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the New York Stock Exchange in NASDAQ may be facing some new competition from Texas the proposed Texas Stock Exchange
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which was backed by Block rock and Citadel Securities those guys um has raised approximately 100 you know who
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I'm talking about 120 million from individuals and large investment firms The Exchange known as txse plans to
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register with the SEC later this year begin facilitating trades next year and launch by
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2026 uh the TXS just flips off the tongue could be fully electronic and would allow dual
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listings with companies also on the New York Stock Exchange Texas governor Greg Abbott told CNBC the new exchange is for
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companies whose only agenda is capitalism oh shut the [ __ ] up Greg guy but anyway what do you think about this
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I like a new Stock Exchange but they're going to like say we're the not woke Stock Exchange or some stupid marketing
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thing like that I think it's great I I don't like the POS I don't like the politicization of everything that now we
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we're politicizing stock exchanges that they'll try and position NYC and NASDAQ as blue the NASDAQ and NYC do I
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think get out in front of their skis and start getting into social engineering and deciding what the composition of
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boards should be um which I'm just not sure that's their job um but they are I think you need more competition and
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Texas there's not getting around it has done an amazing job the economy in Texas
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now is larger than Russia Canada and Italy it has more Fortune 500 companies now than anyone but that anyone but
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California it's tied with New York um they their value proposition here will be more business friendly lower you know
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filing fees probably less disclosure requirements I feel like I'm curious if you agree with this I smell Elon Musk
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here I I would I I would bet he's going to be their first customer and move all of his companies onto this exchange and
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if you look at if you look at these exchanges now the flip side of having these additional standards is that the
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average PE of stocks trading on the London or Shanghai exchanges is 13 the average of companies trading on the
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NASDAQ of the NYC is 26 because that additional it's like it's why people get a higher salary coming out of Princeton
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or NYU or Stanford is the screening the ability to get into these schools is so great that people assume you're better
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it's the same or more qualified I should say it's the same when you manage to get
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listed on the NASDAQ or the NYSC people assume that the vetting and the screening means you're a real company
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should trade at IR multiple why dual listings will you explain it I didn't quite understand if you're allow dual
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listings what's the difference why would you be on one exchange if you can dual list on both I mean you might as well
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well yeah but on an exchange you're essentially charging the exchange with pairing shares and I'm I'm I don't know
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like which shares get allocated to One exchange I just don't think logistically it makes sense to be trading on multiple
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exchanges although some companies do trade an ADR on a foreign exchange but but look this is another case study I
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think competition is good it'll bring down fees it'll put pressure Texas has done a great job putting pressure on
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other states and other companies and I think that's a good thing I just hate the politicization of it I don't I don't
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know we'll see competition is good we should have more than two big exchanges we used to have the OTC we in the US
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remember theot yeah you so I think it's I think it's a cool thing but my my gut is Elon Musk they called him and said
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would you move T would you move and he said I'm down with it I want the following things and I don't want you to
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ask me for my financials or ask me what my coo compensation is or disclosure requirements about XY and Z they'll
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position themselves as more business friendly and less woke I'll say because for example I think it's a NASDAQ
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requires you have at least one female board member and I I think okay that makes sense and I think well should the
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NASDAQ be dictating that I don't shouldn't aren't investors smart enough to demand that why why why is the NASDAQ
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in the business of figuring out board composition and I think there's arguments on both ends they'll exploit
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that and take advantage of it and say that's not the business we're in we're an exchange yeah y I get it I get it
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it'll be interesting to see what happens we like competition at the same time if
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you go on and on about woke you're going to exhaust us with your stupidity anyway
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you're just a money exchange so just hush hush up and just see if you can give good services to companies um I
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don't know if people are that annoyed by that one that rule necessarily we'll see
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we'll see I think the companies are going to stick with New York and NASDAQ I don't know I just feel like the big
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one yeah I don't know but you know if this I would just be shocked if they haven't already said Elon Musk yeah when
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SpaceX goes public have you thought about moving Tesla and he's like right on right on yeah you're right you're
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100% they're going to come out of the gates and not only that the the the CFO or the treasurer of of Texas will start
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putting pressure on Texas companies to list on the Texas exchange they'll create some Regional like team versus
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their team red State versus Texas versus New York you know you can just see how this going to shape up and at the end of
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the day bigger in Texas they're going to do all that bigger Texas do Texas has a
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ton of great companies it'll Force the NASDAQ and NYC to bring their fees down on the whole I like it