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What does this mean for the planned Texas Stock Exchange? https://www.txse.com/ https://www.txse.com/ https://en.m.wikipedia.org/wiki/Texas_Stock_Exchange htt

by gre 2y ago

What does this mean for the planned Texas Stock Exchange? https://www.txse.com/ https://www.txse.com/ https://en.m.wikipedia.org/wiki/Texas_Stock_Exchange https://en.m.wikipedia.org/wiki/Texas_Stock_Exchange

aa_is_op 2y ago
It means it got outplayed
alberth 2y ago
HN thread on this topic (250+ comments) https://news.ycombinator.com/item?id=40584563 https://news.ycombinator.com/item?id=40584563
xyst 2y ago
Probably not much? Scammy companies that cannot meet the standards of NYSE or NASDAQ will list on TSE instead? May as well be buying OTC
- wslh 2y ago
  I don't think it will only attract scammy companies. In fact, wouldn't it be great if smaller businesses could go public as long as their numbers fit? The NYSE and NASDAQ not only have a high bar, but that bar is even higher now than when companies like Apple and Microsoft went public. For example, the Enron scandal raised the standards for public listings, but you could also argue that it unfairly punished legitimate businesses for the sins of others. It could also help dynamize investments by providing shorter exit pathways, making it easier for investors to recycle capital into new startups.
  - kasey_junk 2y ago
    There are lots of alternate venues already for listings. Most of the cost in going public comes from federal securities law, not exchange rules.
    - wslh 2y ago
      I don't see how your answer fits in the flow of this thread. The thread specifically mentions scammy listings so those listings should obbey securities law to be on an exchange.
      - kasey_junk 2y ago
        The bar that was raised after Enron was federal securities law. Not nyse/nasdaq rules (which vary for the many venues they own) If a company doesn’t like nyse/nasdaq rules there are many other places to list, so changing one of nyse’s own venues names is unlikely to add any value for a small company looking to go public.
- ks6g10 2y ago
  TXSE* TSE would be the Tokyo Stock Exchange
  - TMWNN 2y ago
    >Toronto Stock Exchange FTFY
    - HolyLampshade 2y ago
      It's really damn amusing and confusing when Toronto mostly refers to themselves as TSX, and the Tokyo Stock Exchange goes by TSE or TKS...
      - TMWNN 2y ago
        You are right; I was mistaken. TSX is the usual shorthand for Toronto Stock Exchange, not TSE.
        HolyLampshade 2y ago
        No no, wasn't meant to correct you. Just highlighting the insanity of the various exchange nicknames/acronyms/self-definitions.
HolyLampshade 2y ago
TXSE is a listings play more than anything. This means NYSE is going to beat them to the punch, at least in concept. Means TXSE is going to have to work much harder for listings business. From a functional standpoint, absolutely no difference. There is an extremely high probability NYSE TX remains in Mahwah (where the current NYSE Chicago platform is; it’s really just a rebranding). TXSE has already said they’re going to put their systems in Secaucus with “everyone not NYSE or NASDAQ”. I wish one of these venues would have the conviction to put their whole kit in Dallas, or somewhere else in TX, but the industry would throw a fit because of what it would mean for the cost to access the market.
- Galanwe 2y ago
  > There is an extremely high probability NYSE TX remains in Mahwah > I wish one of these venues would have the conviction to put their whole kit in Dallas To be fair, few people actually host in Mahwah or Carteret anymore. The HFT game is essentially closed, as the price of entry in terms of knowledge and capital is too high. Most people just prefer a comfy Equinix DC with all modern amenities, where NYSE, Nasdaq and all other markets & brokers have a latency-stable point of presence, such as NY4.
  - parasense 2y ago
    You did raise a good point about latency sensitive brokers, and I feel like that is becoming a self-selecting cartel based around the NY/NJ area. So when you have these folks talking about moving to places like Houston or Dallas, in an implied or entailed way they are talking about breaking that latency cartel. Honestly, just by stupid personal opinion, the SEC should grow the courage to ban low-latency based trading. This topic has been beat to death over the years, so I'm not adding anything to the discussion, just chiming in to say the obvious things... have a nice day.
    - kasey_junk 2y ago
      These “folks” run their “Chicago” exchange out of NJ and this announcement has nothing to do with moving the matching engine.

by gre 2y ago

aa_is_op 2y ago

It means it got outplayed

alberth 2y ago

HN thread on this topic (250+ comments) https://news.ycombinator.com/item?id=40584563 https://news.ycombinator.com/item?id=40584563

xyst 2y ago

Probably not much? Scammy companies that cannot meet the standards of NYSE or NASDAQ will list on TSE instead? May as well be buying OTC

wslh 2y ago
I don't think it will only attract scammy companies. In fact, wouldn't it be great if smaller businesses could go public as long as their numbers fit? The NYSE and NASDAQ not only have a high bar, but that bar is even higher now than when companies like Apple and Microsoft went public. For example, the Enron scandal raised the standards for public listings, but you could also argue that it unfairly punished legitimate businesses for the sins of others. It could also help dynamize investments by providing shorter exit pathways, making it easier for investors to recycle capital into new startups.
- kasey_junk 2y ago
  There are lots of alternate venues already for listings. Most of the cost in going public comes from federal securities law, not exchange rules.
  - wslh 2y ago
    I don't see how your answer fits in the flow of this thread. The thread specifically mentions scammy listings so those listings should obbey securities law to be on an exchange.
    - kasey_junk 2y ago
      The bar that was raised after Enron was federal securities law. Not nyse/nasdaq rules (which vary for the many venues they own) If a company doesn’t like nyse/nasdaq rules there are many other places to list, so changing one of nyse’s own venues names is unlikely to add any value for a small company looking to go public.
ks6g10 2y ago
TXSE* TSE would be the Tokyo Stock Exchange
- TMWNN 2y ago
  >Toronto Stock Exchange FTFY
  - HolyLampshade 2y ago
    It's really damn amusing and confusing when Toronto mostly refers to themselves as TSX, and the Tokyo Stock Exchange goes by TSE or TKS...
    - TMWNN 2y ago
      You are right; I was mistaken. TSX is the usual shorthand for Toronto Stock Exchange, not TSE.
      - HolyLampshade 2y ago
        No no, wasn't meant to correct you. Just highlighting the insanity of the various exchange nicknames/acronyms/self-definitions.

HolyLampshade 2y ago

TXSE is a listings play more than anything. This means NYSE is going to beat them to the punch, at least in concept. Means TXSE is going to have to work much harder for listings business. From a functional standpoint, absolutely no difference. There is an extremely high probability NYSE TX remains in Mahwah (where the current NYSE Chicago platform is; it’s really just a rebranding). TXSE has already said they’re going to put their systems in Secaucus with “everyone not NYSE or NASDAQ”. I wish one of these venues would have the conviction to put their whole kit in Dallas, or somewhere else in TX, but the industry would throw a fit because of what it would mean for the cost to access the market.

Galanwe 2y ago
> There is an extremely high probability NYSE TX remains in Mahwah > I wish one of these venues would have the conviction to put their whole kit in Dallas To be fair, few people actually host in Mahwah or Carteret anymore. The HFT game is essentially closed, as the price of entry in terms of knowledge and capital is too high. Most people just prefer a comfy Equinix DC with all modern amenities, where NYSE, Nasdaq and all other markets & brokers have a latency-stable point of presence, such as NY4.
- parasense 2y ago
  You did raise a good point about latency sensitive brokers, and I feel like that is becoming a self-selecting cartel based around the NY/NJ area. So when you have these folks talking about moving to places like Houston or Dallas, in an implied or entailed way they are talking about breaking that latency cartel. Honestly, just by stupid personal opinion, the SEC should grow the courage to ban low-latency based trading. This topic has been beat to death over the years, so I'm not adding anything to the discussion, just chiming in to say the obvious things... have a nice day.
  - kasey_junk 2y ago
    These “folks” run their “Chicago” exchange out of NJ and this announcement has nothing to do with moving the matching engine.