Is Wall Street’s Reign Over? Texas Stock Exchange Set to Submit SEC Documents – Report
Texas is on the path to establishing a new Dallas-based Texas Stock Exchange in 2026, with significant investments and backing from prominent entities like BlackRock and Citadel Securities. This move reflects a broader trend of businesses and capital flowing from blue states to red states like Texas, signaling a potential shift in the financial landscape away from traditional hubs like Wall Street.
By Samuel Short June 6, 2024 at 10:47am
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.
Can the Texas Stock Exchange compete with Wall Street?
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.
A Note from Our Deputy Managing Editor:
“We don’t even know if an election will be held in 2024.” Those 12 words have been stuck in my head since I first read them.
Former Lt. Gen. Michael Flynn recently made that comment to Floyd Brown, founder of The Western Journal.
And if the leftists and the elites get their way, that’s exactly what will happen — no real election, no real choice for the Electoral College, and no real say for the American people.
The Western Journal is fighting to keep that from happening, but we can’t do it alone.
We work tirelessly to expose the lying leftist media and the corrupt America-hating elites.
But Big Tech’s stranglehold is now so tight that without help from you, we will not be able to continue the fight.
The 2024 election is literally the most important election for every living American. We have to unite and fight for our country, otherwise we will lose it. And if we lose the America we love in 2024, we’ll lose it for good. Can we count on you to help?
With you we will be able to field journalists, do more investigative work, expose more corruption, and get desperately needed trStephen A. Smith Lights Up Analyst Over WNBA Delusion, Caitlin Clark Jealousy – ‘Who Talks About the WNBA?!’uth to millions of Americans.
We can do this only with your help. Please don’t wait one minute. Donate right now.
Thank you for reading,
Josh Manning
Deputy Managing Editor
P.S. Please stand with us today.
" Conservative News Daily does not always share or support the views and opinions expressed here; they are just those of the writer."