A potential game-changer for investors, Dallas economy – NBC 5 Dallas-Fort Worth

Reaction from around the country comes after investors announced plans to open a new national securities exchange headquartered in Dallas.

The Texas Stock Exchange has $120 million in funding, and its leaders hope to compete with New York’s major stock exchanges.

Amid optimism about the potential economic impact the exchange could bring to the DFW area, local experts told NBC 5 the project still has hurdles to overcome before it can compete with the hundreds of billions traded daily on the Nasdaq and New York Stock Exchanges.

Tuesday, A proprietary company called TXSE has announced that it is moving forward with the Texas Stock ExchangeHoping to compete with New York markets by 2026.

“With Texas’ thriving economy, pro-business policies, and growing population, the right moment has finally arrived,” TXSE said in a statement announcing the move.

“There’s a lot of energy and a lot of excitement in the area right now,” said Ray Perryman, president of the Perryman Group.

Berryman, a noted economist, said the Lone Star State is a desirable place to build a new stock market.

In 2023, Texas was home to more people working in finance than New York State, and the state led the nation in job creation and the number of Fortune 500 companies based within its borders, data showed.

Recent economic growth has attracted companies such as Hewlett-Packard and Tesla to move their headquarters here.

“Texas is very attractive. “It brings in a lot of corporate interests, and there’s already a significant wealth base in the Dallas area,” Berryman said. “So there are a lot of things that suggest this could work.”

NBC 5 wanted to know if this new market would impact the money of people living in Dallas-Fort Worth who already invest in New York stock markets.

“It sounds exciting, but for the average investor, this won’t have any immediate impact,” said Bill Dendy, president of Alicorn Investment Management.

Several steps need to be cleared before this proposed exchange can go online, Dinde said. The Texas Stock Exchange must obtain approval from the US Securities and Exchange Commission and provide insurance protection for the funds invested by consumers, which may take some time.

Even after it opens, it will have to attract enough investment to stay afloat. In recent years, the New York stock markets have absorbed all of the Boston, Philadelphia and Chicago stock markets.

However, if the Texas Stock Exchange can gain more momentum, experts say it will accelerate the economic boom that was already underway in DFW.

“The launch will take some time if it actually launches,” Dinde said. “But Texas is special, so this might actually happen here.”

Experts told NBC 5 that if you’re already investing in the markets in New York, the eventual arrival of a new exchange won’t significantly impact your existing investments. It can only offer another competitive option for people to trade.

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