alt Hacker NewsSo 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.
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NYSE Texas didn’t see a huge influx of listings when they moved there and changed their rules. I don’t think “Texas” is particularly interesting to the conversation given the dominant regulatory regime will be federal and the trading will happen in NJ but I could be wrong.
There are lots of stock exchanges, which have started for lots of reasons but there isn’t really much of an industry desire to be out of nyse/nasdaq for vanilla listings. If there was it would have already happened.
Seems like a publicity stunt to siphon some regnms traffic and maybe some etf listings to me, but no big drama if not.
As someone who's considered taking my company public (not a tech company) it's nice to see easier listing requirements on this exchange than the big ones.
>This isn’t a zero-sum game where Texas grows at New York’s expense.
Not at all.
New York is standing to gain quite a bit.
>TXSE was backed by wealth management giant BlackRock and market maker Citadel Securities, among other firms.
>The Texas company said in June 2024 that it raised a total of $120 million from more than two dozen investors.
Ever heard of "The Texas Company" from 100 years ago when they first discovered huge gushing oil wells in Beaumont? Popularly known as Texaco, it was of course, a New York company.
Go back before 1837 and Houston itself was unpopulated ranchland while San Antonio and El Paso were well-established western towns.
Until New York investors bought the ranch and built the planned industrial community we know today.
The most insightful part of your comment was that you needed a throwaway account to preserve your HN social credit score to take a completely moderate and constructive position.
All true. Texas worker environment is not great though. Folks typically list income tax as an advantage but property and sales taxes more than make up the difference. Also, govt admin is fairly hostile to any infrastructure expansion, preferring to let the local car dealers buy new town charters with no infrastructure.
Environmental regs are not well managed generally.
Anyhow, not the worst state, not the best. Pretty balanced economy, like Ohio, Illinois, California, and Georgia.