Your broker may be speaking funny and saying “y’all” often. I mean, Wall Street in Texas is getting more real by the minute. We thought it was a cool idea a while back, but it may be happening indeed. Check this out:
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The Texas Stock Exchange will commence trading on Monday, kickstarting the first real test of one of the most well-funded new exchanges to launch in decades.
The Texas Stock Exchange, a Dallas-based startup, will initiate a phased rollout to take place over the course of July. On Monday, the exchange will open to TXSE members, including approved broker-dealers, banks and trading firms, to trade test stocks initially, then the symbols for thousands of stocks and other equities will come online over the course of the month, allowing the public to start trading.
By the third quarter, exchange officials hope to have Exchange-Traded Products, or ETPs, listed on the exchange and corporate listings available during the fourth quarter of this year, according to a statement from the exchange.
Get your champagne bottle and say something nice about Texas because this one is huge. The impact of this will affect many people.
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What’s going on? We like being a business-friendly environment and having a huge GDP, i.e., top 10 in the world. Texas is obviously quite a contrast to California or New York. We want you to make it here, and they want you to make it somewhere else.
The Texas version of Wall Street will create a lot of direct and indirect jobs in the area. I assume we will get more New Yorkers to move down here, but only if they remember which party screwed up the Empire State.
Congratulations to everyone involved, and let’s top all of this with another World Series or Super Bowl.
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