It appears that the markets needed a bit more southern hospitality, which is why the SEC just approved the Texas Stock Exchange (TXSE). By the time trading begins in 2026, Wall Street may want to start perspiring. Supported by Citadel and BlackRock, TXSE markets itself as the “business-friendly” substitute for the NYSE and Nasdaq. In other words, investor decks will use a lot more analogies related to BBQ, have less regulations, and have lower listing fees. The Positive: The old exchanges may finally be forced to quit charging like it is 1999 if listings get cheaper. Startups and mid cap companies may have a genuine chance to go public without having to sacrifice everything for compliance expenditures. Two listings? Be prepared for a new kind of financial “two-stepping.” The Bad: TXSE’s rules would not even be met by about 35% of publicly traded corporations in the United States. Dallas’s 95 degree temperature will not cause liquidity to appear. The NYSE and Nasdaq are already circling Texas like coyotes at a barbecue, so they are not going quietly. In conclusion, TXSE may ultimately introduce “You all Street” or simply demonstrate that it is possible to put cowboy boots on an exchange and still trip over liquidity.
Texas Stock Exchange Gets SEC Approval: Welcome to “Y’all Street”
