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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

#341

Post by calmoo »

munk-a wrote: post #304
larsiusprime wrote: post #242

Earlier quoted context omitted.

Higher property taxes and low income taxes is preferable actually, it keeps the housing market from getting massively distorted.

Ideally you're correct - but it does have the very large side effect of making real estate fraud much more lucrative. This isn't to say that the potential of people breaking a law means we shouldn't have the law at all - but higher property taxes necessitate a much large spend into property value auditors and require a lot more stringency around property improvement permitting to ensure that increases in property val…

How much fraud we talking? I like to think along Matt Levine's ideas that at least some amount of fraud is acceptable - there will always be some amount of it and under or over-regulation creates a net-negative.

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

#342

Post by dylan604 »

caminante wrote: post #322
dylan604 wrote: post #310

Earlier quoted context omitted.

What conspiracies? These are actual things that happened delivered as a sarcastic dialog that goes to show how the government in Texas behaves. Also, I never claimed anything about investors of TXSE. At the end of the day, it doesn't matter where an SE's data centers are located. They will all need redundancy plans. If you think Texas is a better location than other sites, then you have to focus on what have historic…

I get you're heated about Texas politics. I'm afraid your comments just come off as an attack on local politicians and their priorities, not the topic of addressing whether TXSE could be more resilient than peers.

The discussion evolved into where the data centers would be and pros/cons of having them in the various locations. I was discussing the cons of a Texas location

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

#343

Post by dylan604 »

sleepyguy wrote: post #340
dylan604 wrote: post #217

Earlier quoted context omitted.

Each building has 2 large fuel tanks which is where I was expecting to see a fault in the plan. I wonder how redundant the fuel supply is. If building 1 is the only one on generator power and the fuel tanks start to run low, can they easily route more fuel from another building's tanks? Just how paranoid were they with the design?

When ever there is an extended power outage at a facility like this, tankers show up. I would not be surprised if there are contracts with Suncor distribution to have a steady flow of tankers supplying fuel to the facility. There are several fuel distribution hubs throughout the DFW area that supply the local markets including two major airports.

That's a big assumption, and precisely why the tanks are on site. If snowpocalypse events make roads unsafe to drive, those tankers might not be there. There's always a way to think about how something else could go wrong. At some point, you just have to say it is good enough for the money willing to be spent.

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

#345

Post by jiggawatts »

drob518 wrote: post #295
UltraSane wrote: post #263

Earlier quoted context omitted.

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.

So, you want everyone to trade only daily or weekly or quarterly?

Every few seconds is fine.

Disagree? You think milliseconds is “better” somehow?

Then by that logic microseconds are better still! (A straight-faced argument made by thousands of HFT people.)

Then, surely, nanoseconds matter. Again, some traders care deeply about shaving single digit “nanos” off their response times by using smart NICs that can respond before the incoming packet has even finished arriving! Bypassing the CPU entirely because ermahgerd that would waste precious nanos!

Okay, what about femtoseconds? Attoseconds? Low single digit Plank time units?

Clearly the extrapolation is nonsense.

The problem is that there’s always an advantage to some rent-seeker to be faster than everyone else, so there will never be consensus between them and the general public. Or each other.

It’s a classic tragedy of the commons.

This is why laws are required, to prevent that one greedy guy putting “just one more cow” onto the pasture than the other greedy guys.

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

#346

Post by resters »

jiggawatts wrote: post #345
drob518 wrote: post #295

Earlier quoted context omitted.

So, you want everyone to trade only daily or weekly or quarterly?

Every few seconds is fine. Disagree? You think milliseconds is “better” somehow? Then by that logic microseconds are better still! (A straight-faced argument made by thousands of HFT people.) Then, surely, nanoseconds matter. Again, some traders care deeply about shaving single digit “nanos” off their response times by using smart NICs that can respond before the incoming packet has even finished arriving! Bypassing…

This is the “speculation is bad” take with a side of naïveté about how markets work.

Open an order book. Prices and quantities aren’t decoration; they’re live telemetry for supply, demand, and how tight the crowd’s consensus is at each level. That’s information, full stop.

A human (or machine) trader forms a view of fair value against that tape. The book helps decide how to trade—size, urgency, venue—regardless of motive: arbitrage, hedge, speculation, investment, cash-out. Intent doesn’t change the math.

Prints are messages. Every execution updates everyone else’s priors. More prints → more information → smoother discovery.

Make the book sparse—only a handful of trades per day—and watch confidence collapse. With weaker consensus and wider error bars, people step back. Liquidity thins, friction rises. That’s not morality; that’s microstructure.

Time horizon doesn’t invalidate the signal. A strategy that unfolds over days and one that resolves in milliseconds both add to the dataset. If it trades, it teaches. More resolution in others’ behavior means better prices and deeper books. That’s the game.

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

#347

Post by tomrod »

CGMthrowaway wrote: post #240
ohples wrote: post #231

Earlier quoted context omitted.

> preferring to let the local car dealers buy new town charters with no infrastructure. I'm curious what this is referring to.

Probably talking about Starbase (elon musk).

Local state legislature has several car dealership owners that also started their own chartered towns. Wasn't thinking about starbase but that qualifies.

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

#348

Post by throwawaymaths »

JumpCrisscross wrote: post #324
throwawaymaths wrote: post #196

Earlier quoted context omitted.

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

> Just make all positions irrevocable for at least 10 seconds after posting Sounds great for Wall Street. Spreads would necessarily widen as people buffer out. Meanwhile, you’ve turned every lit order into a 10-second option for market participants. Which means there is still a latency advantage to lifting or hitting a standing order first.

only if you make those bids visible. the bids are held in a buffer and at the end of the buffer, it either completes a trade or appears on the order book. iirc some market tried to do this with a literal loop with a physical latency.

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

#349

Post by ForHackernews »

resters wrote: post #325
CyberDildonics wrote: post #314

Earlier quoted context omitted.

I think you're hallucinating something I didn't say to avoid confronting what I did say. Also what's the difference between a system, a dynamic system and a 'dynamical' system?

The behavior of other participants is itself a first-class signal. Rule 611 compresses that signal. By forcing everything to orbit a size-agnostic NBBO, it collapses a lot of the “behavioral bandwidth” (depth, imbalance, sweep patterns, replenishment, cancel/replace cadence) into a single top-of-book tick. Less resolution, less information. High-resolution flow tells you who wants what, at what size, and how urgently…

It's pretty funny that there are people in this thread pretending like "price discovery" is a real thing that happens in markets based on information. We've all seen Dogecoin and BBBYQ. The emperor has no clothes.

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

#350

Post by hobs »

caminante wrote: post #308
hobs wrote: post #108

Earlier quoted context omitted.

> SEC set to see hundreds leave through buyout, retirement offers https://www.politico.com/news/2025/03/21/sec-buyouts-retirem... > US SEC buyouts hit legal, investment divisions hardest, data shows https://www.reuters.com/business/world-at-work/secs-legal-in... > SEC Formally Withdraws Fourteen Rule Proposals https://www.proskauer.com/alert/sec-withdraws-fourteen-rule-... The actions generally do not seem to match t…

Going up-thread, here's the original claim under contention: >> will be to not be overseen by the SEC in some important capacity. Your articles don't dispute this. As for whether oversight will be "weaker" and more de-regulated, maybe. 1. There's a headcount reduction. At worst, there's a quote that some really experienced watchdogs are out the door. Hard to tell until we get outcomes. 2. As for withdrawal of proposa…

Sure, I am just saying the comment about "hunting crooks more aggressively" seems to run counter to their anti-regulation stance, and their active lack of hunting crooks.
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