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Texas to launch 'anti-woke' stock exchange to rival NYSE and Nasdaq
Wall Street bankers are plotting a new national stock exchange in Texas - promising lighter regulation than in New York.
Backed by BlackRock and Citadel Securities, the Texas Stock Exchange in Dallas would go up against the Nasdaq and the NYSE and bid to attract global companies.
It has raised about $120 million and plans to start trading next year provided it gets the OK from the Securities and Exchange Commission
The TXSE, as it is known, wants to tap into companies worried at the increasing rules and compliance costs at the two New York exchanges.
The Nasdaq, for example, sets targets for more board diversity - dubbed a 'woke' move by critics.
The TXSE wants to be less 'woke' than the Nasdaq
Ken Griffin, head of Citadel, has been a vocal critic of so-called 'woke ideology.'
The new Texas stock exchange promises to be more CEO-friendly. It also hopes to tap into the move for more and more companies to base themslves in the Lone Star State.
Texas - home to Exxon Mobil, AT&T, Tesla and American Airlines - is tied with New York for the most Fortune 500 companies.
Oracle, Charles Schwab, Hewlett Packard, Caterpillar and NRG Energy have shifted operations to the state too.
'Dallas has become one of, if not the most, dominant financial centers in the country, if not the world,' TXSE CEO James Lee told the Wall Street Journal, who first reported the story.
A rebound in capital markets has sent a plethora of companies from within and outside the United States scrambling to list their stocks, creating more opportunity for indices.
But carving a space could be difficult for a new exchange in the lucrative US listings market, where the New York Stock Exchange and the Nasdaq have dominated in a virtual duopoly since the 2000s.
Major regional stock exchanges such as the Philadelphia Stock Exchange, the Boston Stock Exchange, and the Chicago Stock Exchange, merged into either the Nasdaq or the NYSE after the SEC introduced laws that gave preference to automated trading platforms.