Ya know, there is SIPC Insurance, I think it goes to $2.5Million. But that is in the event of Schwab going bankrupt. I wasn't even taking about that. I'm talking about the world of adults, where they spend huge $$$s today, pay it back (whenever or never) I'm talking about our government grabbing all the assets.. They have been talking for decades about this (at least for retirement accounts) (basically raise taxes to 100%) People who pay NO taxes, will be happy for the government to play Robin Hood on a much grander scale. Just give the voters a few crumbs to enjoy. But if you really believe that Trump committed those crimes in NYC, you are already lost, going over the falls. And you will have lots of company.
Same to you. Your thoughts sound like gibberish. At least I am aware that in times of bankruptcy, all bets are off. The "adults" will likely do the unthinkable. And there will be NO FDR. No money for that.
The world has been coming to an end (if you believe the fake tan, gold plated toilet seat types) , since the world started. Yet here we are another day later. Though if enough people start believing nonsense "End of Times" gibberish, get locked and loaded, we just might get there.
BlackRock is taking a relatively high-profile stance in backing a new Texas Stock Exchange to be launched in Dallas next year — one of only two of the exchange’s more than 24 backers cited in a June 5 TXSE Group announcement that have allowed themselves to be identified. “BlackRock is proud to be a founding investor in the Texas Stock Exchange to increase liquidity and improve market efficiency for BlackRock’s clients and other investors in the U.S. capital markets,” the money management giant said in a statement. “We look forward to engaging with the other investors” — i.e., the other financial backers of the exchange alluded to in the TXSE announcement — “on the benefits of the TXSE’s unique value proposition,” the statement concluded. Citadel Securities, the only other TXSE backer named, declined to comment. While the Texas Stock Exchange announcement said the backers of the coming electronic exchange “together comprise a majority of all U.S. listed retail volume,” other leading industry lights apparently weren’t rushing to stand up and be counted. Spokespeople for other big players — including Boston-based Fidelity Investments and Baltimore-based T. Rowe Price Group — said their firms aren’t involved in the venture. Still others, including J.P. Morgan Chase and Goldman Sachs, declined comment. BlackRock’s public backing of the Texas Stock Exchange comes in the wake of more than two years of high political frictions between the firm and state officials, with BlackRock — despite hundreds of billions of dollars invested in fossil fuel-related companies globally — targeted for allegedly boycotting Texas’ oil and gas industry. A recent example: On March 19, the $52.3 billion Texas Permanent School Fund, Austin, fired BlackRock from equity mandates totaling roughly $8.5 billion in order to comply with the state’s anti-ESG statute. A BlackRock spokesman, asked if BlackRock’s TXSE investment was one means of improving the money manager’s relations with the economically powerful and fast-growing state, said there was nothing to say beyond BlackRock’s June 5 statement. If indeed there was a political element at play, there were no immediate signs of a thawing. Chris Bryan, a spokesman for Glenn Hegar, the Texas comptroller of public accounts, in an emailed statement said while Comptroller Hegar welcomes BlackRock’s support for Texas, “this is not part of the criteria used to identify candidates for listing. BlackRock will be removed from the list of companies boycotting oil and gas as defined by Texas statute when they stop boycotting oil and gas as defined by Texas statute."
FLASH FRIDAY: Sun Belt Stock Exchange, Then and Now By Editorial Staff - June 7, 2024 FLASH FRIDAY is a weekly content series looking at the past, present and future of capital markets trading and technology. FLASH FRIDAY is sponsored by Instinet, a Nomura company. There’s a new exchange in town. Or, at least there will be when/if the US Securities Exchange Commission approves the Texas Stock Exchange. The exchange business is heavily regulated, with sticky customer bases and high barriers to entry, so it’s not every day that a startup exchange is announced. Which is why this week’s TXSE announcement was more newsworthy than, say, the launch of a new hedge fund or technology solutions provider. Any new bourse faces an uphill climb to gain traction in a very competitive space dominated by incumbents New York Stock Exchange, Nasdaq and Cboe. There is hope, though, as relative newcomers Members Exchange, Investors Exchange, and MIAX Pearl are at least on the map with a percentage point or two of market share. TXSE has raised about $120 million and has the backing of industry titans BlackRock and Citadel Securities. The startup reportedly aims to attract listings of exchange-traded products and challenge increasing compliance costs at NYSE and Nasdaq. To be sure, every new stock exchange has its own value proposition, and will chart its own course, whether that be growing into a formidable player, being acquired, languishing with minimal market share, or shutting down. One interesting aspect about TXSE is the Texas address, as the Lone Star State is not normally associated with institutional stock trading. But From reviewing the list of former stock exchanges in the Americas, a similar name jumped out: the Arizona Stock Exchange. AZX was founded as Wunsch Auction Systems in 1990 before moving from New York to the Grand Canyon State and rebranding as Arizona Stock Exchange (AZX) in 1991. The enterprise was a bit ahead of its time in that it was founded as an electronically enabled stock exchange when floor trading was still dominant, and it originally aimed at extended hours trading, a concept that was largely a curiosity back then but has gained traction in recent years. Alas, AZX never could attract enough trading volume to sustain the business for the long term, and the exchange ceased operations in 2001. Traders Magazine wrote about AZX when it rolled out a last-ditch initiative in its latter days. From the 2000 article “AZX Looks for an Order Transfusion”: “These are critical days for the struggling Arizona Stock Exchange. The electronic call auction system has partnered with Goldman Sachs, Salomon Smith Barney, Lehman Brothers, J.P. Morgan and others. They plan to offer the buy side an alternative to Nasdaq’s chaotic opening…. …The AZX, which has been around in some form since 1991, is in dire need of order flow. That’s a problem experienced by other innovative trading systems. AZX averages about 10,000 shares a day…That’s a far cry from the millions of shares traded daily by alternative trading systems like POSIT and Instinet. Without the support of the New York bankers, sources said Arizona was likely headed for the sunset.” That sunset did come just one year later, despite the support of the bulge bracket banks. Steve Wunsch, the AZX founder and apparently an accomplished climber, passed away in 2019. AZX showed that having influential, name-brand backers doesn’t guarantee success, nor does having ideas that are ahead of one’s time. As TXSE will find out, it will come down to execution, hard work, timing, and luck.