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Texas COMING for New York's stock exchange business

"A group backed by Wall Street heavyweights BlackRock and Citadel Securities is planning to start a new national stock exchange in Texas, aiming to take on what they see as onerous regulation at the New York Stock Exchange and Nasdaq."

Do you think Texas could affect the stock exchanges in NY? Just another failed attempt by a red-leaning state to mimic blue states?

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by Anonymousreply 20June 8, 2024 3:23 AM

free version

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by Anonymousreply 1June 5, 2024 12:53 AM

Okay, good luck with that.

by Anonymousreply 2June 5, 2024 12:55 AM

That’s exactly what people want. An unregulated stock exchange based in Texas. Doesn’t sound sketchy at all.

by Anonymousreply 3June 5, 2024 12:59 AM

A Texas-based stock exchange? "Money laundering", I believe it's called.

by Anonymousreply 4June 5, 2024 1:00 AM

If its in Texas, it will be susceptible to the rampant corruption in that shithole state, possibly plunging the entire country into a recession.

by Anonymousreply 5June 5, 2024 1:01 AM

Wait till they have an electric power grid failure.

by Anonymousreply 6June 5, 2024 1:06 AM

“ it will be susceptible to the rampant corruption in that shithole state, possibly plunging the entire country into a recession”

In Texas’s defense, this has happened repeatedly by the exchanges in NY. This will be worse, of course.

by Anonymousreply 7June 5, 2024 1:06 AM

But of course.

Texas is incapable of innovating. They can only hope to steal and leech off of better, more inventive, cutting-edge states.

by Anonymousreply 8June 5, 2024 1:10 AM

The only kind of "stock" Texas should be dealing with is the live- kind.

by Anonymousreply 9June 5, 2024 2:00 AM

Escaping NYC taxes and lawlessness would be a good move now that telecommunications no longer require the Exchange to operate physically in the city.

The process is already under way. Even as of last year thousands of jobs had already escaped from New York.

Nearly 160 Wall Street firms have moved their headquarters out of New York since the end of 2019, taking nearly $1 trillion — yes, that’s trillion with a “T” — in assets under management with them, according to data from 17,000 companies compiled by Bloomberg.

Looking to dodge rampant crime, stiff taxes and an increasingly exorbitant cost of living, 158 fed-up financial firms representing a whopping $993 billion in assets have packed up and left the Big Apple, taking thousands of high-paid employees with them, the data shows.

Icahn Capital Management — headed by billionaire corporate raider Carl Icahn — is among the most prominent firms to decamp to the Sunshine State. In August 2020, the firm ditched its posh Manhattan digs atop Fifth Avenue’s General Motors Building in favor of a 14-story office complex in a Miami suburb.

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by Anonymousreply 10June 5, 2024 2:17 AM

Ha. I can't wait for some of those "Wall Street" bros to accidentally knock up some Texas chickadee.

by Anonymousreply 11June 5, 2024 2:35 AM

it's spelt Taxes

by Anonymousreply 12June 5, 2024 5:16 AM

My immediate thought was it's like NFTs, but for bilking gun nuts out of their money instead of tech bros.

by Anonymousreply 13June 5, 2024 5:28 AM

WSJ and New York Post - both conservative rags who like to stir trouble and always support Repug talking points. Treat their "news" with some scepticism.

by Anonymousreply 14June 5, 2024 8:00 AM

R14 = Pinch

by Anonymousreply 15June 5, 2024 9:43 AM

I boycott everything Texas, except for Tito’s.

by Anonymousreply 16June 5, 2024 11:26 AM

[quote] I boycott everything Texas, except for Tito’s.

You ungrateful bastard

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by Anonymousreply 17June 5, 2024 12:36 PM

Late stage capitalism doing its thing.

by Anonymousreply 18June 5, 2024 12:40 PM

A good deal of the stock exchange business is global. I doubt most of the trading will be willing to move from NY to Texas.

by Anonymousreply 19June 5, 2024 12:56 PM

It's not about the trading. The age of ticker tape is gone Firms are moving their headquarters to states with lower taxes in a trend that predated the pandemic.

by Anonymousreply 20June 8, 2024 3:23 AM
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