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SEC approves Texas Stock Exchange, first new US integrated exchange in decades

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Re: SEC approves Texas Stock Exchange, first new US integrated exchange in decades

#91

Post by ceejayoz »

hiatus wrote: post #53
piltdownman wrote: post #35

Earlier quoted context omitted.

Run by Blackrock & Citadel, instigated in part to circumvent DEI protections, in a State that can’t keep their power grid stable, promising less regulations for the people running it and listing their companies on it. Simply put, this is Republicans pushing for “Y'all Street". Target one will be earnings reports, but the eventual push will be to not be overseen by the SEC in some important capacity.

> will be to not be overseen by the SEC in some important capacity. How would a securities exchange avoid being regulated by the securities and exchange commission?

> How would a securities exchange avoid being regulated by the securities and exchange commission?

By having a Governor who's friendly with the President?

The President has a good amount of sway over the SEC. https://www.usatoday.com/story/money/legal/2025/03/03/sec-dr...

Re: SEC approves Texas Stock Exchange, first new US integrated exchange in decades

#92

Post by schmidtleonard »

ceejayoz wrote: post #86
leetharris wrote: post #70

Earlier quoted context omitted.

[flagged]

ChatGPT is a long, long way from being able to successfully analyze this sort of thing. Texas's failed in a way that caused people to freeze to death that's unlikely to occur in NY.

Finance eats first and suffers last. That's true in NY but doubly true in TX.

Re: SEC approves Texas Stock Exchange, first new US integrated exchange in decades

#93

Post by hopelite »

no_circuit wrote: post #20
tcbawo wrote: post #4

Is there anything interesting or novel about this exchange, other than its headquarters are located in Texas? From what I can tell, the primary data centers will be in New Jersey like all the others.

Yes, from https://www.txse.com/solutions : TXSE's goal is to provide greater alignment with issuers and investors and address the high cost of going and staying public. The alignment part translates IMO to avoiding political / social science policy issues like avoiding affirmative action listing requirements like the Nasdaq Board Diversity Rules that was just recently repealed: https://corpgov.law.harvard.edu/2025/01…

[flagged]

Re: SEC approves Texas Stock Exchange, first new US integrated exchange in decades

#94

Post by ecshafer »

avgDev wrote: post #77
leetharris wrote: post #60

Earlier quoted context omitted.

Texas loses power one time for a week and the redditors will never let it go. Wild how this is still a cringe joke so many years later.

"There have been 263 power outages across Texas since 2019, more than any other state, each lasting an average of 160 minutes and impacting an estimated average of 172,000 Texans, according to an analysis by electricity retailer Payless Power ( https://paylesspower.com/blog/blackout-tracker/ )" Also in 2021 210 people died. This is a huge deal. This wasn't just a little outage.

That website shows California as currently worse. It looks like Larger states just have more power outages, which is to be expected. Texas also is a weird state that is very large it gets Tornadoes, extreme heat, and hurricanes, while also having several very large metro areas in it. There also isn't anything indicated differences in grid monitoring, are all grids (like large rural grids) monitored to the same levels?

Re: SEC approves Texas Stock Exchange, first new US integrated exchange in decades

#95

Post by jjk166 »

Spooky23 wrote: post #41
tcbawo wrote: post #4

Is there anything interesting or novel about this exchange, other than its headquarters are located in Texas? From what I can tell, the primary data centers will be in New Jersey like all the others.

People online like to yak about the woke nonsense. Reality is there are tax and regulatory advantages. The courts are setup in a way that is favorable to business. They read a very strict interpretation of contracts which is good in some scenarios. Texas politics is a train wreck, but their bureaucracy is pretty good for a business - things like permitting and other regulatory processes are faster. They also will fir…

> Reality is there are tax and regulatory advantages. The courts are setup in a way that is favorable to business. They read a very strict interpretation of contracts which is good in some scenarios.

> Texas politics is a train wreck, but their bureaucracy is pretty good for a business - things like permitting and other regulatory processes are faster. They also will firehouse you with incentives.

None of that is really relevant to a stock exchange though. Being on the Texas stock exchange doesn't mean you are subject to Texas laws and regulations just like being on the New York Stock Exchange doesn't subject you to New York laws and regulations.

Re: SEC approves Texas Stock Exchange, first new US integrated exchange in decades

#96

Post by coherentpony »

leetharris wrote: post #83
coherentpony wrote: post #79

Earlier quoted context omitted.

> Texas loses power one time for a week and the redditors will never let it go. Wild how this is still a cringe joke so many years later. Texas had the most number of power outages between 2019 and 2023 [1]. It wasn't one time. And it's not a joke. Infrastructure weatherization is a very real overlooked (and expensive) investment that still has not taken place. [1]: https://www.congress.gov/118/meeting/house/116952/d…

[flagged]

You originally called someone a redditor making a cringe joke for highlighting a serious historical problem. It wasn't clear to me that it was a joke at all, but my impression is that it seemed clear to you that it was a joke.

What if that person has also lived in Texas for 30 years? And what if they had a family member that died during that power grid failure in 2021? I personally would find it quite difficult to communicate to them the nuance of a local problem and a state-wide problem when the end result is the same: no power.

In the future, you might consider approaching an interaction online with more balanced judgement.

Edit: Actually, looking back at the original comment, it's not even clear they're talking about the Texas power outage in 2021. All they said was "Hope they have ample backup power." Seems like a reasonable thing to hope for what might be critical infrastructure.

Re: SEC approves Texas Stock Exchange, first new US integrated exchange in decades

#98

Post by ecshafer »

piltdownman wrote: post #35
tcbawo wrote: post #4

Is there anything interesting or novel about this exchange, other than its headquarters are located in Texas? From what I can tell, the primary data centers will be in New Jersey like all the others.

Run by Blackrock & Citadel, instigated in part to circumvent DEI protections, in a State that can’t keep their power grid stable, promising less regulations for the people running it and listing their companies on it. Simply put, this is Republicans pushing for “Y'all Street". Target one will be earnings reports, but the eventual push will be to not be overseen by the SEC in some important capacity.

This is tinfoil hat conspiracy thinking.

Re: SEC approves Texas Stock Exchange, first new US integrated exchange in decades

#99

Post by neomantra »

janmo wrote: post #58
ijidak wrote: post #44

Earlier quoted context omitted.

Is there a similar source you're aware of, cheap with a clean API? Hated to lose IEX.

Depends what you are looking for. Is it real time quotes? IEX data is now free after 15minutes instead of 15milliseconds. One option is the Databento US Equities Mini for 200 USD per month. If I understand it correctly it is some sort of weighted average between multiple exchanges.

I've been happy with Databento as a low-friction way to get market data. I liked it so much, I ported their structs and APIs to Golang. [1]

Their EQUS Mini dataset is a great way to dip the toe if you want live data without licensing restrictions. Databento's article talks exactly about how it is sourced, but it is not that it is averaged but anonymized, specifically because of the complexities of upstream exchange licensing. [2]

You don't have to pay $200 per month for that -- that's for all-you-can-eat. You can experiment with pay as you go.

You can use my dbn-go tools to help you... here's the cost to get all the 1-day candlesticks for all the US Equity Symbols for 1-year... which you could use to make all sorts of charts and redistribute them freely (the trickiest part honestly):

  $ dbn-go-hist cost --dataset EQUS.SUMMARY -t 2024-07-01 -e 2025-07-01 -s ohlcv-1d ALL_SYMBOLS
  EQUS.SUMMARY  ohlcv-1d   $ 4.380178  156772672 bytes  2799512 records

  $ dbn-go-hist cost --dataset XNAS.ITCH -t 2024-07-01 -e 2025-07-01 -s ohlcv-1d ALL_SYMBOLS
  XNAS.ITCH  ohlcv-1d   $ 3.784698  135459632 bytes  2418922 records
So $4.38 for all that data or $3.78 for just the NASDAQ exchange (not sure of redistribution of that one).

I hang out on their Slack. Today there was a deep discussion about optimizing C++ SPSC queues, although it is usually isn't too technical like that. They are pretty transparent about how they implement things.

[1] https://github.com/NimbleMarkets/dbn-go

[2] https://databento.com/blog/databento-us-equities-mini-now-av...

Re: SEC approves Texas Stock Exchange, first new US integrated exchange in decades

#100

Post by dingnuts »

leetharris wrote: post #82
avgDev wrote: post #77

Earlier quoted context omitted.

"There have been 263 power outages across Texas since 2019, more than any other state, each lasting an average of 160 minutes and impacting an estimated average of 172,000 Texans, according to an analysis by electricity retailer Payless Power ( https://paylesspower.com/blog/blackout-tracker/ )" Also in 2021 210 people died. This is a huge deal. This wasn't just a little outage.

What you talked about is not a Texas grid problem, but a local problem. The Texas grid itself is very reliable. > Also in 2021 210 people died. This is a huge deal. This wasn't just a little outage. Yes, a rare storm knocked out power and people died. It is a big deal and a lot of things changed after the event. But I want to put it into perspective. In 2024, ~62,800 people in Europe died to heat-related events.

[flagged]
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