Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

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

cbsnews.com

Post reply on HN
Print view View original

281–290 of 493 posts

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

#281

Post by underlipton »

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like avoiding affirmative action listing requirements like the Nasdaq Board Diversity Rules that was just recently repealed: https://corpgov.law.harvard.edu/2025/01…

In a structurally-biased environment, the loss of policies that counteract that bias does not allow companies to "avoid" politics and social science; it allows them to take the side in favor of the structurally-biased status quo. Just so we're clear about what that is.

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

#282

Post by pclmulqdq »

kasey_junk wrote: post #248
peterbonney wrote: post #230

Earlier quoted context omitted.

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.

It’s definitely not 3rd place. That’s cboe and it’s not close. It’s hanging around with ~2% of the trade volume. https://www.cboe.com/us/equities/market_statistics/ I don’t know if that is “remarkably well” but it certainly isn’t some market paradigm shift. If you were to tell me in 10 years the Texas exchange would have 2% of the market I’d believe you. But I’d still not be terribly impressed.

IEX is "3rd place" in their mind only because the other 12 exchanges are owned by two companies. IEX is 13/13 for volume, and the main reason they have any volume is because IEX sometimes has the NBBO so you have to trade there per reg NMS.

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

#283

Post by wbl »

sgc wrote: post #250
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 rather see an exchange that requires buyers to hold their shares for at least x days or weeks, and slow everything way down so that people are actually forced to make decisions based on fundamentals rather than trading based on jitters in market movement. Then the datacenter location is almost irrelevant.

You don't want that unless you want to wait days to trade.

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

#284

Post by moralestapia »

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...

The "spaceman bad" crowd is so dumb that even when you're arguing something bad against spaceman they just dislike it because their shallow understanding of it is just "spaceman bad so I downvote".

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

#285

Post by Braxton1980 »

bdcravens wrote: post #188
lighthazard wrote: post #72

Earlier quoted context omitted.

Wondering why you'd bring up California in a discussion about Texas.

"us versus them", "blue vs red", "liberals vs conservatives" Texas is the favorite punching bag of the left, and California is the favorite punching bag for the right. When one side is attacked, they defensively jump to the default. Which is kind of ironic, when you consider there's more Democrats in Texas than in many "blue" states, and the inverse is also true for California.

I can find many Republican representatives, Trump, and media personalities insulting New York with sweeping generalizations and hateful rhetoric.

The only negative comments from Democrat representatives and the media on the left I see is are critical of specific laws, for example abortion, but they don't insult the entire state or generalize.

If you need specific quotes let me know.

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

#286

Post by jdonaldson »

UltraSane wrote: post #263
resters wrote: post #253

Earlier quoted context omitted.

Reg NMS’s Order Protection Rule (Rule 611) says you can’t trade through protected NBBO quotes, outside a few narrow exceptions. That’s the letter of the law. The practical effect isn’t just a bit of latency. It rewires incentives. With 611 in place, the question for latency-sensitive firms becomes: what HFT tactics can I run that are 611-compatible? Without 611, the question would be: what HFT tactics actually add va…

There is no reason why shares should be bought on sold in time frames far too short for anything to have meaningfully changed about the companies or market conditions.

The issue isn't that there's a lot of change coming from inside the markets, it's that there's a lot of change coming from outside the market, and it's all interconnected.

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

#287

Post by jdonaldson »

stuartjohnson12 wrote: post #186
schlauerfox wrote: post #156

Earlier quoted context omitted.

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.

I was going to make the old joke about discrete vs discreet but I suppose that blockchain trading is both.

throw in discreate as well :)

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

#289

Post by pants2 »

idiotsecant wrote: post #190
pants2 wrote: post #182

Earlier quoted context omitted.

One interesting approach to this is the gas auction system in DeFi where (on Ethereum) traders bid to have their trades included first in a block, and that additional payment is burned / accretive to ETH holders. Though that turns "fastest connection" into "highest bidder" advantage. Another approach that Aztec and some others are taking is to shield all transactions with zkSNARKs such that the intent of a transactio…

The real question is whether we even need stock exchange organizations if we can do it all on chain without them. I think the only thing you really need is someone to handle the stock ownership credentials in the event that legal action require involuntary transfers, that sort of thing. That could be a much smaller footprint organization, I think.

That's the promise of tokenized securities! Securitize + BlackRock are trying to make that happen. This should remove a lot of middlemen to the trading and settlement process.

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

#290

Post by cramcgrab »

dang wrote: post #261
cramcgrab wrote: post #236

[flagged]

Please don't make things even worse by posting bad comments yourself. https://news.ycombinator.com/newsguidelines.html Edit: your account has unfortunately been posting a lot of unsubstantive and/or flamebait comments (e.g. https://news.ycombinator.com/item?id=45412687 and https://news.ycombinator.com/item?id=45404646 ). Can you please stop doing that? It's not what this site is for, and destroys what it is for—we're…

Please moderate your techie site and reduce the amount of politics and preaching, or else you will wind up like Reddit, digg, and of course, the once famous Leo Laporte, who is now exclusively preaching his politics to his 100 faithful followers.
Post reply on HN