Latest news with #TXSE
Reuters
5 days ago
- Business
- Reuters
Texas Stock Exchange CEO says 35% of US-listed public companies would not qualify for a listing
June 5 (Reuters) - As many as 35% of the 4,600 companies now publicly traded on a U.S. stock exchange would not qualify to list on the proposed new Texas Stock Exchange, James Lee, CEO of the TXSE, told the Piper Sandler Global Exchange & Trading conference on Thursday. Among those that would not qualify, Lee said, are Chinese-based companies that do not meet "basic" U.S. listing standards. He said he expects most of the TXSE's new listings business to come from smaller and mid-cap companies. The TXSE first disclosed its plans last June and earlier this year filed seeking regulatory permission to launch, which its officials and backers have said could happen in the second half of 2025.
Yahoo
5 days ago
- Business
- Yahoo
Texas Stock Exchange CEO says 35% of US-listed public companies would not qualify for a listing
By Suzanne McGee (Reuters) -As many as 35% of the 4,600 companies now publicly traded on a U.S. stock exchange would not qualify to list on the proposed new Texas Stock Exchange, James Lee, CEO of the TXSE, told the Piper Sandler Global Exchange & Trading conference on Thursday. Among those that would not qualify, Lee said, are Chinese-based companies that do not meet "basic" U.S. listing standards. He said he expects most of the TXSE's new listings business to come from smaller and mid-cap companies. The TXSE first disclosed its plans last June and earlier this year filed seeking regulatory permission to launch, which its officials and backers have said could happen in the second half of 2025. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
01-04-2025
- Business
- Yahoo
NYSE Texas launch steals thunder from TXSE: Trial Balance
This story was originally published on To receive daily news and insights, subscribe to our free daily newsletter. The Trial Balance is weekly preview of stories, stats and events to help you prepare. The New York Stock Exchange Texas, the first securities exchange to be incorporated in the Lone Star state, is now live and 'open for business.' Just last month, the New York Stock Exchange announced it was reincorporating its electronic exchange NYSE Chicago to Texas and renaming it NYSE Texas. The rush to create an exchange in Texas comes as no surprise. The state is currently undergoing unprecedented growth in labor and business. Its capital of Austin, which has become a technology hub near the finance-centric Dallas metro area, has been credited as one of the few growing cities in America that has created successful initiatives to build affordable housing at scale amidst expansion. The exchange's creation and rapid launch come as the Texas Stock Exchange awaits SEC approval after announcing its plans in June 2024. In an inquiry on March 14, a TXSE spokesperson told the firm had recently filed registration with the SEC and would only provide insight on plans and access to leadership once their Form 1 application is publicized by the commission. The TXSE has publicly said they tend to launch in early 2026. Trump Media & Technology Group, the operator of social media platform Truth Social and founded by President Donald Trump, is the first company to be listed on the exchange. The company will trade under the ticker 'DJT.' 'We are thrilled to open NYSE Texas to corporate issuers and to welcome Trump Media & Technology Group to our NYSE community through a NYSE Texas listing,' said Lynn Martin, president of NYSE Group. 'This new offering, which we announced just last month, will allow companies to capitalize on the pro-business dynamics in Texas.' As the NYSE notes in its release, the decision comes in tandem with organizations that are moving their headquarters to Texas as well. Within recent years, legacy brands with established headquarters in other areas have moved to Texas for its business-friendly environment, including Chevron, SpaceX, Yum Brands, Fisher Investments, Tesla and Oracle. Institutional investors are also expressing interest in the state's expanding economy. Leaders from the TXSE or the organization as a whole have yet to comment on the NYSE Texas' launch. They also chose not to comment earlier this year on the announcement of the NYSE Texas' creation. Here's a list of important market events slated for the week ahead. Monday, March 31 Chicago Business Barometer (PMI) Tuesday, April 1 S&P final U.S. manufacturing PMI, March Construction spending, Feb. ISM manufacturing, March Job openings, Feb. Wednesday, April 2 ADP employment, March Factory orders, Feb. Thursday, April 3 Initial jobless claims, week of March 29 U.S. trade deficit, Feb. S&P final U.S. services PMI, March ISM services, March Friday, April 4 U.S. employment report, March U.S. unemployment rate, March This week, contributing writer and CFO of PTI Technologies Steve McNally will publish a story on controlling employee benefit costs. Regardless of industry, CFOs have seen healthcare costs increase. McNally's piece aims to help provide ways in which finance leaders can help alleviate some pressure on the seemingly spiraling costs of employee benefit offerings. Recommended Reading The IPO market is ready for a comeback, says Armanino's Dean Quiambao Sign in to access your portfolio
Yahoo
14-03-2025
- Business
- Yahoo
Texas Stock Exchange hires top ETF executives from Cboe, Nasdaq
By Suzanne McGee (Reuters) - The Texas Stock Exchange (TSXE), still months away from winning regulatory approval to begin operations, said it hired senior exchange-traded funds executives from Cboe Global Markets and Nasdaq to win a share of trading in the $11 trillion U.S. ETF market. It announced on Thursday that Robert Marrocco, formerly global head of ETP, or exchange-traded products, listings at Cboe Global Markets, will take on the same role at TXSE and Alison Hennessy, the former head of ETP listings at Nasdaq, will become managing director of exchange traded products. The hirings signal the Texas exchange views the ETF arena as key to its future growth, analysts said. "The fact that they are poaching top talent from two of the three biggest exchanges sends a clear signal that they are to be taken seriously" as a future competitor in the ETF sector, said Bryan Armour, ETF strategist at Morningstar. The TXSE, which has disclosed that it has raised about $161 million in capital from some four dozen investors that include financial giants BlackRock, Citadel Securities and Charles Schwab, filed paperwork in late January seeking regulatory approval to operate a national securities exchange. It hopes to win approval later this year and to begin listing and trading in early 2026. The hirings not only bolster the TXSE's roster but also may end up creating challenges for the incumbent exchanges, said one market structure analyst, who asked not to be named because his firm does not permit him to comment publicly. In a rapidly growing area such as ETFs, losing top executives to a potential rival is "less than ideal," the analyst said. "Together, these leaders managed more than 40% of all (exchange-traded products) in the United States," the Texas exchange said in a press release. A spokesperson for Nasdaq declined comment on Hennessy's departure. "We wish them well in their future endeavors," Cboe said in an statement, referring to Marrocco and two other Cboe staffers that TXSE also hired. In its press release, TXSE said that under Marrocco's leadership since 2020, Cboe captured nearly 30% of all new ETP listings. Marrocco did not respond to requests for comment and a TXSE spokesperson said neither he nor Hennessy were available to discuss their new roles. In a post on LinkedIn, he described TXSE as being "the next chapter of U.S. capital markets." Marrocco's hiring "indicates that TXSE could prioritize ETP listing, which is a relatively less competitive avenue compared to individual stock listing," said Owen Lau, a senior analyst at Oppenheimer & Co. The three exchanges that dominate the U.S. stock and ETF trading market have already responded to the TXSE's moves to establish itself as a competitive force. Last month, the New York Stock Exchange announced plans to open its own NYSE Texas division.
Reuters
13-03-2025
- Business
- Reuters
Texas Stock Exchange hires top ETF executives from Cboe, Nasdaq
March 13 (Reuters) - The Texas Stock Exchange (TSXE), still months away from winning regulatory approval to begin operations, said it hired senior exchange-traded funds executives from Cboe Global Markets and Nasdaq to win a share of trading in the $11 trillion U.S. ETF market. It announced on Thursday that Robert Marrocco, formerly global head of ETP, or exchange-traded products, listings at Cboe Global Markets (CBOE.Z), opens new tab, will take on the same role at TXSE and Alison Hennessy, the former head of ETP listings at Nasdaq (NDAQ.O), opens new tab, will become managing director of exchange traded products. here. The hirings signal the Texas exchange views the ETF arena as key to its future growth, analysts said. "The fact that they are poaching top talent from two of the three biggest exchanges sends a clear signal that they are to be taken seriously" as a future competitor in the ETF sector, said Bryan Armour, ETF strategist at Morningstar. The TXSE, which has disclosed that it has raised about $161 million in capital from some four dozen investors that include financial giants BlackRock (BLK.N), opens new tab, Citadel Securities and Charles Schwab (SCHW.N), opens new tab, filed paperwork in late January seeking regulatory approval to operate a national securities exchange. It hopes to win approval later this year and to begin listing and trading in early 2026. The hirings not only bolster the TXSE's roster but also may end up creating challenges for the incumbent exchanges, said one market structure analyst, who asked not to be named because his firm does not permit him to comment publicly. In a rapidly growing area such as ETFs, losing top executives to a potential rival is "less than ideal," the analyst said. "Together, these leaders managed more than 40% of all (exchange-traded products) in the United States," the Texas exchange said in a press release. A spokesperson for Nasdaq declined comment on Hennessy's departure. "We wish them well in their future endeavors," Cboe said in an statement, referring to Marrocco and two other Cboe staffers that TXSE also hired. In its press release, TXSE said that under Marrocco's leadership since 2020, Cboe captured nearly 30% of all new ETP listings. Marrocco did not respond to requests for comment and a TXSE spokesperson said neither he nor Hennessy were available to discuss their new roles. In a post on LinkedIn, he described TXSE as being "the next chapter of U.S. capital markets." Marrocco's hiring "indicates that TXSE could prioritize ETP listing, which is a relatively less competitive avenue compared to individual stock listing," said Owen Lau, a senior analyst at Oppenheimer & Co. The three exchanges that dominate the U.S. stock and ETF trading market have already responded to the TXSE's moves to establish itself as a competitive force. Last month, the New York Stock Exchange announced plans to open its own NYSE Texas division.
