There's a new, major stock market exchange starting up. It's not on Wall Street; it's not in New York at all. New York and Wall Street may have been the center of the nation's stock markets, just as New York used to be a major cultural hub; all those things are changing. The very center of gravity of the nation's economy is moving, in fact, and it's moving, in large part, to Texas, where the Texas Stock Exchange (TXSE) is getting ready to rock.
Not Wall Street, then - Y'All Street.
A new rival to Wall Street officially debuted on Friday as the Texas Stock Exchange went fully live for the first time with trading available for all of its listed tickers.
The Texas Stock Exchange, which is based in Dallas, is the first new major stock exchange to launch in the U.S. in decades. The TXSE, called the "Tex-ee," is looking to compete with the New York Stock Exchange and Nasdaq Composite for listings.
The exchange boasts several prominent financial backers, including BlackRock, Goldman Sachs and Charles Schwab, among others.
It currently plans to begin corporate listings later this year and intends to facilitate initial public offerings (IPOs) starting in 2027. The TXSE sees the economic rise of Texas and a broader swath of the South that it's calling the "Boom Belt" as being the "center of gravity for American capitalism" and a market it can tap into for IPOs.
As the song goes, the times, they are a' changing.
"As the only primary corporate and ETP listings venue built and headquartered in the Boom Belt, TXSE is both a product of the region's rise and a catalyst to accelerate it," TXSE explained.
The company's website notes the region has an annualized GDP of $8.9 trillion – more than all world economies other than the U.S. and China. It adds that 40% of American exports pass through the Boom Belt, while 57% of U.S. job growth has occurred in the region in the last five years.
Currently, the exchange is operating from temporary offices in the Uptown neighborhood of Dallas, where it will hold a bell-ringing ceremony Friday afternoon to mark its official launch.
This is a big deal, and here's why: This is another facet of the shifting centers of economic might in the United States, all as part and parcel of what I've been calling the Great Sorting. New York and other blue states/cities have spent the last twenty years, at least, making their jurisdictions more and more hostile to business, to finance, and to any individual person with a larger net worth than one of the tent-dwellers in MacArthur Park. Texas, on the other hand, has kept taxes and regulations relatively low, as have other red states like Florida and Tennessee.
Like people, business will always go where it pays to go, and that ain't New York any longer, not for the financial markets. And, in a move that actually validates the TXSE, two of the other major markets, the New York Stock Exchange (NYSE) and NASDAQ are opening branch exchanges in Dallas. That's a sign of things to come, sure as I'm sitting here.
The one thing that might lend a little hope for the economic picture of the nation as a whole is that businesses big and small are figuring this out. Sooner or later, the Democrat-run jurisdictions will self-destruct, and we can hope that this will bring back some sense, when it comes to attracting business; heck, it wasn't all that long ago that businesses looked to move to California, for a number of reasons including an educated, motivated workforce. All those people may have left, for now, but Texas sure seems to be making them welcome, and maybe, just maybe, the realization of what all this implies will start sinking in. Maybe.
Editor’s Note: Thanks to President Trump’s leadership and bold policies, America’s economy is back on track.
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