https://www.ft.com/content/da5be183-c339-42d2-b1e4-1aad83568d1c (possibly paywalled) has pretty good background on the planned exchange and makes me think this question (which per the description boils down to will companies going to market in 2026-7 begin to list on the TXSE?) is a pretty good one:

“Nobody’s been able to start a new listings exchange in 50 years — and they’ve tried,” said James Angel, finance professor at Georgetown University. “The people behind this do know how to start a stock exchange so with good technology and marketing, they will make sure they have a good trading product. But listings are an uphill battle.” While the US has 16 national stock exchanges, most are focused on trading, not listing, stocks. Hosting companies, as the TXSE aims to do, produces attractive annual revenues for that exchange regardless of where the shares are actually traded.

However I'd guess it could succeed by attracting listings including possibly dual listings from existing public companies (not totally sure how broad "going to market" is).

New Texas exchange pledges tougher standards than New York rivals

The launch feeds into an effort to establish the state as a corporate mecca with a new bourse trading equities in Dallas

As an aside, I'm pretty confused how this helps. The SEC is the main regulator and is federal. Corporate law is set by the state of registration (usually Delaware). To what degree does New York law even matter for exchange listed stocks?

it's this woke bullshit:

https://listingcenter.nasdaq.com/assets/Board%20Diversity%20Disclosure%20Five%20Things.pdf

Thanks for sharing.

Yes, the TXSE value proposition is related to the ongoing culture war, pitched as a safe haven for businesses from these influences.

Even more in focus today as Elon Musk moves X and SpaceX to TX from CA in response to a new diversity law.

Mostly betting no because NEH, but just going to point out that it's a heck of a conflict of interest for Citadel (which is one of the biggest HFT firms) to build an exchange in Texas (which is far enough away from New Jersey and Chicago that, if they were to build their own microwave channel, they could gain a speed advantage).

@ShakedKoplewitz it's what everyone thought Alameda was doing with ftx until it turned out no, they were somehow managing to lose money despite owning the exchange.

This will go as well as their separate, unregulated power grid.

@BrunoParga So pretty good I guess

@Riley12 it did earn Ted Cruz a trip to Cancun...

i have weak priors on this and really only bet on ai topics

but presumably the odds are less than 5% given the network effects associated with the nyse and nasdaq (legal, financial)