Texas Stock Exchange launch planned as rival to New York

Texas is to get a new, liberated stock exchange. Why not Manchester or Leeds too?

Cash dollar bills and stock market indicators
(Image credit: Javier Ghersi)

It is certainly a bold move. TXSE Group announced on 5 June 2024 that it had $120m in backing from a group of giant financial institutions to launch a Texas Stock Exchange to rival New York. It will be based in Dallas, and the firm hopes to have it up and running by the end of this year, with trading open by 2026. 

It plans to have lower costs, especially for exchange-traded funds (ETFs), and fewer rules on issues such as the diversity of the board. If it gets all the necessary approvals it will be the first time Wall Street has had a real rival for a couple of generations. Texas is the natural home for an alternative. 

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Matthew Lynn

Matthew Lynn is a columnist for Bloomberg, and writes weekly commentary syndicated in papers such as the Daily Telegraph, Die Welt, the Sydney Morning Herald, the South China Morning Post and the Miami Herald. He is also an associate editor of Spectator Business, and a regular contributor to The Spectator. Before that, he worked for the business section of the Sunday Times for ten years. 

He has written books on finance and financial topics, including Bust: Greece, The Euro and The Sovereign Debt Crisis and The Long Depression: The Slump of 2008 to 2031. Matthew is also the author of the Death Force series of military thrillers and the founder of Lume Books, an independent publisher.