More or less, in practice your US broker has to respect "best execution", meaning it cannot offer you a price worst than the "NBBO", which is the composite of all US stock markets.
In practice though, I expect most companies listed in NYSE Texas to be solely listed there.
> “normal NYSE” vs “NYSE Texas”
There's already _a lot_ of "NYSE" markets and segments. Some exist because of historical mergers (Amex, Arca), and some to offer alternate / cheaper listings (NYSE listing is very expensive vs say Nasdaq)
> What benefits would companies see from listing on NYSE Texas vs the other NYSE?
Unclear at the moment but I expect a lower bar for listing requirements and a cheaper price. Nyse is by far the most expensive listing there is, but it's also very exhaustive on listing requirements (audits, etc). I guess there is also a political/economical deal with Texas at play, to incentivise companies to move there, list there, and grab some of NY market share.
Roughly speaking, you will find the prestigious / big market cap / rich companies listed on NYSE main market, ETFs on NYSE Arca, small caps on NYSE American (ex Amex), and very small caps on NYSE National.
The listing requirements and prices, as well as fee structure also differ for each market. National has a fee structure to incentive adding liquidity for instance.
If the asynchronicity bothers you, imagine that you can also trade e.g. HSBC secondary listing on NYSE NY market hours + the ADR of HSBC HK on NYSE NY hours + HSBC primary listing on LSE on London hours + HSBC HKSE on HK hours for a lot of fun.
1: https://en.wikipedia.org/wiki/Bovine_spongiform_encephalopat...
Oh, fuck it, let's shut down the FAA too. So many rules. Happy flight.
Perhaps the competition will discourage future misbehavior like this.
Meme coins, Ponzi schemes and fraudulent inflated companies are what built America. Adam Smith’s invisible hand and the second amendment are all we need, not some pasty deep state operative.
It is true that there are countries where this has been attempted, Sweden is one, but the result was that one person got extremely rich, one family in Sweden owned 50-60% of the nation's GDP. And, eventually, it collapses.
You can also see the cross-sectional today: countries which have tried to regulate away financial risk have seen innovation collapse. The UK is the best example which handed the BoE huge powers of financial regulation, and also gave them responsible of a totally new type of financial regulation: prudential. Regulators regulated, and now 3 banks have 80% market share and the price of things they lend against (houses) has skyrocketed and actual productive financial activity has disappeared (same thing happened with CMA, within-industry merger activity has stopped because of the legal costs/regulator intervention...funny thing is that the CMA budget continues to expand significantly, they are now intervening in areas like marketing...despite the UK already having a regulator that does this). Even the BoE has now recognised the massive risks to financial stability that their policies are having but...what can they do, the imperative to grow the budget continues, regulators always find more things to regulate.
If you're wise, instead of complaining about society heading this way, you'll take financial positions that profit from it happening.
If only we could have a state with zero laws, where all corporate headquarters could go, with no taxes, and list their stock, and not be accountable to anyone.
The glory of the 'states' loophole. You just need one state to let everyone get a pass.
Doesn't work for the little guy "Officer, you can't give me a speeding ticket, I'm from out of state".
Yes, and no. Not in the sense that it's one uniform trading system, but there are various interlinkages (market data via the SIP for example; mostly dictated by RegNMS) and most of the exchanges operate a brokerage running an order routing business.
> Would there be any difference for me buying and selling stocks on “normal NYSE” vs “NYSE Texas”?
Assuming you have the ability to dictate to your broker where they perform the trade there would be absolutely no difference between trading on NYSE vs NYSE TX (minus maybe some currently undecided fee differences). Functionally they are identical (they even run on the same technology stack).
> What benefits would companies see from listing on NYSE Texas vs the other NYSE?
The cultural issue TXSE (and by extension this NYSE TX move) are trying to capture is the 'anti-DEI' / 'the exchange tells us what the composition of our board must be to meet listings standards' type things. There's a subset of the corporate world who see value in capitalizing on these issues. There's also the potential for different financial requirements or incorporation requirements, but those haven't been disclosed yet (and wouldn't be too divergent from the existing differences between listing on the various Nasdaq or NYSE exchanges).