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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

#371

Post by thaumasiotes »

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…

> Perhaps Texas could use a different trading model that doesn't require ultra high speed trading.

What would that model look like?

Suppose we trade infrequently but take orders whenever. A trade is coming up and the order book looks like this:

    buy  XMPL 100 shares $0.40
    buy  XMPL 150 shares $0.22
    sell XMPL 100 shares $0.15
    sell XMPL 100 shares $0.20
    sell XMPL 100 shares $0.25
    sell XMPL 100 shares $0.30
We can always fill the buy order for 100 shares. How much should that guy pay?

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

#372

Post by toss1 »

hunterpayne wrote: post #318
toss1 wrote: post #153

Earlier quoted context omitted.

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 thin…

Moved on from the fascist rhetoric I see.

Right, from a 24-day old account making only right wing political comments, a comment that addresses exactly zero of the points made by the initial post.

And regarding ignoring fascism/authoritarianism, you need only look at the difference between fascist and democratic societies

In democratic societies, the three branches of govt are independent, and the branches of civil society, press, academy, religion, business, industry, finance, entertainment, sport, and non-profits are ALL independent.

In autocratic societies, the power of the government is abused to corrupt or coerce all three branches of govt and all segments of civil society to serve the will of the executive.

EVERY single move by the person occupying the President's chair and his party as been to reduce or undermine the independence of the other government branches and all segments of civil society. The party who claims to be about "free enterprise" and "free speech" is seizing ownership of corporations, directly interfering in individual hiring decisions, and even making govt threats to get COMEDIANS fired. Seizing ownership of corporations, even partially, is more typical of Communist governments than democracies.

See if you can find a single substantive exception since 20-Jan-2025 where this administration increased freedom of expression or freedom of economic action, especially when such expressions or actions were unfavorable to it.

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

#373

Post by Fade_Dance »

moreice wrote: post #367
hn_acc1 wrote: post #333

Earlier quoted context omitted.

I gotta say.. I'm way out of my depth on that one. As a guy who's mostly put some 401K $$ into index funds, and has the odd RSU/ESPP stock to sell - will any of these be an issue when I sell some of them later? I've only sold ESPP stock via "at this price" when I had a large enough number, and "at market" when not - but it's been in the hundreds of shares at most. May have a few thousand shares of my current employer…

No, it will not affect you. The above post is mostly correct, but it's misleading because it's from the perspective of a trader trying to make short term profits. But most of us are considered investors, we periodically buy/sell low volume of liquid ETF/funds/stocks and hold our positions for years. Market makers do collect a tiny premium for every trade, but it's irrelevant for the time horizon that investors are co…

It may affect them. I stand by that.

Since this is hackernews, I'd imagine there are a decent amount of people with low float tech stocks. Those things can be impressively squirrely. I've moved a billion dollar company 5% with a $100,000 order by being a klutz.

Granted, these situations are usually in times of market stress, but these are times when for better or for worse people do need to raise personal cash on occasion.

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

#374

Post by [deleted] »

JumpCrisscross wrote: post #335
CyberDildonics wrote: post #329

Earlier quoted context omitted.

Not so much if the submitted prices are hidden until the matches are resolved.

> Not so much if the submitted prices are hidden until the matches are resolved Except every other exchange is still revolving. The only way to implement this is to eliminate competition between exchanges. Also, Wall Street would love this. The more of the order book you submitted, the more information you have about its composition.

[deleted]

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

#376

Post by groundzeros2015 »

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.

News happens and things change quickly. Also there is arbitrage between similar assets, and investors benefit when that arbitrage is reduced by frequent trading.

The vanguard marketing runs deep.

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

#377

Post by groundzeros2015 »

Braxton1980 wrote: post #266
conductr wrote: post #134

Earlier quoted context omitted.

Not sure I understand your point. If someone wants to open an exchange there, what’s stopping them? I’m a Dallas resident and this has been a large coordinated effort that has a lot of banks relocating here. Not going to debate the good or bad of it, but Texas tends to go after these types of things and creates a favorable environment for it from a business/tax/political standpoint. I don’t know what California does,…

What's to stop states from increasing the amount they compete with each other to lure businesses by reducing regulations, lower taxes, etc I think this is a loop that hurts regular people. Less regulation could open people to more risk and less ways to combat it. Lower taxes for businesses means that state funding must be made up with either cuts to services or higher taxes on people. I think Republicans will use the…

You can also choose which state you live on based on lifestyle preferences and risk tolerance.

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

#378

Post by groundzeros2015 »

abirch wrote: post #56
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…

Delaware protects the shareholders. It's uncertain what will happen in Texas. https://www.bloomberg.com/opinion/articles/2024-02-01/texas-... https://www.bloomberg.com/opinion/articles/2025-02-03/texas-...

The recent story involving Elon's compensation package has also put into question how seriously Delaware upholds business contracts.

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

#380

Post by [deleted] »

CGMthrowaway wrote: post #356
calmoo wrote: post #341

Earlier quoted context omitted.

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.

Tough to measure. A couple data points: -NY state estimate $150–200M per year lost to real estate transfer tax fraud and evasion. On $3B receipts that is 5-6% breakage. -Harris County (Houston) found $21M in improper homestead exemptions. On ~$7B receipts that is ~0.3% breakage -Miami-Dade found $35M on $6.5B for improper homestead exemptions, 0.5% breakage For comparison, IRS net tax gap is about 12%

[deleted]
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