Croda’s Post

A new Texas stock exchange is set to challenge the dominance of New York and Nasdaq. With ambitions to reshape the trading landscape, this bold move aims to create a competitive alternative “deep in the heart of Texas”.

Brief Recap of What You Should Know about the Texas Stock Exchange (TXSE)

The Great State of Texas is going BIG! They will seek registration with the U.S. Securities and Exchange Commission for their own Texas Stock Exchange! (TXSE) “We are announcing TXSE Group plans to launch the Texas Stock Exchange (TXSE).  TXSE will be a fully electronic, national securities exchange that will seek registration with the U.S. Securities and Exchange Commission.  TXSE will focus on enabling U.S. and global companies to access U.S. equity capital markets and will provide a venue to trade and list public companies and the growing universe of exchange-traded products. Texas and the other states in the southeast quadrant of the U.S. have become economic powerhouses.  Combined with the demand we are seeing from investors and corporations for expanded alternatives to trade and list equities, this is an opportune time to build a major, national exchange in Texas.” www.txse.com

The Wall Street Journal is out with a great article today on the Texas Stock Exchange (TXSE) and what is driving companie exploring moving out of both NYSE and Nasdaq. This is going to be very interesting to watch and see how it comes out and as I highlighted yesterday has the potential to 1) Do significantly more permanent damage to New York’s economy, 2) Provide a further accelerant for Texas. What do you think? #management #venturecapital #prviateequity #capitalmarkets

I have to highlight Chris Mayo comments here again. He offers some real perspective. The US's lack of interest in the smallest publicly traded US business, didn't occur overnight. Public company costs have risen, but this timeframe happens to correlate to the growth in passive ETF Index Funds. I fully expect with more "actively" managed ETF Funds launching, will restart interest in smaller cap equities and natural buyers of smaller public companies will slowly recover. The valuation difference or spread between of the smallest US publicly traded securities vs the largest (even excluding Mag7) is at all-time highs. Overall cost structure of being public in the US is problematics, but abandoning some many good businesses, except for those which have passed through PE firms or VCs that often only look to launch unicorns is a pity. So, yes, there is loads of unappreciated value in the small-cap market.

I get this question a lot. How can the London Stock Exchange help us? The bracket below shows our 4-Core Businesses under LSEG (London Stock Exchange Group). Another fun fact is the London Stock Exchange is one of the world's oldest stock exchanges and can trace its history back more than 300 years! LSEG was created in October 2007 (as the London Stock Exchange Group) when London Stock Exchange merged with Milan Stock Exchange, Borsa Italiana. For more interesting LSEG history, check out this link. https://lnkd.in/eAf53rra.

Great analysis by Rhiannon M. at @LSEG (London Stock Exchange Group) indicating that on average, US small cap IPOs are highly overpriced and drop (usually like a stone) after the IPO date (good for insiders, not so good for investors) while UK IPOs are priced at a much fairer level and and then to oupterform the US post IPO date as much as by 99%: When combined into an index, London small cap IPOs have outperformed their US peers since 2018 by +99%. Looking at cost, the IPO process in London can be substantially cheaper with underwriting fees typically 3-5% compared to 6-7% in the US. https://lnkd.in/dAZRVzPM #ipos #smallcaps

A new stock exchange in Texas? Here's what this means for investors like you:

NYSE is the biggest and most famous stock exchange in the world. But very few people know that it had another name before. For more than seventy years, it had another name. In 1792, a group of traders joined and signed the Buttonwood Agreement. This agreement led to the creation of the New York Stock & Exchange Board. In 1863, they changed the name to the New York Stock Exchange. It is also sometimes referred to as the Big Board. #stockmarket #investment #nyse #stockexchange #sharemarket #dowjones #investing

Our admission to #AIM is rare in the current small cap market and is testament to the strength of our team who were determined to get this transaction over the line. Read our London Stock Exchange ‘Welcome Story’ for some further background on our AIM quotation and how we are striving to help empower businesses to realise the value of their first-party data.    https://lnkd.in/em3YFCMy