Will “Y’all Street” replace Wall Street?
On September 28, 2023, Texas Governor Greg Abbott and Texas Capital Bank announced the launch of the Texas Capital Texas Equity Index ETF at the New York Stock Exchange. Texas became the only state with its own ETF. However, Texas’s ambitions don’t stop there. As Texans often say, “Everything is bigger in Texas.”
In less than six months, Texas plans to revolutionize the financial industry. According to the latest report from The Wall Street Journal, financial giants like BlackRock and Citadel Securities are planning to establish a new stock exchange in Texas—the Texas Stock Exchange! This new exchange aims to provide a trading platform for future listed companies, ETPs, and ADRs, challenging the dominance of NYSE and NASDAQ in the U.S. financial market.
The Texas Stock Exchange plans to submit its registration documents to the SEC by the end of this year, to start operations in 2025, and to hold its first IPO bell-ringing ceremony in 2026. Renowned economist Ray Perryman also believes Texas is an ideal location for a new stock market. Texas has already surpassed New York in financial sector employment and leads the nation in job growth and the number of Fortune 500 companies.
What do you think about Texas’s bold move to establish its stock exchange? Share your thoughts!
