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DEI is driving big companies to Texas

DEI is driving big companies to Texas
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This week, news broke that an organisation by the name of TXSE Group was planning to challenge the NYSE and Nasdaq by launching a Texas Stock Exchange, based in Dallas. Big backers with deep pockets are involved: TXSE has already raised $120 million from investors including BlackRock and Citadel Securities, “as well as prominent business leaders from around the country”.

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According to the WSJ, the idea behind the TXSE is to be “more CEO-friendly”, apolitical, and with fewer “onerous” compliance costs than the NYSE-Nasdaq duopoly. The strategy is to attract companies that are displeased with regulations such as Nasdaq’s “Board Diversity Rule”. In force since 2023, this rule requires boards to have at least one member who self-identifies as a woman and another who self-identifies as an underrepresented minority or LGBTQ+.

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For those mystified by who might qualify as an underrepresented minority, Nasdaq provides a helpful list: “an individual who self-identifies as one or more of the following: Black or African American, Hispanic or Latinx, Asian, Native American or Alaska Native, Native Hawaiian or Pacific Islander, or Two or More Races or Ethnicities”.



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