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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

#191

Post by immibis »

dcrazy wrote: post #155
bluGill wrote: post #111

Earlier quoted context omitted.

> 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 e…

I thought stocks don't trade on exchanges where they're not listed - that's what listing means, right? And most stocks are listed on one exchange.

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

#192

Post by halfmatthalfcat »

DudeOpotomus wrote: post #173
dyauspitr wrote: post #135

Earlier quoted context omitted.

TXSE has everything to do with politics.

Isnt it amazing how few people actually pay attention let alone ask themselves "why?". The worst part? HN users are much better educated and tend to be much smarter than the average person. If this audience is so easily manipulated, it's no wonder the larger population is being controlled by such obvious tactics. sigh...

If you took my comment as anything other than asking how your broad strokes trite criticism of "people in power bad" relates to TXSE, you're the one who needs some reflection. I wanted to know more about how your conspiracy laden poem directly connected to TXSE but I guess HN likes to just accept low quality content for real discussion now.

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

#193

Post by ta12653421 »

terminalshort wrote: post #147
IsTom wrote: post #141

Earlier quoted context omitted.

It might be slightly inconvenient to people who want to sell their shares.

Not really because there are a lot of stock markets these days.

But depending on the setup, often you just cant "sell the one thing at another exchange which you bought earlier at a different exchange", sure this depends on the country/etc.

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

#194

Post by DudeOpotomus »

qaq wrote: post #172
DudeOpotomus wrote: post #114

When you can buy a Governor, you buy a Governor. When you can buy a State, you buy a State. When you can buy a SCOTUS Justice, you buy a SCOTUS Justice or 6. When you can buy a POTUS, you buy a POTUS. Elon bought them all and many of you cheer. Says more about you than Elon but speaks mountains about the core of our culture and our national ethos but mostly about how easy it is to pervert people and their false ideol…

Elon has way less influence than say Peter Thiel, so this is a huge exaggeration to be honest

Which exchange do you think SpaceX will be listed?

And why is it the TXSE?

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

#195

Post by [deleted] »

DudeOpotomus wrote: post #173
dyauspitr wrote: post #135

Earlier quoted context omitted.

TXSE has everything to do with politics.

Isnt it amazing how few people actually pay attention let alone ask themselves "why?". The worst part? HN users are much better educated and tend to be much smarter than the average person. If this audience is so easily manipulated, it's no wonder the larger population is being controlled by such obvious tactics. sigh...

[deleted]

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

#196

Post by throwawaymaths »

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…

Just make all positions irrevocable for at least 10 seconds after posting.

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

#197

Post by sethhochberg »

bluGill wrote: post #46
cozzyd wrote: post #10

Hope they have ample backup power

Doesn't matter where you are you need that. There is no place in the world where the grid is reliable enough that someone who wants to operate with high reliability can get by without ample backup power. Grid power is normally a lot cheaper than running backup power (that is the capital and maintenance costs are sunk costs, just counting fuel) so it isn't worth disconnecting from the grid despite having enough backup…

One of my previous employers only lost our east-coast colo facility twice in their couple decades of existence:

- once when the DC ran out of diesel and couldn't get any more after Hurricane Sandy

- once when the backup generators caught fire and the fire department needed to kill grid power to the facility

Everything else is pretty reliable or easier to decouple from the local real world

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

#198

Post by bluGill »

dcrazy wrote: post #155
bluGill wrote: post #111

Earlier quoted context omitted.

> 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 e…

Stocks trade when there is a buyer and a seller. An exchange you are not officially listed on is unlikely to have many sellers and so they may not have any stock when you want to buy. Of course they can keep a lot of stock on hand (that is become a market maker), but that means they arbitrage games (either they or someone else), and if their volume of trades is too low (which it will be because few traders think to to use them) they are going to lose money on that deal.

Back in 1800 an exchange was a place where a lot of buyers and sellers agreed to meet up so that you had good odds of finding a buyer when you wanted to sell. The exchange happened by exchanging papers which then got sent to the company to know how the new owners were.

This gets at why there were a lot more exchanges in the past than now. Ownership is recorded electronically (you can get paper but almost nobody does) do you don't need to send papers into head quarters. We also have fast communication so can have your agent take care of things in New York in seconds no matter where in the world you are - in 1800 you had to physically go to an exchange (or send an agent).

An unlisted exchange is similar to a dark pool. The company whoes stock is traded on one will treat the trade like any other dark pool. However if they are trying to operate like a listed exchange they will doing other exchange like things (posting prices), so you get the worst of both worlds.

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

#199

Post by throwawaymaths »

AaronM wrote: post #180
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…

If trades were batch processed say every 5 seconds, and randomized in the case of ties would that solve the fastest connection issue?

IIUC being fast is not as much of a problem as dropping in a bid and cancelling it at the last moment
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