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> So, are the exchanges connected? More or less, in practice your US broker has to respect "best execution", meaning it cannot offer you a price worst than the

> So, are the exchanges connected? More or less, in practice your US broker has to respect "best execution", meaning it cannot offer you a price worst than the "NBBO", which is the composite of all US stock markets. In practice though, I expect most companies listed in NYSE Texas to be solely listed there. > “normal NYSE” vs “NYSE Texas” There's already _a lot_ of "NYSE" markets and segments. Some exist because of historical mergers (Amex, Arca), and some to offer alternate / cheaper listings (NYSE listing is very expensive vs say Nasdaq) > What benefits would companies see from listing on NYSE Texas vs the other NYSE? Unclear at the moment but I expect a lower bar for listing requirements and a cheaper price. Nyse is by far the most expensive listing there is, but it's also very exhaustive on listing requirements (audits, etc). I guess there is also a political/economical deal with Texas at play, to incentivise companies to move there, list there, and grab some of NY market share.

mFixman 2y ago
Would this mean that the trading hours for stock of companies listed in both NYSE branches would be extended by one hour due to time differences?
- Galanwe 2y ago
  Well technically there are different trading hours, calendars and sessions for each market / segment of NYSE. In practice though I don't think you will find many companies listed on multiple subsegments of NYSE in 2025. Roughly speaking, you will find the prestigious / big market cap / rich companies listed on NYSE main market, ETFs on NYSE Arca, small caps on NYSE American (ex Amex), and very small caps on NYSE National. The listing requirements and prices, as well as fee structure also differ for each market. National has a fee structure to incentive adding liquidity for instance. If the asynchronicity bothers you, imagine that you can also trade e.g. HSBC secondary listing on NYSE NY market hours + the ADR of HSBC HK on NYSE NY hours + HSBC primary listing on LSE on London hours + HSBC HKSE on HK hours for a lot of fun.

mFixman 2y ago

Would this mean that the trading hours for stock of companies listed in both NYSE branches would be extended by one hour due to time differences?

Galanwe 2y ago
Well technically there are different trading hours, calendars and sessions for each market / segment of NYSE. In practice though I don't think you will find many companies listed on multiple subsegments of NYSE in 2025. Roughly speaking, you will find the prestigious / big market cap / rich companies listed on NYSE main market, ETFs on NYSE Arca, small caps on NYSE American (ex Amex), and very small caps on NYSE National. The listing requirements and prices, as well as fee structure also differ for each market. National has a fee structure to incentive adding liquidity for instance. If the asynchronicity bothers you, imagine that you can also trade e.g. HSBC secondary listing on NYSE NY market hours + the ADR of HSBC HK on NYSE NY hours + HSBC primary listing on LSE on London hours + HSBC HKSE on HK hours for a lot of fun.