Yeehaw! Inside the New Texas Stock Exchange

Yeehaw! The Texas Stock Exchange is coming! About $120 million has been raised from investment firms and individuals, and plans are underway to register with the Securities and Exchange Commission (SEC). But there might be some challenges there, which I’ll get into later. The goal is to facilitate trades by 2025 and host its first listing in 2026.

Why start a new exchange? Certain companies are fed up with DEI requirements, compliance costs, and rules like board diversity mandates required by the New York Stock Exchange. The backers of the Texas Stock Exchange (TXSE) pledge it will be more CEO-friendly. There’s also a shifting landscape in the U.S., with more companies moving to states with favorable regulatory and taxation policies. No surprise there.

Texas is now home to more Fortune 500 companies, including ExxonMobil, AT&T, and American Airlines, than any other state. Goldman Sachs even broke ground last year on a Dallas campus that could house 5,000 employees. Dallas has become one of the most dominant financial centers in the country, if not the world.

Remember the 80s TV show Dallas? JR Ewing is back! Talk is swirling in trading communities about this upstart anti-woke exchange launching in Texas. I’m smiling from ear to ear. This is how things are supposed to happen. This is what the founders wanted. Each state, under federalism, is supposed to be its own laboratory, allowing businesses to shift to areas with better regulatory climates and less crime.

Congratulations to Texas! However, there’s going to be an issue. The SEC is likely to get phone calls from liberals, Elizabeth Warren, and Bernie Sanders types looking to throw up as many roadblocks as possible for the Texas Stock Exchange. But I have a sinking suspicion Texas will fight all that nonsense.

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