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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

#221

Post by landl0rd »

ceejayoz wrote: post #103
leetharris wrote: post #83

Earlier quoted context omitted.

[flagged]

Maybe you got a bit lucky. https://en.wikipedia.org/wiki/2021_Texas_power_crisis#Backgr... > In 2011, Texas was hit by the Groundhog Day blizzard between February 1 and 5, resulting in rolling blackouts across more than 75% of the state… Following this disaster, the North American Electric Reliability Corporation made several recommendations for upgrading Texas's electrical infrastructure to prevent a similar event o…

I lived in Texas and we never got rolling blackouts for this. We didn't hear about it from family and friends in every major Texas city. Maybe this means 75% of the state by area rather than population? We just didn't drive because much of Texas isn't set up to clear roads and, more importantly, few of our drivers know how to deal with snow and so most get very unsafe to drive around.

The report your wikipedia article cites for 75% says this: "In the case of ERCOT, where rolling blackouts affected the largest number of customers (3.2 million), there were 3100 MW of responsive reserves available on the first day of the event, compared to a minimum requirement of 2300 MW." So an eighth or so of Texas' ~25 million population in 2011.

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

#222

Post by kasey_junk »

CGMthrowaway wrote: post #213
kasey_junk wrote: post #90

Earlier quoted context omitted.

Each exchange can make its own rules for what it will list and how it will trade (within the broader SEC regulations). So yes it’s just a way to capture fees from listers who like your exchange better as the primary listing exchange and from market participants that must be in every exchange (latency sensitive HFT). None of the many exchanges that have started have made a dent in the existing duopoly for real share l…

So in other words, healthy competition, and may the best man win. Contrary to many comments this is more than political reaction/posturing. The state of Texas is the world's 8th largest GDP and a diverse one, with no one sector exceeding 9%. Texas is well-positioned relative to NYC for attention around AI, as it is not geographically constrained and has an energy advantage. There is financial credibility built in as…

NYSE Texas didn’t see a huge influx of listings when they moved there and changed their rules. I don’t think “Texas” is particularly interesting to the conversation given the dominant regulatory regime will be federal and the trading will happen in NJ but I could be wrong.

There are lots of stock exchanges, which have started for lots of reasons but there isn’t really much of an industry desire to be out of nyse/nasdaq for vanilla listings. If there was it would have already happened.

Seems like a publicity stunt to siphon some regnms traffic and maybe some etf listings to me, but no big drama if not.

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

#223

Post by tomrod »

CGMthrowaway wrote: post #213
kasey_junk wrote: post #90

Earlier quoted context omitted.

Each exchange can make its own rules for what it will list and how it will trade (within the broader SEC regulations). So yes it’s just a way to capture fees from listers who like your exchange better as the primary listing exchange and from market participants that must be in every exchange (latency sensitive HFT). None of the many exchanges that have started have made a dent in the existing duopoly for real share l…

So in other words, healthy competition, and may the best man win. Contrary to many comments this is more than political reaction/posturing. The state of Texas is the world's 8th largest GDP and a diverse one, with no one sector exceeding 9%. Texas is well-positioned relative to NYC for attention around AI, as it is not geographically constrained and has an energy advantage. There is financial credibility built in as…

All true. Texas worker environment is not great though. Folks typically list income tax as an advantage but property and sales taxes more than make up the difference. Also, govt admin is fairly hostile to any infrastructure expansion, preferring to let the local car dealers buy new town charters with no infrastructure.

Environmental regs are not well managed generally.

Anyhow, not the worst state, not the best. Pretty balanced economy, like Ohio, Illinois, California, and Georgia.

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

#224

Post by reducesuffering »

tomrod wrote: post #223
CGMthrowaway wrote: post #213

Earlier quoted context omitted.

So in other words, healthy competition, and may the best man win. Contrary to many comments this is more than political reaction/posturing. The state of Texas is the world's 8th largest GDP and a diverse one, with no one sector exceeding 9%. Texas is well-positioned relative to NYC for attention around AI, as it is not geographically constrained and has an energy advantage. There is financial credibility built in as…

All true. Texas worker environment is not great though. Folks typically list income tax as an advantage but property and sales taxes more than make up the difference. Also, govt admin is fairly hostile to any infrastructure expansion, preferring to let the local car dealers buy new town charters with no infrastructure. Environmental regs are not well managed generally. Anyhow, not the worst state, not the best. Prett…

> Folks typically list income tax as an advantage but property and sales taxes more than make up the difference.

No, not really. Texas is still below average state taxes and you can see the breakdown of each state here:

https://en.wikipedia.org/wiki/State_income_tax#/media/File:S...

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

#226

Post by schlauerfox »

throwway120385 wrote: post #151
ecshafer wrote: post #94

Earlier quoted context omitted.

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.

also selective exurban areas, for fire prevention, might be skewing the numbers. our datacenters in the city don't get these outages.

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

#227

Post by skeaker »

cozzyd wrote: post #112
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.

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.

"Redditor" in this context is just an internet-savvy way of saying "sheeple."

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

#228

Post by jen20 »

usefulcat wrote: post #219
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…

> Perhaps Texas could use a different trading model that doesn't require ultra high speed trading. What would that look like? Periodic auctions? Certainly it could be done, I'm just trying to understand what problem might be solved, and whether the solution would be effective. For example, even with the opening and closing auctions we have today, there can be an advantage to getting your order accepted right before t…

One option is to add a random delay to every trade, thus making high speed arbitrage substantially more difficult.

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

#230

Post by peterbonney »

kasey_junk wrote: post #149
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…

IEX tried this to much fanfare. Turns out most participants don’t particularly care about that as a motivating factor.

I'd say IEX has done remarkably well - it's not likely to displace NASDAQ or NYSE but it has solidified its place as the #3 US exchange by any reasonable measure. If TXSE achieves comparable market share I'd call that a wild success.

You're not wrong to say that most participants don't care about what IEX offers, but enough do to make a meaningful dent in trading volume.

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