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The leader of the newly established Texas Stock Exchange has promised stricter listing standards than those of his New York competitors, as part of the state’s ambitious effort to position Dallas as a financial contender to the East Coast’s dominance.
Jim Lee, chief executive of the TXSE, told the Financial Times the new exchange’s standards, including earnings tests, minimum prices and other unspecified measures, would be stringent enough to in effect exclude more than a third of the companies listed on Nasdaq and the New York Stock Exchange. The comments push back against early expectations that the nascent bourse would adopt looser rules in its attempt to break New York’s pre-eminence.
https://www.ft.com/content/da5be183-c339-42d2-b1e4-1aad83568d1c
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