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SEC approves Texas Stock Exchange, first new US integrated exchange in decades
- cyanydeez 1y agoCan only imagine how washtrading will become like American pie.
- philipallstar 1y agoThere were already two exchanges. I don't think this changes much.
- kristianbrigman 1y agoNYSE, NASDAQ, but also AMEX…
- this_user 1y agoThere are currently about two dozen national securities exchanges plus a whole lot of alternative trading venues, broker internalisation, and whole market makers that match orders directly. It's a highly fragmented market where one additional exchange will have no substantial impact.
- cyanydeez 1y agoOne exchange in a failed, fascist state is a bit different.
- philipallstar 1y agoDo you mean Texas? Surely not, but worth checking.
- eej71 1y agoA good overview of the flow of volume through these various venues can be found here. Bottom line - there are more than two exchanges. https://www.cboe.com/us/equities/market_share/ https://www.cboe.com/us/equities/market_share/
- bluGill 1y agoMore than that, London and Tokyo both have well known exchanges, and large US companies are often listed on both of those as well. If you tried to tell me that no other country has an exchange I'd call you a lair without bothering to fact check you. (My impression is New York, London, and Tokyo are the big ones that matter in the world and everything else is a me too - but in their niche/country they may still be a big deal) Most smaller companies are just listing on something like NASDAQ, which isn't confined to a city. With modern computers the idea of an exchange in a city is not nearly as useful as it was 150 years ago.
- Iwan-Zotow 1y agoHK as well
- deleted 1y ago[deleted]
- viraptor 1y ago> world-class exchange rooted in alignment Does this actually mean something specific?
- chronic74939 1y ago> Does this actually mean something specific? Probably: Trade matching algorithms (prorata, FIFO, TOP) and rules (capital requirements, market impact definitions) will align with the interests of the most profitable customers. Citadel Securities, with their HFT-level returns of 50-100% per year will not venture into a losing business. Note, CitSec is different from Citadel (hedge fund), and the hedge fund is also crazy with 40% annual return before fees (past 20 years) and 19% after fees to the outside passive investor.
- brcmthrowaway 1y agoHow does this compare to HRT?
- pols45 1y agoNo. They have planted a seed and Trees don't grow overnight.
- downrightmike 1y agoEnron 2.0
- tcbawo 1y agoIs 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.
- janmo 1y agoHopefully they will provide cheap market data like IEX did in its beginning.
- H8crilA 1y agoYeah, this is more competition on the scene. We should welcome competition.
- __d 1y agoYes, but it’s also another NMS venue that everyone needs to connect to, so there’s a cost as well.
- ijidak 1y agoIs there a similar source you're aware of, cheap with a clean API? Hated to lose IEX.
- janmo 1y agoDepends 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.
- neomantra 1y agoI'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): $ dbn-go-hist cost --dataset EQUS.SUMMARY -t 2024-07-01 -e 2025-07-01 -s ohlcv-1d ALL_SYMBOLS EQUS.SUMMARY ohlcv-1d $ 4.380178 156772672 bytes 2799512 records $ dbn-go-hist cost --dataset XNAS.ITCH -t 2024-07-01 -e 2025-07-01 -s ohlcv-1d ALL_SYMBOLS XNAS.ITCH ohlcv-1d $ 3.784698 135459632 bytes 2418922 records 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. [1] https://github.com/NimbleMarkets/dbn-go https://github.com/NimbleMarkets/dbn-go [2] https://databento.com/blog/databento-us-equities-mini-now-available https://databento.com/blog/databento-us-equities-mini-now-av...
- 3D30497420 1y agoThis reads like a press release. Here's an article that appears to provide a bit more perspective: https://www.reuters.com/legal/government/txse-says-sec-approves-application-new-dallas-based-stock-exchange-2025-09-30/ https://www.reuters.com/legal/government/txse-says-sec-appro... Also, this is a fun nugget from the Reuters article about this new exchange providing competition to NYSE and NASDAQ: > But those rivals are not sitting idly by. On March 31, the NYSE opened its own Texas outpost, disclosing that Trump Media & Technology would be the first company to list there.
- 1659447091 1y agoAdding another source from the Texas Tribune I posted a day or two ago but never gained interest https://www.texastribune.org/2025/10/06/texas-stock-exchange-dallas-txse-sec-approval/ https://www.texastribune.org/2025/10/06/texas-stock-exchange...
- cozzyd 1y agoHope they have ample backup power
- excalibur 1y ago[flagged]
- decremental 1y agoThis comment has won the cringe award
- ineedaj0b 1y agoReddit can become a echochamber, a one sided flog machine, all good content decaying, no good or viable business after 10 years (propped up by YC investors), it’s even become a slur to denote a certain type of brain and eventually it will die off like slashdot and digg did. But you won’t be able to take the Redditors off the internet. They be lurking, waiting with a perfectly annoying post ironic millennial reply. I hope the TSE does well and expect the state with the largest concentration of energy tycoons and businessmen will figure out how to add grid robustness - a problem solved in nearly all states.
- deleted 1y ago[deleted]
- runako 1y ago> expect the state with the largest concentration of energy tycoons and businessmen will figure out how to add grid robustness This reads like the energy tycoons and businessmen only recently moved to the state, and now they can fix the problems. My understanding is that these energy tycoons and businessmen presided over the creation and deterioration of the Texas grid in the first place.
- ajross 1y ago> grid robustness - a problem solved in nearly all states Shouldn't that drive the question of why Texas is so bad, though? This argument seems to amount to "Everyone else is better than us, so we must be the experts in fixing the problem.", which seems weirdly backwards.
- SkipperCat 1y agoThe Miami stock exchange (MIAX) has their matching engines colocated in Equinix's NY4 data center in Secaucus NJ, much like many other exchanges. I would not be surprised if TXSE does the same. Many trading firms already have their trading engines in that data center and I would assume TXSE would want quick access to that order flow and this might be easier if they are in NY4. Of course, they may want to have their colo facilities in TX in their own data center, that way they can rent out space and make some extra revenue, but then they'd have to build that out.
- Bluecobra 1y agoIf anything they will build a backup DC in Texas so they can hold that over NJ in case the local government starts talking about transaction taxes again. The CME is currently building a “backup” private Google Cloud datacenter in Dallas.
- chronic74939 1y ago> The CME is currently building a “backup” private Google Cloud datacenter in Dallas. This has been “in progress” for over 5 years now.
- vslira 1y agoProbably doesn't ever need to be completed, just in the works as a reminder every time the aforementioned taxes are floated as an idea
- throw94i4485 1y ago[flagged]
- deleted 1y ago[deleted]
- chrismustcode 1y agoCouldn’t they just send some hardware down Texas to co-locate there (presuming specialist hardware) and add another deployment target for their software? Would it be that hard?
- haunter 1y agoNot to be confused with NYSE Texas which also launched this year and an entirely different thing https://www.nyse.com/markets/nyse-texas https://www.nyse.com/markets/nyse-texas
- throwoutway 1y agoTY. That is what I thought this was
- eej71 1y agoTo add to the confusion, NYSE Texas is just a rebranding of NYSE Chicago which used to be independent of NYSE when it was its own thing.
- alberth 1y ago200+ comments, HN thread: https://news.ycombinator.com/item?id=43045558 https://news.ycombinator.com/item?id=43045558
- Descon 1y agoOr the TSX!
- jbverschoor 1y agoTX as in transaction
- scottydelta 1y agoWell we wait for TXSE to do IPO and get listed in NYSE/NASDAQ and then we buy TXSE since house always wins.
- reginamary32 1y ago[dead]
- chronic74939 1y ago> since house always wins. House doesn’t always share with outside investors
- scottydelta 1y agoThe owners of the house can’t wait for their cash cow to grow up and print money so they will take it public and cash out with promise for future returns. This is a game as old as capitalism.
- eej71 1y agoThis headline is kind of dumb. Yes, there is yet another new venue. But other recent "new" venues include MIAX, IEX, MEMX, and soon to be active - 24X. Oh and let's not forget the Long Term Stock Exchange (LTSE).
- thedangler 1y agoNothing to see here, no conflict of interest.
- jaredhansen 1y agoMany HN readers with an interest in HFT will find the Sniper in Mahwah blog excellent reading. No longer publishing since 2019 as far as I can tell, but it was great while it lasted: https://sniperinmahwah.wordpress.com/ https://sniperinmahwah.wordpress.com/
- javier123454321 1y agoPardon my ignorance but can anyone can help me figure out what does it mean to have a new stock exchange? Dont exchanges sell the same stocks? Is it just a way to earn some fees by capturing some of the trades in their platform? I'll obviously google it now but I'd appreciate some insight.
- kasey_junk 1y agoEach exchange can make its own rules for what it will list and how it will trade (within the broader SEC regulations). So yes it’s just a way to capture fees from listers who like your exchange better as the primary listing exchange and from market participants that must be in every exchange (latency sensitive HFT). None of the many exchanges that have started have made a dent in the existing duopoly for real share listings that Nasdaq/nyse have. But some exchanges have made good business off of other products like etfs.
- DontchaKnowit 1y agoOr options products, e.g. cboe
- kkukshtel 1y agoThis sounds like the sort of "norms" thing that a GOP-leaning state would abuse to circumvent SEC regulations by somehow declaring a state-owned exchange as some sort of SEZ to allow unregulated exchange between domestic and (primarily) foreign entities.
- mcmcmc 1y agoTexas is famously fraud friendly as well
- CGMthrowaway 1y agoSo in other words, healthy competition, and may the best man win. Contrary to many comments this is more than political reaction/posturing. The state of Texas is the world's 8th largest GDP and a diverse one, with no one sector exceeding 9%. Texas is well-positioned relative to NYC for attention around AI, as it is not geographically constrained and has an energy advantage. There is financial credibility built in as 10% of NYSE listings are already HQ'd in Texas. And Texas has a pro-business regulatory environment. This isn’t a zero-sum game where Texas grows at New York’s expense. The hope is it creates a larger, more dynamic market.
- moralestapia 1y agoMusk trillionaire confirmed.
- jfalcon 1y agoDoesn't this increase opportunity for arbitrage as it's not likely exchanges are going to be perfectly synchronized to the overall market? Also doesn't this also offer opportunities to sell pink sheets stocks in what is conceivably a "fresh market"?
- hackernewds 1y agoArbitrage and the agents conducting these transactions is good for open rational markets. In fact they are essential
- DudeOpotomus 1y agoWhen you can buy a Governor, you buy a Governor. When you can buy a State, you buy a State. When you can buy a SCOTUS Justice, you buy a SCOTUS Justice or 6. When you can buy a POTUS, you buy a POTUS. Elon bought them all and many of you cheer. Says more about you than Elon but speaks mountains about the core of our culture and our national ethos but mostly about how easy it is to pervert people and their false ideology with money.
- halfmatthalfcat 1y agoWhat does this have to do with TXSE?
- dyauspitr 1y agoTXSE has everything to do with politics.
- DudeOpotomus 1y agoIsnt it amazing how few people actually pay attention let alone ask themselves "why?". The worst part? HN users are much better educated and tend to be much smarter than the average person. If this audience is so easily manipulated, it's no wonder the larger population is being controlled by such obvious tactics. sigh...
- halfmatthalfcat 1y agoIf you took my comment as anything other than asking how your broad strokes trite criticism of "people in power bad" relates to TXSE, you're the one who needs some reflection. I wanted to know more about how your conspiracy laden poem directly connected to TXSE but I guess HN likes to just accept low quality content for real discussion now.
- DudeOpotomus 1y agoIf you read my comment and replied with your reply, you didnt read my comment...
- victor106 1y ago> At $2.4 trillion, Texas' economy is larger than many countries', including Russia, Canada and Italy, according to a report from the governor's office. California's economy is $4.1 trillion and has a much higher chance of growing larger with most of the AI companies based out of CA.
- CivBase 1y agoOr most of those AI companies could go bust. Nobody really knows yet.
- ddtaylor 1y agoI expect a series of other choices that force the business into Texas as a way to choke out California for not bowing to the will of a king.
- conductr 1y agoI hate defending his highness, but this has been in play way longer than he’s been in office.
- ddtaylor 1y agoAlmost every thing happening right now involves organizations that have been making plans to do things for a very long time that is being hyper accelerated or the competitive landscape drastically distorted to give advantage. I should be happy right now as X and Y and Z are available, some of which support some of my ideas, but I'm smart enough to know that giving me a few trinkets while screwing the system as a whole doesn't work.
- vonneumannstan 1y agoThey already have multiple trillion dollar companies and how has that worked out for them? Rampant homelessness and crime in their "Premier" cities, skyrocketing cost of living and housing prices, etc.
- anon191928 1y ago
- OutOfHere 1y agoI am guessing insider trading will be legal here.
- yanslookup 1y agofor some. And very illegal for others.
- burnt-resistor 1y agoIf you have paid the campaign support subscription that includes 2 free pardons. Only $2 million/year.
- groundzeros2015 1y agoYou are welcome not to use the exchange if you believe it's not advantageous. this is a benefit of competition.
- yalogin 1y agoWhat is the need for another stock exchange? I hate that I am thinking like this but this is just going to be politicized heavily and companies like Tesla and coke will just switch to that exchange causing further more rift in our society. Where one company lists will become a problem for companies and they cannot be neutral politically even if they really are
- ciupicri 1y agoI propose a global stock exchange for the whole planet. Heck, why stop here, make it for the whole galaxy in case Elon Musks manages to land on Mars.
- bitfilped 1y agoDoes Abbott know you need a stable electric grid to run a financial exchange?
- OhMeadhbh 1y agoTexas, well known for the strength of it's financial regulation.
- zengid 1y agoNow CA needs one
- anticensor 1y agoThey have LTSE (Long Term Stock Exchange).
- aaroninsf 1y ago_Surprised it's not a segregated exchange._
- grapland 1y agoI want 24x7, free or non-profit full book data streaming/downloading. otherwise there is one more trouble for me.
- cramcgrab 1y ago[flagged]
- yifanl 1y agoWell consider what makes the tech industry different than any other. It's purely cultural forces that define if someone's a techie or not, so of course it devolves into politicking.
- zahlman 1y ago> It's purely cultural forces that define if someone's a techie or not No, this is defined by the knowledge and skill involved.
- yifanl 1y agoWe live in an era where its trivial for anybody to learn how to code, and every level of new goalposts you add before saying someone is a true techie is imposed purely by cultural forces.
- dang 1y agoPlease don't make things even worse by posting bad comments yourself. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html Edit: your account has unfortunately been posting a lot of unsubstantive and/or flamebait comments (e.g. https://news.ycombinator.com/item?id=45412687 https://news.ycombinator.com/item?id=45412687 and https://news.ycombinator.com/item?id=45404646 https://news.ycombinator.com/item?id=45404646). Can you please stop doing that? It's not what this site is for, and destroys what it is for—we're trying for something different here. If you wouldn't mind reviewing https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html and taking the intended spirit of the site more to heart, we'd be grateful.
- cramcgrab 1y agoPlease moderate your techie site and reduce the amount of politics and preaching, or else you will wind up like Reddit, digg, and of course, the once famous Leo Laporte, who is now exclusively preaching his politics to his 100 faithful followers.
- throwaway7484k 1y agoNASDAQ is eponymous for the market cap fluctuations of techno-capitol. TSE is valued at 2.4tn.
- ergocoder 1y agoI always wonder why an economic powerhouse like California or Washington doesn't have its own stock exchange. Maybe it is the strict regulation that makes it not viable?
- laughing_man 1y agoThe LTSE is headquartered in San Francisco.
- Mr-Frog 1y agoThere used to be a variety of exchanges on the West Coast but it seems like they couldn't compete with the automation and HFT innovation happening in NYC, all the west coast engineers were too busy with the dot-com bubble it seems.
- jms703 1y agoLike in Civ6, I'm sure it will require a lot of power.
- gigatexal 1y agoOh great another stock exchange with fewer rules. Elon must be so happy.
- kazinator 1y agoTexas hold `em; Texas short `em
- stevenbill265 1y ago[dead]