter-state commerce clause is a real thing and it does give the federal government broad lattitude to regulate "commerce" across state lines. Commerce seems to entail the flow of both goods and services. We are in this situation because people at the state level decided, democratically, that some decisions should be made federally so as to avoid a huge patchwork of differing laws. To put it bluntly, I don't want to have to carefully review and compare Oregon state law with say Texas state law before I undertake any travel lest I accidentally commit a felony in Texas by doing something that isn't against the law in Oregon, and that's a really good reason to try to limit the differences between the two. If you don't, you'll necessarily chill travel and commerce across state lines because those differences will present a huge barrier to entry and create a big suck on peoples' time and attention.
> These United States, and after the Civil War the de fact illegitimate federal government called itself The United States
This is getting into Soverign Citizen type reasoning.
Run by Blackrock & Citadel, instigated in part to circumvent DEI protections, in a State that can’t keep their power grid stable, promising less regulations for the people running it and listing their companies on it.
Simply put, this is Republicans pushing for “Y'all Street". Target one will be earnings reports, but the eventual push will be to not be overseen by the SEC in some important capacity.
The actions generally do not seem to match the words, and seem to point to a general trend of deregulation and lack of oversight (as the administration has said they would do, and especially in the crypto space has essentially stopped prosecuting crimes)
Going up-thread, here's the original claim under contention:
>> will be to not be overseen by the SEC in some important capacity.
Your articles don't dispute this.
As for whether oversight will be "weaker" and more de-regulated, maybe.
1. There's a headcount reduction. At worst, there's a quote that some really experienced watchdogs are out the door. Hard to tell until we get outcomes.
2. As for withdrawal of proposals, look closer.
> Although most observers doubted that the current Commission would adopt these proposals
Which makes it sound like the proposals were just withdrawn for later submittal and new discussion. Footnote #1 goes into how this isn't really unprecedented, citing similar withdrawals (or resets) under the Biden admin.
Sure, I am just saying the comment about "hunting crooks more aggressively" seems to run counter to their anti-regulation stance, and their active lack of hunting crooks.
I don't think the NYSE had any DEI requirements, but the NASDAQ created a rule where boards needed some minority representation in order to be listed. That rule was challenged and overturned in court though.
> On August 6, 2021, the SEC approved Nasdaq’s proposed diversity rule for companies listed on its exchange. The rule required Nasdaq-listed companies to (1) publicly disclose board-level demographic data annually and (2) have, or explain why they do not have, a certain number of diverse directors on their boards. Companies with more than five board members were required to have two members from an underrepresented group, including one female and one person who self-identifies as Black, Hispanic, Asian, Native American, Alaskan Native, Native Hawaiian, Pacific Islander, biracial, or LGBTQ+.
Right. Just like all the autocratic Project 2025 plans, defunding healthcare to give tax breaks to billionaires, sending US military to police US cities, and all the other current actions were " tinfoil hat conspiracy thinking".
There is a party actively committed to implementing autocracy as fast as it can. To willfully ignore that and attempt to deflect from it as you are doing is wrong.
Moreover, if you don't think an autocracy will hurt YOU because you are in some protected group, you are wrong — it might not hurt you first, but it will hurt everyone, including you.
Right, from a 24-day old account making only right wing political comments, a comment that addresses exactly zero of the points made by the initial post.
And regarding ignoring fascism/authoritarianism, you need only look at the difference between fascist and democratic societies
In democratic societies, the three branches of govt are independent, and the branches of civil society, press, academy, religion, business, industry, finance, entertainment, sport, and non-profits are ALL independent.
In autocratic societies, the power of the government is abused to corrupt or coerce all three branches of govt and all segments of civil society to serve the will of the executive.
EVERY single move by the person occupying the President's chair and his party as been to reduce or undermine the independence of the other government branches and all segments of civil society. The party who claims to be about "free enterprise" and "free speech" is seizing ownership of corporations, directly interfering in individual hiring decisions, and even making govt threats to get COMEDIANS fired. Seizing ownership of corporations, even partially, is more typical of Communist governments than democracies.
See if you can find a single substantive exception since 20-Jan-2025 where this administration increased freedom of expression or freedom of economic action, especially when such expressions or actions were unfavorable to it.
Depends what you are looking for. Is it real time quotes?
IEX data is now free after 15minutes instead of 15milliseconds.
One option is the Databento US Equities Mini for 200 USD per month. If I understand it correctly it is some sort of weighted average between multiple exchanges.
I've been happy with Databento as a low-friction way to get market data. I liked it so much, I ported their structs and APIs to Golang. [1]
Their EQUS Mini dataset is a great way to dip the toe if you want live data without licensing restrictions. Databento's article talks exactly about how it is sourced, but it is not that it is averaged but anonymized, specifically because of the complexities of upstream exchange licensing. [2]
You don't have to pay $200 per month for that -- that's for all-you-can-eat. You can experiment with pay as you go.
You can use my dbn-go tools to help you... here's the cost to get all the 1-day candlesticks for all the US Equity Symbols for 1-year... which you could use to make all sorts of charts and redistribute them freely (the trickiest part honestly):
So $4.38 for all that data or $3.78 for just the NASDAQ exchange (not sure of redistribution of that one).
I hang out on their Slack. Today there was a deep discussion about optimizing C++ SPSC queues, although it is usually isn't too technical like that. They are pretty transparent about how they implement things.
Ah so no timing arbitrage in finding a place in Tennessee where data arrives from both places milliseconds apart and you can explore minor differences in pricing
OpenAI will be the largest IPO in quite some time, so I totally see why RH is trying to profit off of additional derivatives on this thing. Volume will be off the charts.
People online like to yak about the woke nonsense.
Reality is there are tax and regulatory advantages. The courts are setup in a way that is favorable to business. They read a very strict interpretation of contracts which is good in some scenarios.
Texas politics is a train wreck, but their bureaucracy is pretty good for a business - things like permitting and other regulatory processes are faster. They also will firehouse you with incentives.
> Reality is there are tax and regulatory advantages. The courts are setup in a way that is favorable to business. They read a very strict interpretation of contracts which is good in some scenarios.
> Texas politics is a train wreck, but their bureaucracy is pretty good for a business - things like permitting and other regulatory processes are faster. They also will firehouse you with incentives.
None of that is really relevant to a stock exchange though. Being on the Texas stock exchange doesn't mean you are subject to Texas laws and regulations just like being on the New York Stock Exchange doesn't subject you to New York laws and regulations.
As far as I'm aware, all of the major exchanges in the US are in NY or in Chicago, and even then, Chicago is mostly just futures exchanges for commodities and not stock exchanges. So unless you're headquartered in NYC (which most companies listed on NYSE/NASDAQ are not), you're already not working with a stock exchange in the same area as you, and failing to collocate the stock exchange isn't really a detriment. (Interestingly, even historically, when stock exchanges were more plentiful in the country, there just doesn't seem to have been much demand for a stock exchange on the west coast at all.)
The main reason to move away from the NYSE or NASDAQ is if you don't like the rules those stock exchanges have.
