Texas Governor Greg Abbott Delivers Remarks On Formation Of Texas Stock Exchange
Video Transcript
Subscribe To Big Money well good morning and I want to welcome everybody here to the Texas governor’s mansion uh I’m so proud to have uh Jim Lee who will be speaking here shortly uh be at this event and uh make such a transformational announcement for what we are doing great to see Governor Perry back here we we got some uh State officials here uh representative kabrick Leone uh Senator Tam Parker and representative Mor Meer with us here today uh they they know the value of what we’re about to announce and what it will mean for the future of Texas Texas already has become the home of capital in the United States of America today we are staking a claim as a home of capital markets with the addition of the Texas stock exchange this is another step that expands the financial might of Texas in the United States and cements our economic power on the global stage the Texas economic Juggernaut is well established Texas ranks number one over the past month number one over the past year for the state creating the most new jobs of any state in the United States of America CEOs who make business decisions for the companies every sing single day have ranked Texas as the number one state in which to do business for 20 years in a row Texas ranks number one in the United States for the past 12 years in a row as the number one state for the most Economic Development projects and when you look at the number of 4un 500 companies that are flocking to our state you can see that there is no state in America that has such a bustling economy when you add it all up it’s really astonishing what’s happened to the Texas economy As We Gather on the front steps of the Mansion today there there are only seven countries with an economy larger than Texas the United States obviously China India Japan the United Kingdom Germany and France and the way things are going by this time next year Texas may very well pass France and have the seventh largest economy in the entire world many of America’s most consequential companies are Texan including energy powers like Chevron Exon Mobile Philip 66 Valero Energy Transfer and so many others technology leaders like AT&T Dell Texas instrument culet Packer Enterprise Oracle and many more Transportation leaders like Southwest Airlines and American Airlines and the leaders of innovation that will cast the future of Texas and America for the decades to come companies like Tesla SpaceX and countless others add to that Financial heavyweights that either call Texas home or have massive operation here companies like Charles Schwab JP Morgan Wells Fargo Texas Capital Bank and many more Texas or let’s say business is booming so much in Texas we now have our own exchange traded fund it’s a basket of stocks of only Texas companies a Stock Exchange in Texas has long been a vision of mine today’s announcement is the next logical step in the trajectory of business in Texas the Texas Stock Exchange will ensure that businesses have access to Capital and that market participants have more choices Texas is the modern embodiment of the American dream where everyone has the opportunity to succeed and the Texas Stock Exchange will ensure more businesses have that opportunity and now the uh man who has really put all of this project together and the leader of the operation and that is Jim Lee got it thank you Governor thank you for hosting the Texas stock exchange this morning on this beautiful s and on this beautiful grounds and this beautiful morning it is it’s a privilege to be here today and thank you for your leadership that has made Texas the economic Envy of the world and your vision that has now brought the capital markets to our state under your leadership every indicator of relevance points to Texas economic growth population Trends job creation corporate expansions relocations exports foreign direct Investments you name it the message is clear Texas is the place businesses come to compete to innovate to thrive while leaning into the pro business climate that you have set the next logical step for Texas is to establish structurally Sound Capital markets with a GDP of $2.6 trillion Texas is now the eighth largest economy in the world there are 45 countries smaller than Texas that have their own stock exchange today one in 10 public companies in the US call Texas home we now have more Finance Professionals in the state of Texas than there are in the state of New York and with 170 collocation and Enterprise data centers in Dallas alone we now have the infrastructure necessary to operate National exchanges right here in Texas the Texas Stock Exchange will operate from Dallas as a National Exchange offering Global access for companies to list and trade their shares in addition we will provide access to exchang traded funds and a range of data services Governor we’re joined here today by many prominent Business Leaders and some of the largest financial institutions in the world they’re both active investors and leaders in this effort that will impact Texas for General Generations at texi we’re proud to have earned the broadest base of support from across the world the worlds of business Capital markets and policy competition is at the core of what we’re doing we’ve engaged with dozen of dozens of public companies to more fully understand their needs issuers are looking for deep liquid markets and enhan visibility around their names but they also want a better public market experience experience through greater alignment and stability around listing standards and costs trading organizations the largest liquidity providers want more competition too driven by Innovative low latency technology and of course lower costs especially for Market data and how members access or connect to exchanges at texi we’re laser focus on the needs of Market participants our next step is to submit a registration with the SEC which we will do in the coming months pending approval we will execute our first trades at the end of next year and launch listings in early 26 and with those first trades and listings Governor Dallas will become a new hub for Capital markets in the United States governor but your vision and determination led us here today the Texas Stock Exchange was 60 years in the making but it was your leadership 5 years ago that truly brought the capital markets to our state thank you again sir for hosting us and for your leadership of our great state thank you Jim we happy to take a few questions what does this mean for kind of everyday Texans who want to invest is this something that that every need can get onard so it’ll mean something for everyday Texans uh but in doing so it actually will mean something for businesses in Texas and businesses across the country it provides an additional platform which as Jim can explain which we believe will eventually become the premier uh trading platform and what that does uh is going to bring even more businesses to the of Texas and in doing so that means many more good high-paying jobs for our state so this is really the beginning uh of accelerating our already you know redh hot economy in the state of Texas that will attract more business here create more jobs here and and cement Texas’s position as the best state for doing business did you want to add to that I think I have a spot on all right go ahead so um today we’ve raised a little bit over $135 million uh which makes us the most well- capitalized uh exch National Securities Exchange applicant to every ever file a registration with the SEC um two of the members that U our lead institutions both Black Rock and Citadel Securities are represented here today and they serve on our board or as Observers uh Fortress in Dallas and Westwood and a number of others have publicly uh announced uh participation over time we will release the full uh cap table but uh it’s very deliberate what we’ve put together uh we have issuers represented both for exchange traded funds and corporate issuers we have uh major liquidity providers that are lined and in the cap table and we have the major trading organizations uh Brokers and dealers that access Market on behalf of inv every day they’re represented in our cap table and they’re big part of what we’re doing uh no um this is as a political an exchange uh as could ever be put together a and and so uh there there are no plans for anything like that if if I could add one thing about that there is a reason why Texas is number one for doing business and that’s because we make it as easy as possible to do business in the state of Texas the same thing goes with the Texas Stock Exchange got it good all right have a great dayUS Financial News
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