The New York Stock Exchange announced on Wednesday that it is launching a new exchange in Texas, potentially positioning the state as a competitor to the US bellwether.
The NYSE said that one of its electronic exchanges, NYSE Chicago, will reincorporate in Texas and be renamed NYSE Texas.
“As the state with the largest number of NYSE listings, representing over $3.7 trillion in market value for our community, Texas is a market leader in fostering a pro-business atmosphere,” said NYSE Group president Lynn Martin.
NYSE is part of Intercontinental Exchange, which acquired NYSE Chicago in 2018.
Texas boasts one of the friendliest business environments in the US, with no corporate or personal income tax. The Lone Star state houses more than 50 Fortune 500 companies and was the top jobs creator in the US last year, according to the governor's office.
Among notable companies to have relocated to Texas in recent years include Tesla, Oracle, Chevron and Charles Schwab.
The state's economy grew by 4.2 per cent in the third quarter of last year, according to the US Bureau of Economic Analysis.
“With the launch of NYSE Texas, we will expand our financial might in the United States and cement our great state as an economic powerhouse on the global stage,” said Texas Governor Greg Abbott.
The launch of NYSE Texas comes as a potential competitor to the group arrives in the state.
The TXSE Group last month filed a Form 1 registration with the US Securities and Exchanges Commission to operate as a national securities exchange. The group, which received backing from BlackRock and Citadel Securities, had an initial cap raise of $161 million.
The exchange, which hopes to challenge the NYSE to attract global businesses, plans to launch trading in early 2026.
Mr Abbott has been outspoken against the environmental, social and governance (ESG) movement, which promotes sustainability. Mr Abbott said growing backlash against the ESG movement has provided a large opening for an exchange in Texas.
NYSE Texas and TXSE will both be headquartered in Dallas.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
'Peninsula'
Stars: Gang Dong-won, Lee Jung-hyun, Lee Ra
Director: Yeon Sang-ho
Rating: 2/5
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
EXPATS
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
