블랙록과 시타델의 텍사스 증권 거래소 중단 사태

### 블랙록과 시타델 증권이 협력하여 텍사스에서 월스트리트의 주요 도전자 만들기
* 💰 블랙록과 시타델 증권은 뉴욕증권거래소와 나스닥의 지배력에 도전하기 위해 **1억 2천만 달러를 모금**했습니다.
* 🗽 뉴욕에 위치한 **뉴욕증권거래소와 나스닥**은 미국과 세계에서 가장 큰 거래소로, 시장 집중이 불가피한 곳입니다.
* 🤠 **50개 이상의 포춘 500대 기업**이 있고 뉴욕보다 비즈니스 친화적인 텍사스는 **새로운 거래소를 위한 매력적인 장소**로 여겨지고 있습니다.
* 📈 텍사스 증권 거래소는 특히 **주요 거래소에 상장하는 데 드는 규제 부담과 비용이 증가**하는 상황에서 기업이 **더 저렴하고 쉽게 상장**할 수 있는 방법을 목표로 합니다.
* 🏦 블랙록과 Citadel 증권은 다른 주요 투자자들과 함께 **새로운 시장에 유동성을 공급**하여 상장을 원하는 기업에게 실행 가능한 옵션이 되고 있습니다.
* 🌍 텍사스와 새 거래소의 규제 수준이 낮기 때문에 외국 기업이 미국에 상장하기 위해 여러 규칙을 준수할 필요가 없기 때문에 **미국 기업뿐만 아니라 해외 기업도 유치**할 수 있습니다.
* 🏠 새로운 증권거래소는 **텍사스에 고임금 일자리를 대거 유입**시킬 수 있지만, 혜택을 받지 못하는 산업으로 인해 **텍사스 원주민이 고향을 떠나는 추세**를 더욱 가속화할 수 있다는 우려도 있습니다.

블랙록과 시타델 증권은 텍사스에 새로운 증권 거래소를 설립하여 월스트리트의 지배력에 도전하는 것을 목표로 하고 있습니다.

last week, BlackRock, the world's largest asset manager, and Citadel Securities, the world's largest hedge fund, teamed up to make a major announcement that could reshape global financial markets. They were going to team up to create a new Wall Street in Texas. These two companies have the financial muscle to make the Texas Stock Exchange viable, but the question is, why? We have seen three incidents in the last week or so since T+1 was implemented. BlackRock and Citadel Securities, with the help of individual investors, have raised $120 million for the exchange with the goal of a bid for a new National Stock Exchange based in Texas. The startup exchange that will be located in Dallas is already taking shots to challenge the dominance of the New York Stock Exchange and the NASDAQ, which are both located in New York City and are by far the largest exchanges in America and also the largest exchanges in the world. Both of these incumbents are private businesses that make money by providing a place where public stocks and other financial instruments can be

traded securely. They make their money by charging companies that want to list on their exchange a one-time IPO fee and an ongoing annual fee. The New York Stock Exchange is really not much different to a farmers market where businesses will pay the market organizer for the right to sell their stuff in a place with lots of customers. The only difference is that instead of beets and artisanal honey, they are selling shares in their company. If the New York Stock Exchange is like a farmers market, then the NASDAQ is like eBay. It's still a marketplace, but it's all done online. The NYSE is owned by a company called Intercontinental Exchange, whose shares you can buy on the New York Stock Exchange. So, apart from a lot of regulatory paperwork, there is nothing too special about these companies. As long as a business gets approval from the Securities and Exchange Commission, there is nothing to stop them from establishing their own stock exchange wherever.

they want. There are already about a dozen stock 
markets operating in America already, but none have   come close to these two because companies 
want to list their shares in markets with   the most money, and investors want to put their 
money into the markets with the most companies,   so Market concentration is inevitable. The reason 
that they both happen to be located in New York   City has more to do with Legacy than any pragmatic 
benefits of operating in a state that is actually   not particularly business-friendly. So why is this 
new Challenger bucking the trend and setting up in   Texas? Well, why not Texas? Texas is currently home 
to over 50 Fortune 500 companies. It is in a more   central location between the East and West coasts 
and is much more business-friendly than New York. The New York   Times noted in their coverage of the 
story that many companies have avoided listing on   the New York exchanges because of what they call 
regulatory overreach regarding rules like board   diversity and governance. The Texas-based exchange 
will have far fewer restrictions on listed

companies. The announcement of the new exchange was so clear about this that some investors have dubbed it Texas's anti-woke exchange. You can call it what you want, but federal laws in conjunction with New York state laws and exchange laws have prevented a lot of businesses from selling their shares public. According to the economist, the number of new companies going public for the first time is on its longest cold streak since the 1980s. The continuing rise of late-stage venture capital in private equity means that unless a company is absolutely massive, the regulatory burdens and cost of listing on an exchange like the NYSE are just not worth it when they can sell private shares on secondary markets or sell the company outright to a large private equity firm. So the new Texas Stock Exchange needs to prove that it can make going public great again by being a cheaper and easier way to go public. If it can't, then it's just starting a business in a shrinking

industry currently controlled by an oligopoly. If it can, then it can reshape financial markets for the better and make Texas an even more compelling business hub. Assuming that the major financial institutions bankrolling the project don't turn it into their own financial playground, so it's time to learn how money works to find out why some of the most powerful financial institutions in the world want to build a new Wall Street in Texas. BlackRock and Citadel Securities have led a group of investors who raised approximately $20 million to start a new exchange, according to an announcement by the new company themselves. That makes the Texas Stock Exchange the most well-funded registration with the SEC ever. These companies are not playing around. BlackRock and Citadel will be giving the exchange more than just cash. As well as some of the biggest market makers in the world, they will offer liquidity to the new market to make it an enticing option for new companies looking to go public, having lower fees and fewer rules than the new.

York Stock Exchange is all well and good, but if there are no investors using the market, then no companies are going to want to list themselves there because they won't be able to get the best price for their shares. But just BlackRock alone has $9 trillion in assets under management, so even if a tiny part of the firm's operations are directed through this new exchange, that would be more than enough buying power to make the market a viable option for most companies considering to go public. Citadel Securities makes its money by trading more actively on markets. They were the biggest, baddest villains behind the initial GameStop rally. The GameStop community accused Citadel and its billionaire CEO, Ken Griffin, to be responsible for the decision to halt the buying of GameStop on Robinhood to protect their short positions. A court has since found no evidence of collusion, but many people maintain that they have the motive and the means because of how much money

they were paying Robin Hood. They were Robin Hood's biggest customer, paying for order flow where Robin Hood would let Citadel buy and sell shares as a counterparty to retail traders instead of going through the stock exchange itself. My friend Richard from the Plain Bagel made a great video on dark and how they work last week, which you should check out after this video if you want more details. For now, all you need to know is that this allowed Citadel to profit off retail trades by making the difference between the buy and the sell spread on millions of transactions a day. This is called being a market maker. Citadel and other large trading firms like them make it easier to buy and sell assets quickly by always being there as a buyer or a seller, making a profit on both sides. Most retail traders would have never known this was happening if it wasn't for the controversy surrounding the GameStop trading halt. Anyway, as a market maker, Citadel has an incentive

to make markets, if Citadel is there from day one, to provide liquidity in these markets, then both companies and investors can be confident that the Texas Stock Exchange will be a worthwhile place to do business. For Citadel, the new Stock Exchange will be another market they can operate in to generate returns, and the more companies they get onto public markets, the more assets they will have to trade. A new major Stock Exchange in Texas could also put pressure on major incumbents, the NASDAQ and the New York Stock Exchange, to lower their listing fees and service prices to compete. Sean Tuffy said in an interview with DL news about the new stock market that two of the biggest players in US capital markets are looking to disrupt the existing exchanges because it could be good for their existing businesses to do so. It really doesn't get much more simple than that. Currently, these two major stock exchanges can basically name their prices as the only major markets not only in America but anywhere in the world, according to data from the World Federation of Exchanges.

compiled by visual capital list these two markets, have almost as much market capitalization as every other exchange on the planet combined. The new Texas Stock Exchange could prove not only to be a popular option for American companies that don't want to list in New York, it could also be a very popular option for international companies. Major companies in Europe and Asia are choosing to list in America because we have more appetite for stock market investments. 2023's biggest IPO was for the semiconductor manufacturer arm, which is a British company. According to The Observers tracking of the largest IPOs in America last year, roughly a third of them were not American companies. This matters for Texas because the lower regulatory pressures of the state and the new exchange means that foreign companies won't have to comply with four different sets of rules just to get listed in America. So that's what this move means for billionaire financiers, founders, and trillion-dollar asset managers. But what could this mean for the State of Texas? James Lee, the

founder of the new exchange drew attention to the fact that Texas is already becoming a major destination for big companies. Tesla and Hewlett Packard Enterprise have moved their headquarters to Texas in recent years, joining others like American Airlines and Exxon Mobil. Mr. Lee said in his announcement that there were also thousands of private equity-backed companies in Texas, many of which could be considering going public, which would make the TXSE the logical choice if it can achieve sufficient scale. The benefits to Texas and Dallas in particular could be a huge influx of high-paying jobs with the corporations listing and trading on these markets. That sounds great, but new high-paying jobs won't do much good for the average Texan if they are just going to be given to a fly-in finance bro from New York. According to the Federal Reserve Bank of Dallas, home prices in Texas are already some of the fastest growing in the country because of people moving from more expensive coastal cities. If this new stock exchange is successful, it is only going to

further a trend of native Texans being priced out 
of their own homes to make way for industries that   they don't really benefit from now inevitably 
the ruthless capitalism of the world's biggest   hedge fund is probably going to force this through 
locals be damned. But did you know that the first   hedge fund ever was started by a communist as a 
way to make the stock market more equal? Go and   watch my latest video on how history works to 
find out how he successfully failed at that. I   will also be writing an article on why California 
isn't being considered for a major stock exchange   despite having the world's most valuable 
companies over on my free email newsletter,   Compound at Daily. So make sure to subscribe 
to that to keep on learning how money works.

Why BlackRock is Building a New Stock Market... In Texas

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금융 시장을 혼란에 빠뜨리려는 블랙록과 시타델의 계획

블랙록과 시타델 증권이 뉴욕증권거래소와 나스닥의 지배력에 도전하기 위해 텍사스에 새로운 증권거래소를 설립하기 위해 힘을 합쳤습니다.

이러한 움직임은 텍사스의 비즈니스 친화적인 환경, 중앙에 위치한 위치, 포춘지 선정 500대 기업에 속하는 많은 기업들에 의해 주도되고 있습니다.

새로운 거래소는 뉴욕 거래소에 비해 상장 기업에 대한 규제가 적어 규제의 과잉을 우려하는 기업들을 끌어들이는 것을 목표로 하고 있습니다.

텍사스 증권거래소는 블랙록과 시타델 증권과 같은 주요 금융 기관의 지원을 받고 있으며, 역대 가장 많은 자금을 지원받는 SEC 등록 기관이 될 것입니다.

이 새로운 거래소는 기업이 더 저렴하고 쉽게 상장할 수 있는 방법을 제공하여 현재 NYSE가 장악하고 있는 과점 체제에 도전하는 것을 목표로 합니다.

유동성, 낮은 수수료, 더 적은 규칙을 제공함으로써 금융 시장을 재편하고 텍사스에서 매력적인 비즈니스 허브로 거듭나고자 합니다.

블랙록과 시타델 증권이 주식 시장에 미치는 영향

블랙록은 9조 달러에 달하는 자산을 보유하고 있어 주식 시장에서 중요한 역할을 하고 있으며, 잠재적으로 새로운 거래소의 성공을 이끌고 있습니다.

활발한 트레이딩으로 유명한 Citadel Securities는 GameStop 거래 랠리에 참여하여 Robinhood에서 GameStop의 매수를 중단했다는 비난을 받았습니다.

주요 시장 조성자로서 Citadel은 소매 거래에서 수익을 창출하고 빠른 자산 거래를 촉진하는 데 중요한 역할을 합니다.

새로운 텍사스 증권 거래소의 영향

텍사스 증권거래소는 기업이 상장하고 투자자가 거래할 수 있는 새로운 기회를 제공함으로써 잠재적으로 나스닥과 뉴욕 증권거래소의 지배력에 도전할 수 있을 것입니다.

규제 장벽이 낮고 해외 기업에 대한 미국 주식 시장의 매력은 미국 및 해외 기업 모두에게 새로운 거래소를 매력적으로 만들 수 있습니다.

이 이니셔티브는 억만장자 금융가와 자산 관리자에게 중요할 뿐만 아니라 텍사스 주에도 의미 있는 영향을 미칠 잠재력을 가지고 있습니다.

텍사스는 테슬라, 휴렛팩커드 엔터프라이즈와 같은 주요 기업을 유치하고 있으며, 이로 인해 고임금 일자리가 늘어날 가능성이 있습니다.

그러나 이는 이미 빠르게 상승하고 있는 주택 가격을 더욱 악화시켜 텍사스 원주민을 쫓아낼 수 있습니다.

설립자의 경제 성장 비전에도 불구하고 텍사스에 새로운 증권 거래소가 설립되면 지역 주민의 이주에 더욱 기여할 수 있습니다.