Texas Stock Exchange (TXSE) will begin live trading on Friday, July 10.
Headquartered in Dallas, Texas, TXSE represents a significant challenge to New York City, which has long dominated global markets and is home to both. New York Stock Exchange And Nasdaq.
New York City recently elected as Mayor a socialist who is hostile to markets and capitalism in general. The anti-business policy was noticed by business leaders in both finance and other sectors. Texas, meanwhile, is a competitive low-tax state, with no tax on income and external support for business. For example, JP Morgan now has more employees in Texas than in New York City.
There is a recent trend of large companies relocating to Texas due to the business-friendly environment.
Texas is currently the world’s 8th largest economy at $2.9 trillion and recently surpassed California in terms of the number of Fortune 500 headquarters.
To put this in perspective, Texas is predicted to soon have a larger economy than France, where about half the population is located.
The TXSE officially launches on July 6, while live public trading for a small group of securities and funds begins on July 10. More shares will be listed on the stock exchange in the coming weeks.
TXSE is backed by leading financial services firms. BlackRock, Kale, Goldman Sachs et al.
It has been described by some as: “Y’all Street” Dallas has now become the second-largest hub for financial services jobs in the country, after New York City.
The fintech sector is also growing in the city with groups such as: Beautiful Texas Supporting the development and migration of fintech businesses.
You can expect Dallas and Texas to be a hub of financial innovation that will continue to grow, and New York City to struggle as both entrepreneurs and startup finance look for a more welcoming jurisdiction to operate and provide services. TXSE is the best example of this trend.
