End of Wall Street? Texas Stock Exchange to File SEC Paperwork - Report
Texas continues its rise to prominence when other states are falling short.
Plans are in motion for a new Dallas-based Texas Stock Exchange to officially launch in 2026, CNN reported.
The TXSE group will file with the U.S. Securities and Exchange Commission later this year with over 24 investors and $120 million in capital. Chairman and CEO of TXSE James Lee posted on his Linkedin that investors will include names like BlackRock and Citadel Securities.
TXSE is expected to have the most capital at launch of any exchange to file with the SEC, according to CNN and Lee’s post.
According to the TXSE website, “Texas and the other states in the southeast quadrant of the U.S. lead the nation in economic expansion and population growth, making Texas the clear choice for the establishment of a new national securities exchange. For decades, Texas has been the nation’s leader in attracting business relocations and expansions. It’s home to more Fortune 500 companies than any other state and more than 5,200 private equity-sponsored companies, many of which are preparing to access the public markets. In addition, there are more than 1,500 publicly traded companies throughout the region.”
While there is plenty to speculate on regarding markets, investments and the potential for private equity companies to go public, there is a notable trend with TXSE’s creation that’s been playing out now for several years: money leaving blue states and going to red states.
It’s not exactly a well-kept secret that New York has not been the most welcoming or pro-business state in recent memory.
From 2020 to 2023, New York lost nearly $1 trillion in asset management companies as 158 companies moved out of the state.
The Tax Foundation’s “2024 State Business Tax Climate Index” ranked New York 49th for its tax system, only beating New Jersey.
New York City’s vacant storefronts have nearly doubled since the COVID-19 pandemic.
New York Mayor Eric Adams seemed more occupied with providing free food, free housing and pre-paid debit cards to illegal aliens than he is with fighting the state’s precipitous downfall.
The city had plans in motion to give illegals spending money via cash cards in March as they threw out free food they didn’t want.
The streets aren’t welcoming, either. Whether you’re a regular New Yorker at church or a famous actor like Steve Buscemi, it’s not out of the ordinary to be the victim of a vicious assault while having the audacity to keep to yourself.
While the regular person will surely make an exodus to greener pastures, companies are taking note as Texas now has more Fortune 500 companies than any other state, according to a July 2023 report by Texas Real Estate Source.
While we shouldn’t kid ourselves about TXSE’s creation, as there are around 13 stock exchanges in the country, it does fit well in the broader trend playing out.
Wall Street is a hallmark of New York as the financial heartbeat of the country.
With its prosperity at stake, Texas’ move should motivate the state to change its tune and flourish once more.
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