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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

#151

Post by throwway120385 »

ecshafer wrote: post #94
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.

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…

California has power outages as a matter of routine in some places. When I went there the rural areas were constantly experiencing load-shedding power outages and some of the rural lodging advertised that they had backup generators because this is so routine there.

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

#152

Post by twothreeone »

robocat wrote: post #130
SkipperCat wrote: post #13

The Miami stock exchange (MIAX) has their matching engines colocated in Equinix's NY4 data center in Secaucus NJ, much like many other exchanges. I would not be surprised if TXSE does the same. Many trading firms already have their trading engines in that data center and I would assume TXSE would want quick access to that order flow and this might be easier if they are in NY4. Of course, they may want to have their c…

> I would assume TXSE would want quick access to that order flow Perhaps Texas could use a different trading model that doesn't require ultra high speed trading. Matt Levine often mulls the idea of a system with a trading window that doesn't let the fastest connection to the order book win. Perhaps an order book that works at human speeds so humans can trade too (I can think of a few ways to do it - but would need mo…

"Most trades" doesn't necessarily mean "most profitable trades" ;)

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

#153

Post by toss1 »

ecshafer wrote: post #98
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.

This is tinfoil hat conspiracy thinking.

Right. Just like all the autocratic Project 2025 plans, defunding healthcare to give tax breaks to billionaires, sending US military to police US cities, and all the other current actions were " tinfoil hat conspiracy thinking".

There is a party actively committed to implementing autocracy as fast as it can. To willfully ignore that and attempt to deflect from it as you are doing is wrong.

Moreover, if you don't think an autocracy will hurt YOU because you are in some protected group, you are wrong — it might not hurt you first, but it will hurt everyone, including you.

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

#154

Post by leecarraher »

indoordin0saur wrote: post #119
chrismustcode wrote: post #115

Earlier quoted context omitted.

Couldn’t they just send some hardware down Texas to co-locate there (presuming specialist hardware) and add another deployment target for their software? Would it be that hard?

The issue is the speed of light.

for an interesting reversal of the "problem" of the speed of light, IEX is a stock exchange design to combat HFT by adding a physical speed bump by way of 38 miles of fiber optic cable. The general idea being to level the playing field and improve market liquidity using physical communication limits of light. https://en.wikipedia.org/wiki/IEX

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

#155

Post by dcrazy »

bluGill wrote: post #111
javier123454321 wrote: post #89

Pardon my ignorance but can anyone can help me figure out what does it mean to have a new stock exchange? Dont exchanges sell the same stocks? Is it just a way to earn some fees by capturing some of the trades in their platform? I'll obviously google it now but I'd appreciate some insight.

> Dont exchanges sell the same stocks? No. Each company chooses what exchange their stock is sold on. Sometimes (often for large companies) you are on more then one exchange, but never all of them. Nothings stops an exchange (laws may not allow this but remember exchanges are in many countries and only subject to the laws of their country) from handling stock that the company doesn't want on them, but the value of an…

> the value of an exchange is other people are looking there when they want to buy and sell and so it would be hard to get enough traders if the company doesn't want to list with you.

Doesn’t regulation NMS make this significantly less relevant? A stock trading on an exchange where it isn’t listed is going to trade at the same price as everywhere else, modulo however long it takes to arbitrate the price between the exchanges.

Also, I too am struggling to understand posting a trade of an unlisted stock to an exchange. This sounds pretty similar to a dark pool?

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

#156

Post by schlauerfox »

robertlagrant wrote: post #139
robocat wrote: post #130

Earlier quoted context omitted.

> I would assume TXSE would want quick access to that order flow Perhaps Texas could use a different trading model that doesn't require ultra high speed trading. Matt Levine often mulls the idea of a system with a trading window that doesn't let the fastest connection to the order book win. Perhaps an order book that works at human speeds so humans can trade too (I can think of a few ways to do it - but would need mo…

> He points out that most trades are done in the last hour, so really trading only needs to occur once a day. Presumably then the last trader has the most information, and so the game would be getting the info as late as possible and trading as late as possible, but not too late.

That's one thing that will make blockchain trading interesting as it's discreet block by block, such as the ex-dividend date who holds a stock when the dividends are paid, might make fees for that block very competitive. The SEC is really struggling now with good regulation but it's coming end of the year to draw the line in the sand.

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

#157

Post by [deleted] »

next_xibalba wrote: post #116
cozzyd wrote: post #112

Earlier quoted context omitted.

I'm not sure what is meant by Redditors... I haven't used Reddit in many years. Admittedly anectodal, but I don't remember any power outage here in Chicago over the last 11 years I lived here, but I was in Texas for work for a few weeks this summer at the NASA balloon base and there were multiple power outages.

The Houston metro area is particularly bad. When I lived in Austin, the outages were very rare. In Houston, I would guess there is at least 1 outage every month that lasts for an hour on average.

[deleted]

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

#158

Post by throwway120385 »

hopelite wrote: post #93
no_circuit wrote: post #20

Earlier quoted context omitted.

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]

> mental shackles of subordination to psychological abusers and manipulators that are constantly pushing the idea that state's rights are subsumed to federal rights

Wow. The inter-state commerce clause is a real thing and it does give the federal government broad lattitude to regulate "commerce" across state lines. Commerce seems to entail the flow of both goods and services. We are in this situation because people at the state level decided, democratically, that some decisions should be made federally so as to avoid a huge patchwork of differing laws. To put it bluntly, I don't want to have to carefully review and compare Oregon state law with say Texas state law before I undertake any travel lest I accidentally commit a felony in Texas by doing something that isn't against the law in Oregon, and that's a really good reason to try to limit the differences between the two. If you don't, you'll necessarily chill travel and commerce across state lines because those differences will present a huge barrier to entry and create a big suck on peoples' time and attention.

> These United States, and after the Civil War the de fact illegitimate federal government called itself The United States

This is getting into Soverign Citizen type reasoning.

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

#159

Post by kasey_junk »

leecarraher wrote: post #154
indoordin0saur wrote: post #119

Earlier quoted context omitted.

The issue is the speed of light.

for an interesting reversal of the "problem" of the speed of light, IEX is a stock exchange design to combat HFT by adding a physical speed bump by way of 38 miles of fiber optic cable. The general idea being to level the playing field and improve market liquidity using physical communication limits of light. https://en.wikipedia.org/wiki/IEX

That marketing gimic adds hundreds of microseconds to order latency. It’s not designed to level any playing fields it’s designed to get publicity.
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