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Is there anything interesting or novel about this exchange, other than its headquarters are located in Texas? From what I can tell, the primary data centers w
by tcbawo 11mo ago
Is there anything interesting or novel about this exchange, other than its headquarters are located in Texas?
From what I can tell, the primary data centers will be in New Jersey like all the others.
- janmo 11mo agoHopefully they will provide cheap market data like IEX did in its beginning.
- H8crilA 11mo agoYeah, this is more competition on the scene. We should welcome competition.
- __d 11mo agoYes, but it’s also another NMS venue that everyone needs to connect to, so there’s a cost as well.
- ijidak 11mo agoIs there a similar source you're aware of, cheap with a clean API? Hated to lose IEX.
- janmo 11mo agoDepends what you are looking for. Is it real time quotes? IEX data is now free after 15minutes instead of 15milliseconds. One option is the Databento US Equities Mini for 200 USD per month. If I understand it correctly it is some sort of weighted average between multiple exchanges.
- neomantra 11mo agoI've been happy with Databento as a low-friction way to get market data. I liked it so much, I ported their structs and APIs to Golang. [1] Their EQUS Mini dataset is a great way to dip the toe if you want live data without licensing restrictions. Databento's article talks exactly about how it is sourced, but it is not that it is averaged but anonymized, specifically because of the complexities of upstream exchange licensing. [2] You don't have to pay $200 per month for that -- that's for all-you-can-eat. You can experiment with pay as you go. You can use my dbn-go tools to help you... here's the cost to get all the 1-day candlesticks for all the US Equity Symbols for 1-year... which you could use to make all sorts of charts and redistribute them freely (the trickiest part honestly): $ dbn-go-hist cost --dataset EQUS.SUMMARY -t 2024-07-01 -e 2025-07-01 -s ohlcv-1d ALL_SYMBOLS EQUS.SUMMARY ohlcv-1d $ 4.380178 156772672 bytes 2799512 records $ dbn-go-hist cost --dataset XNAS.ITCH -t 2024-07-01 -e 2025-07-01 -s ohlcv-1d ALL_SYMBOLS XNAS.ITCH ohlcv-1d $ 3.784698 135459632 bytes 2418922 records So $4.38 for all that data or $3.78 for just the NASDAQ exchange (not sure of redistribution of that one). I hang out on their Slack. Today there was a deep discussion about optimizing C++ SPSC queues, although it is usually isn't too technical like that. They are pretty transparent about how they implement things. [1] https://github.com/NimbleMarkets/dbn-go https://github.com/NimbleMarkets/dbn-go [2] https://databento.com/blog/databento-us-equities-mini-now-available https://databento.com/blog/databento-us-equities-mini-now-av...
- TacticalCoder 11mo ago[dead]
- philipallstar 11mo agoI imagine as businesses move away from NY and SF, they want their stock exchange to move with them, and for similar reasons.
- jcranmer 11mo agoAs far as I'm aware, all of the major exchanges in the US are in NY or in Chicago, and even then, Chicago is mostly just futures exchanges for commodities and not stock exchanges. So unless you're headquartered in NYC (which most companies listed on NYSE/NASDAQ are not), you're already not working with a stock exchange in the same area as you, and failing to collocate the stock exchange isn't really a detriment. (Interestingly, even historically, when stock exchanges were more plentiful in the country, there just doesn't seem to have been much demand for a stock exchange on the west coast at all.) The main reason to move away from the NYSE or NASDAQ is if you don't like the rules those stock exchanges have.
- tsunamifury 11mo agoScams. The answer you are looking for is scams and fraud
- thinkingtoilet 11mo agoWhy would businesses want to move away from the 4th largest economy in the world to less successful states?
- rafram 11mo ago40% lower labor costs, 60% political posturing.
- xadhominemx 11mo agoI’m sure all their infrastructure and probably the majority of their employees will be in the NYC metro area.
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- raverbashing 11mo agoAh so no timing arbitrage in finding a place in Tennessee where data arrives from both places milliseconds apart and you can explore minor differences in pricing
- no_circuit 11mo agoYes, from https://www.txse.com/solutions https://www.txse.com/solutions: TXSE's goal is to provide greater alignment with issuers and investors and address the high cost of going and staying public. The alignment part translates IMO to avoiding political / social science policy issues like avoiding affirmative action listing requirements like the Nasdaq Board Diversity Rules that was just recently repealed: https://corpgov.law.harvard.edu/2025/01/12/fifth-circuit-vacates-secs-approval-of-nasdaq-board-diversity-rules https://corpgov.law.harvard.edu/2025/01/12/fifth-circuit-vac.... So it is as one might imagine, the formation was probably for similar reasons why owners are moving their company registration out of Delaware.
- abirch 11mo agoDelaware protects the shareholders. It's uncertain what will happen in Texas. https://www.bloomberg.com/opinion/articles/2024-02-01/texas-tempts-tesla https://www.bloomberg.com/opinion/articles/2024-02-01/texas-... https://www.bloomberg.com/opinion/articles/2025-02-03/texas-tempts-meta https://www.bloomberg.com/opinion/articles/2025-02-03/texas-...
- username332211 11mo agoI'm sorry but what? Delaware law exclusively protects the interests of the board of directors. It allows for a unique provision - the hilariously misnamed "Shareholders Rights Plan" that enable a board of directors to issue shares as they please, in order to make sure every attempt at takeover isn't against the interests of the directors. The only check on the power of the board in a Delaware corporation is the Delaware court of chancellery.
- caminante 11mo agoThe irony is that the Levine article the parent provided argues that DE did the exact opposite of shareholder wishes! > it is weird that Tesla’s management and board of directors and (a large majority of) shareholders all agreed that Musk should get paid $55.8 billion for creating $600 billion of shareholder value, and he did do that, and he got paid that, and a judge overruled that decision and ordered him to give back the money. I can see why Musk — and Tesla’s board, and its shareholders — would find that objectionable! They’re trying to run a company here.
- piltdownman 11mo agoRun by Blackrock & Citadel, instigated in part to circumvent DEI protections, in a State that can’t keep their power grid stable, promising less regulations for the people running it and listing their companies on it. Simply put, this is Republicans pushing for “Y'all Street". Target one will be earnings reports, but the eventual push will be to not be overseen by the SEC in some important capacity.
- 0xbadcafebee 11mo ago> in part to circumvent DEI protections Those were struck down 11 months ago, though? > eventual push will be to not be overseen by the SEC But no crimes will be committed, because they're trustworthy businessmen
- lupusreal 11mo ago> DEI protections Forgive my ignorance, but what does that mean in this context?
- crowcroft 11mo agoI don't think the NYSE had any DEI requirements, but the NASDAQ created a rule where boards needed some minority representation in order to be listed. That rule was challenged and overturned in court though. > On August 6, 2021, the SEC approved Nasdaq’s proposed diversity rule for companies listed on its exchange. The rule required Nasdaq-listed companies to (1) publicly disclose board-level demographic data annually and (2) have, or explain why they do not have, a certain number of diverse directors on their boards. Companies with more than five board members were required to have two members from an underrepresented group, including one female and one person who self-identifies as Black, Hispanic, Asian, Native American, Alaskan Native, Native Hawaiian, Pacific Islander, biracial, or LGBTQ+. https://ogletree.com/insights-resources/blog-posts/fifth-circuit-nullifies-nasdaqs-diversity-rule-for-corporate-boards/ https://ogletree.com/insights-resources/blog-posts/fifth-cir...
- lupusreal 11mo agoSounds illegal, no wonder the courts tossed it.
- Spooky23 11mo agoPeople online like to yak about the woke nonsense. Reality is there are tax and regulatory advantages. The courts are setup in a way that is favorable to business. They read a very strict interpretation of contracts which is good in some scenarios. Texas politics is a train wreck, but their bureaucracy is pretty good for a business - things like permitting and other regulatory processes are faster. They also will firehouse you with incentives.
- jjk166 11mo ago> Reality is there are tax and regulatory advantages. The courts are setup in a way that is favorable to business. They read a very strict interpretation of contracts which is good in some scenarios. > Texas politics is a train wreck, but their bureaucracy is pretty good for a business - things like permitting and other regulatory processes are faster. They also will firehouse you with incentives. None of that is really relevant to a stock exchange though. Being on the Texas stock exchange doesn't mean you are subject to Texas laws and regulations just like being on the New York Stock Exchange doesn't subject you to New York laws and regulations.
- Spooky23 11mo agoYou are correct, mea culpa.
- ivape 11mo agoSpeculation (no pun intended), but … CEO OF Robinhood has been talking about offering crypto as a vector for acquiring shares for private companies: https://www.sec.gov/about/crypto-task-force/written-submission/ctf-written-robinhood-tokenization-letter-04252025 https://www.sec.gov/about/crypto-task-force/written-submissi... This admin and this new exchange would probably allow all kinds of nonsense to be publicly traded compared to other exchanges. We’ve got three more years to go and this exchange, or anything new that happens in Texas is absolutely going to be tied with deregulatory ambitions.
- threetonesun 11mo agoSeems especially suspicious with the 401k executive order, like a nice avenue to get unaware people invested in digital Beanie Babies.
- tsunamifury 11mo agoYou mean that ceo that hawks scam coins as fraudulent ways to invest in OpenAI.
- ivape 11mo agoOpenAI will be the largest IPO in quite some time, so I totally see why RH is trying to profit off of additional derivatives on this thing. Volume will be off the charts.
- tsunamifury 11mo agoThere will be no IPO, there is no need.