The recent announcement of the Texas Stock Exchange (TXSE) represents more than just another financial institution – it marks a decisive step toward the economic independence that lies at the heart of Texas sovereignty. While some may view this development through the narrow lens of market dynamics, the implications run far deeper for the future of Texas self-governance.

To put this in perspective, it’s worth examining how financial independence and political sovereignty have always been inexorably linked. When the founders of the Republic of Texas pursued independence in 1836, they understood that political freedom required economic autonomy. As Stephen F. Austin noted in his 1836 writings, Texas needed to retain “within her own control, the rights and powers which appertained to her as one of the unities or distinct societies.”

The announcement of the Texas Stock Exchange builds upon this foundational principle. By establishing our own financial exchange, Texas is creating the essential infrastructure needed for true economic self-determination. This isn’t merely about competing with Wall Street – it’s about building the financial backbone that an independent Texas will require.

The timing of this development is particularly significant. As we’ve documented extensively, the Federal Government continues to demonstrate its fiscal irresponsibility with a federal debt exceeding $20 trillion. Meanwhile, Texas maintains its position as the world’s 10th largest economy, with a GDP that would rank us alongside sovereign nations like Canada and Italy. The Texas Stock Exchange represents a natural progression of our economic strength and sets the stage for greater financial autonomy.

We must view the TXSE through the lens of our larger mission. As we’ve consistently maintained, Texas independence requires building the institutional framework that will allow us to function as a sovereign nation. A robust financial market infrastructure is not optional – it is essential. The TXSE provides a crucial piece of this framework while demonstrating that Texas already possesses the economic sophistication and scale to operate as an independent nation-state.

Consider that the nation of Luxembourg, with a population of just 632,000, maintains its own highly successful stock exchange. Singapore, upon achieving independence in 1965, quickly established its stock exchange as a cornerstone of its economic sovereignty. Texas, with a population of over 30 million and our diversified economy, is more than capable of supporting a world-class financial exchange.

The Texas Stock Exchange initiative also addresses one of the most common questions posed by those who doubt the feasibility of Texas independence: “Can Texas truly maintain a self-sufficient economy?” The establishment of the TXSE provides a clear and emphatic answer. Not only can we maintain our own economy, but we are already building the infrastructure to enhance our economic independence.

But this is just the beginning. The TXSE represents one component of a broader strategy to establish the financial and economic institutions that an independent Texas will require. In the following analysis, we’ll examine how this development aligns with our historical mission, strengthens our path to independence, and positions Texas to take its rightful place among the nations of the world.

Historical Context of Texas Economic Independence

The Texas Stock Exchange continues a legacy of economic autonomy that traces back to the Republic of Texas. As a sovereign nation, Texas established its own currency, conducted trade negotiations, and maintained control of its natural resources. The Texas Declaration of Independence cited Mexico’s failure to develop our resources as a key grievance, stating they had “failed to establish any public system of education, although possessed of almost boundless resources.”

The Joint Resolution for Annexing Texas guaranteed Texas would retain control of its public lands. This right reflected Texas’s unique position and economic sovereignty. When the Federal Reserve System established its districts in 1913, Texas became the only state served by multiple districts – Dallas and San Antonio – reflecting the scale of Texas’s financial operations.

Through the 1930s, Texas maintained economic stability through our oil industry and agricultural base. This period showed the direct benefits of Texas controlling its own resources and economic decisions.

ERCOT provides a modern example of Texas operating critical infrastructure independently. The Texas Department of Banking, established in 1995, demonstrates our capability to regulate complex financial institutions. The Department’s “super parity” provision enables state-chartered banks to conduct any activities permitted to insured state or federal financial institutions.

The Texas Bullion Depository, launched in 2018, created a secure storage facility for precious metals, establishing another independent Texas financial institution. Our research shows Texas contributes $103-160 billion more annually to federal coffers than we receive in return. The Texas Stock Exchange offers an avenue to redirect that capital within Texas.

The TXSE expands these historical efforts into a comprehensive financial platform where Texas businesses can raise capital from Texas investors. This strengthens our economic foundation while building toward our broader goals of self-governance.

The Economic Vision of the Texas Nationalist Movement

The Texas Stock Exchange aligns with TNM’s core belief that Texans should control Texas wealth. As stated in my book “TEXIT: Why and How Texas Will Leave The Union,” the Federal Government extracts more than $265 billion per year in taxes from Texas, with Federal expenditures accounting for only $162 billion. This $103 billion annual overpayment represents missed opportunities for Texas families, businesses, and communities.

The TNM advocates for a Texas where economic decisions serve Texas interests. The Texas Stock Exchange creates a financial hub that keeps Texas capital in Texas hands. By establishing our own exchange, we reduce dependence on Wall Street while building the financial infrastructure needed for independence.

Our vision includes a Texas where businesses can raise capital without federal intermediaries. The TXSE provides this framework, allowing Texas enterprises to connect directly with Texas investors. Consider that Texas ranks 40th globally in labor force size and maintains the 10th largest economy in the world. Our economic output exceeds many independent nations, including Australia, Mexico, and Spain.

The TNM’s economic strategy focuses on three key objectives:

1. Retaining Texas wealth for Texas priorities
2. Building independent financial institutions
3. Reducing federal economic control

The Texas Stock Exchange advances these goals by:

• Creating a Texas-centered capital market
• Establishing crucial financial infrastructure
• Supporting Texas business growth
• Generating revenue that stays in Texas

Look at Singapore’s stock exchange as an example. After gaining independence in 1965, Singapore developed its exchange into a cornerstone of its economic sovereignty. With a GDP of $697 billion compared to Texas’s $2 trillion, Singapore demonstrates how an independent exchange strengthens economic autonomy.

The TNM sees the TXSE as part of the essential framework for independence. Just as Texas maintains independent electricity infrastructure through ERCOT, the TXSE creates independent financial infrastructure. This follows the pattern established by the Texas Bullion Depository – building institutions that serve Texas interests.

Our research indicates that an independent Texas would rank 12th globally in government revenue. The TXSE helps lay the groundwork for this transition by developing the financial systems needed for independence. Each step toward economic self-sufficiency brings us closer to our goal of Texas nationalism.

The Texas Stock Exchange is a Catalyst for Economic Empowerment

The Texas Stock Exchange advances the TNM’s mission by creating tangible economic infrastructure that supports independence. When examining the impact on Texas, the data shows that our economy produces enough wealth to sustain an independent nation. Texas generates $2 trillion in annual economic output, placing us ahead of nations like Canada, Russia, and South Korea.

A Texas-based exchange provides practical benefits that support our path to independence:

Job Creation

• Financial services employment opportunities
• Technology sector expansion
• Support services growth
• Professional services development

Business Growth

• Direct access to Texas capital markets
• Reduced dependency on Wall Street
• Lower costs for Texas companies
• Local market expertise

Revenue Generation

• Exchange fees stay in Texas
• Associated tax revenue remains local
• Financial services ecosystem growth
• New business formation

The TXSE gives Texas businesses a local platform to raise capital. This reduces reliance on New York financial institutions while keeping transaction fees in Texas. For perspective, the Australian Securities Exchange generates over $1 billion in annual revenue, serving an economy smaller than Texas.

The exchange supports our existing economic strengths. Texas leads all U.S. states in exports, ranking 22nd globally. We maintain the 12th largest technology sector worldwide. The TXSE provides these industries a Texas-focused trading platform that understands local market conditions.

Our research shows that Federal regulations cost Texas households approximately $277,000 annually in lost income. The TXSE creates a foundation for reducing this regulatory burden through local market control. This aligns with TNM’s goal of returning economic decision-making to Texas.

Look at the Hong Kong Stock Exchange, which serves an economy one-third the size of Texas. It generates $2.3 billion in annual revenue while facilitating capital formation for local businesses. The TXSE positions Texas to capture similar economic benefits currently flowing to other financial centers.

The exchange supports TNM’s vision of Texas sovereignty by:

• Building financial independence
• Developing market expertise
• Creating economic opportunities
• Retaining Texas wealth

Comparative Analysis

Regional stock exchanges worldwide demonstrate how financial markets support economic sovereignty. Let’s examine relevant examples that inform the potential impact of the Texas Stock Exchange.

The Australian Securities Exchange (ASX) serves an economy of $1.4 trillion – smaller than Texas’s $2 trillion economy. ASX operates as the primary capital market for Australia, handling equity, fixed income, and derivatives trading. Australian businesses raise capital through local markets rather than relying on larger financial centers.

The Singapore Exchange illustrates how a regional exchange supports independence. After its separation from Malaysia in 1965, Singapore developed its exchange into a key pillar of sovereignty. Despite serving a $697 billion economy, the Singapore Exchange generates over $800 million in annual revenue. The exchange demonstrates how local capital markets strengthen economic independence.

The Toronto Stock Exchange serves Canada’s $1.9 trillion economy – comparable to Texas. Canadian businesses access capital through domestic markets while maintaining economic ties with the United States. The exchange processes over 200 million trades annually while supporting Canadian economic interests.

Key metrics from successful regional exchanges:

Market Capitalization (USD)

• Toronto: $3.3 trillion
• Australia: $2.1 trillion
• Singapore: $687 billion

Annual Trading Volume

• Toronto: 200+ million trades
• Australia: 150+ million trades
• Singapore: 100+ million trades

Revenue Generation

• Toronto: $1+ billion
• Australia: $1+ billion
• Singapore: $800+ million

The success factors from these exchanges include:

• Local market expertise
• Technology infrastructure
• Regulatory frameworks
• Professional ecosystems

Looking at the Nordic region, Nasdaq Nordic serves multiple sovereign nations through integrated markets. This model shows how the TXSE could maintain connections with U.S. markets while serving Texas interests.

The Warsaw Stock Exchange emerged after Poland regained independence. It now handles over 90% of regional trading volume while supporting Polish economic development. This transition from centralized control to local markets mirrors TNM’s vision for Texas.

These examples show how regional exchanges support economic sovereignty while maintaining beneficial trade relationships. The TXSE builds on these proven models while addressing Texas’s specific needs.

Strengthening the Independence Narrative

The Texas Stock Exchange reinforces key principles from successful independence movements worldwide. Brexit demonstrated how financial sovereignty shapes the path to independence. The UK’s determination to preserve the London Stock Exchange’s autonomy played a central role in Brexit negotiations.

The TNM’s position mirrors successful independence campaigns that emphasize economic self-governance. The TXSE provides concrete evidence that Texas possesses the financial infrastructure for independence. As noted in TEXIT, Texas ranks 40th globally in size, 47th in population, and maintains the 10th largest economy worldwide.

Examples supporting the TXSE’s role in independence:

Economic Infrastructure

• Independent trading platform
• Local capital formation
• Texas-focused regulation
• Professional expertise

Market Development

• Texas business focus
• Domestic capital access
• Revenue retention
• Job creation

Independence Framework

• Financial autonomy
• Economic control
• Wealth retention
• Market sovereignty

The TXSE addresses practical questions about Texas independence. Quebec’s independence movement faced skepticism about financial market access, and the TXSE preemptively resolves similar concerns for Texas.

Scotland’s 2014 independence campaign highlighted the importance of financial infrastructure. The lack of established Scottish financial institutions complicated their independence narrative. The TXSE prevents similar challenges for Texas.

The exchange supports TNM’s core message that Texas possesses the economic foundation for independence. Our research shows Texas generates sufficient government revenue to rank 12th globally as an independent nation.

The TXSE demonstrates how Texas independence strengthens our economic position:

• Local market control
• Capital retention
• Revenue generation
• Business growth

Technological Infrastructure and Innovation

The Texas Stock Exchange’s technological framework supports TNM’s vision of Texas independence. Modern financial markets require sophisticated technology infrastructure. Texas leads the U.S. in technology exports and ranks 12th globally, positioning us to develop and maintain advanced trading systems.

Key Technology Components:

Trading Platform

• Order matching systems
• Market data distribution
• Risk management tools
• Settlement processes

Security Infrastructure

• Data protection
• Cyber defense
• Access controls
• System redundancy

Innovation Opportunities

• Blockchain integration
• Digital asset trading
• Smart contracts
• Payment systems

Texas technology companies employ over 203,700 workers, providing expertise for exchange operations. The TXSE creates additional technology sector jobs while developing strategic capabilities for independence.

The exchange requires data centers, network infrastructure, and security systems. Texas maintains significant technology infrastructure, including major data center operations in Dallas, Houston, and Austin.

Cybersecurity considerations include:

• System protection
• Data sovereignty
• Access management
• Threat response

Texas universities produce technology graduates needed to operate exchange systems. Our educational infrastructure supports ongoing development of trading technology expertise.

The TXSE provides opportunities to integrate emerging technologies:

• Digital trading platforms
• Automated systems
• Market analytics
• Payment networks

Technology infrastructure supports TNM’s goal of Texas self-sufficiency. The TXSE develops strategic capabilities while creating technology sector growth.

Comparative Analysis of Independence Movements

The Texas Stock Exchange initiative can be better understood when compared to economic strategies employed by other independence movements worldwide. This comparison provides valuable insights into the potential challenges and opportunities facing Texas.

Scotland and the UK: The Scottish independence movement, like Texas, emphasizes economic self-determination. Scotland’s push for control over its oil revenues and financial sector bears similarities to Texas’s efforts to establish the TXSE. However, Scotland faces challenges in currency and EU membership that Texas, with its established economic strength, may avoid.

Catalonia and Spain: Catalonia’s independence movement has focused heavily on fiscal autonomy and the belief that the region contributes more to Spain than it receives in return. This echoes Texas’s concerns about federal fiscal imbalances. The TXSE could serve as a model for how Catalonia might seek to establish financial independence within or outside of Spain.

Quebec and Canada: Quebec’s independence movement has historically grappled with questions of economic viability and currency. Texas, with its larger and more diverse economy, may be better positioned to address these concerns. The TXSE demonstrates a proactive approach to building economic infrastructure that Quebec’s movement lacked.

Singapore and Malaysia: Singapore’s successful independence from Malaysia offers an instructive example. Singapore rapidly developed its financial sector post-independence, becoming a global financial hub. The TXSE initiative mirrors Singapore’s strategy of leveraging financial services to boost economic sovereignty.

Yugoslavia: The economic aspects of Yugoslavia’s dissolution provide cautionary lessons. Regional economic disparities and the collapse of internal economic ties contributed to conflict. Texas’s approach with the TXSE, which aims to strengthen internal economic cohesion, may help avoid such pitfalls.

By examining these cases, we can see that the TXSE initiative aligns with successful strategies employed by other independence movements, particularly in building economic infrastructure and leveraging existing strengths. However, it also demonstrates a more comprehensive approach to economic sovereignty that may help Texas avoid some of the challenges faced by other movements.

International Implications

The Texas Stock Exchange positions Texas to develop deeper international economic relationships independent of federal intermediaries. Our research demonstrates that Texas currently conducts trade valued between $225-285 billion annually with just our top 25 trading partners. This existing trade framework provides natural partnerships for expanding the TXSE’s international reach.

The exchange creates direct market access for international investors interested in Texas opportunities. Currently, foreign investment in Texas companies requires routing through New York or other U.S. financial centers. The TXSE eliminates these intermediary steps, allowing direct investment relationships between Texas and international partners.

Texas already maintains trade offices worldwide that can support development of exchange relationships. These offices provide established diplomatic and business connections for building market partnerships. The TXSE builds on this foundation by adding financial market infrastructure to existing trade relationships.

Our position as the world’s 22nd largest exporter, with 93% of exports comprising manufactured goods, demonstrates Texas’s capability to operate as an independent economic power. The TXSE strengthens this position by providing mechanisms for international capital to flow directly into Texas markets rather than through federal channels.

The exchange supports the TNM’s vision of Texas conducting international trade relationships as a sovereign entity. When examining successful independence movements, direct control of international economic relationships proves crucial. The TXSE creates this capability for Texas by establishing independent financial market infrastructure.

Foreign firms seeking to invest in Texas industries gain a direct pathway through the exchange. This reduces dependency on Wall Street while building Texas’s position as a regional financial hub. International companies can raise capital in Texas markets, list securities directly on the TXSE, and engage with Texas investors without federal intermediaries.

The development of the TXSE sends a clear message to the international community about Texas’s capability to function as an independent nation-state. By establishing sophisticated market infrastructure, Texas demonstrates readiness to engage directly in global markets. This practical demonstration of economic capability strengthens TNM’s position that Texas possesses the necessary infrastructure for independence.

Challenges and Criticisms

The establishment of the Texas Stock Exchange requires addressing specific regulatory and operational challenges. Primary among these is the relationship between the TXSE and existing federal market structures. The Intercontinental Exchange (ICE), NASDAQ, and the New York Stock Exchange operate under federal oversight through the Securities and Exchange Commission’s Regulation National Market System (Reg NMS).

While the Texas State Securities Board provides regulatory foundation, developing independent market rules requires careful consideration. The TXSE must establish clear protocols for price discovery, trade execution, and settlement while maintaining market integrity. These systems need to operate efficiently without dependence on federal market infrastructure.

Market participants raise valid questions about cross-border trading relationships. Companies listed on multiple exchanges require mechanisms for share transfer and price alignment between markets. The TXSE needs agreements with other exchanges for clearing and settlement of cross-border transactions. Existing models like the Deutsche Börse’s linkage with Singapore Exchange provide frameworks for these relationships.

Technology vendors and service providers currently focus resources on federal market infrastructure. The TXSE must develop relationships with key market technology providers while building Texas-based expertise. This includes establishing connections with major order management systems, market data providers, and trading platforms used by institutional investors.

Financial industry professionals express concern about membership requirements and trading rights. The exchange must balance access for established firms while creating opportunities for Texas-based financial services companies. Membership rules need to ensure market stability without creating unnecessary barriers to participation.

Institutional investors question whether index providers will recognize TXSE listings in major market indices. Index inclusion affects investment flows and market visibility. The exchange needs strategies for working with index providers to ensure Texas-listed companies receive appropriate recognition in market benchmarks.

These challenges require practical solutions rather than theoretical discussion. Each issue connects directly to the exchange’s role in building Texas economic independence. By addressing these considerations systematically, the TXSE strengthens its position as crucial market infrastructure.

Expert Opinions and Diverse Viewpoints

The announcement of the Texas Stock Exchange has generated discussion among economic, financial, and political experts. Their analysis provides valuable insight into how the TXSE advances Texas’s economic sovereignty.

Dr. Ray Perryman, President of The Perryman Group and a leading Texas economist, identifies key factors supporting exchange success: “Texas is very attractive; it brings in a lot of corporate interests, and there’s already a large wealth base in the Dallas area. So there are a lot of things that say this could well work.” His assessment validates TNM’s position that Texas possesses the economic foundation for independent financial markets.

The academic perspective from Professor Clemens Sialm, finance department chair at the University of Texas Austin, highlights practical benefits for Texas businesses: “The Texas Stock Exchange will be very beneficial for the State of Texas and to the University of Texas… The new exchange will benefit Texas firms as they will now have the option to list locally, which will reduce their compliance costs relative to listing on the New York Stock Exchange or NASDAQ.” This reduction in federal compliance costs directly supports TNM’s goal of reducing federal control over Texas commerce.

Texas Governor Greg Abbott’s support demonstrates political recognition of the exchange’s importance: “Texas has always been the economic engine of America. We are creating an exchange that mirrors our spirit: bold, resilient, and free from the constraints that are holding businesses back on Wall Street.” This alignment between state leadership and market development strengthens the path toward economic independence.

James Lee, TXSE founder, emphasizes market improvements through “competition in quote activity, liquidity, and transparency.” These operational benefits support TNM’s vision of Texas-focused financial infrastructure serving Texas interests.

Bill Dendy, President of Alicorn Investment Management, provides measured analysis of implementation timeline: “It sounds exciting, but to the average investor, this is not going to have any immediate impact.” This practical assessment helps shape realistic expectations while maintaining focus on long-term independence goals.

These expert perspectives reinforce the TXSE’s role in building economic independence. Their analysis shows how the exchange addresses both practical market needs and strategic sovereignty objectives.

Future Outlook

The Texas Stock Exchange (TXSE) is not just a new financial institution; it represents a transformative pillar for Texas’ economic independence, promising significant long-term impacts. As TXSE grows, it is set to play a central role in reshaping Texas’ financial landscape, facilitating economic self-reliance, and bolstering the state’s ability to function as an independent entity.

Long-term Economic Impacts: Over the coming years, the TXSE will become a crucial catalyst for local economic growth. By enabling businesses to access capital directly within Texas, the exchange helps keep investment and wealth circulating within the state. This local retention of capital supports job creation across multiple sectors, from financial services and technology to professional support services. The infrastructure provided by TXSE will strengthen the business ecosystem, mirroring the prosperity observed in regional markets like Singapore and Australia, which transformed their economies through robust, localized financial systems.

Enhancing Economic Resilience: With TXSE, Texas reduces its dependency on federally-regulated financial institutions like Wall Street. This strategic shift supports economic resilience, ensuring that economic policy and growth align with Texas’ specific needs and priorities. The exchange acts as a safeguard against external economic shocks and regulatory constraints, promoting a self-sustaining financial system tailored to support Texas businesses and investors​.

Support for Broader TNM Objectives: The TXSE aligns with and amplifies TNM’s mission of achieving independence by showcasing Texas’ capacity for self-management and economic control. It builds on existing independent infrastructures, such as ERCOT, that have demonstrated Texas’ capability to manage essential services. TXSE extends this precedent to financial markets, presenting tangible evidence that Texas is ready for broader autonomy. This readiness positions Texas as a leader in advocating for localized governance and economic self-sufficiency​.

Innovations and Future Potential: The exchange is also poised to spearhead financial innovations that further solidify its role as a forward-thinking economic platform. Potential future advancements include integrating blockchain technology for transparent, secure transactions and exploring digital asset trading to attract modern investment avenues. Additionally, the development of smart contract systems could streamline financial operations and enhance efficiency, positioning Texas at the forefront of financial innovation​.

These developments contribute to a strong foundation for independence, reinforcing the notion that Texas can not only sustain itself but thrive as an autonomous economic powerhouse.

The Texas Stock Exchange represents a significant advancement for Texas’ economic trajectory and aligns closely with the mission of the Texas Nationalist Movement. This development illustrates Texas’ capability to manage its economic affairs independently, demonstrating that it possesses the required infrastructure for sustained growth and self-sufficiency. The presence of a state-focused financial institution underlines Texas’ readiness to engage in economic activities that prioritize local interests and reduce reliance on external markets.

TXSE strengthens the case for independence by providing a local platform that supports businesses and channels revenue back into Texas communities. This move highlights the practicality of economic self-governance and reinforces the broader push for TEXIT. Supporters of the Texas Nationalist Movement should recognize this achievement as an essential step that goes beyond symbolism, showing tangible progress toward the long-term goal of economic and political autonomy.

For members and advocates, the establishment of the TXSE offers an opportunity to deepen involvement and share the vision of a financially independent Texas. Engaging in discussions, educating communities, and promoting awareness about the benefits of localized economic control contribute to expanding support for the independence movement. This milestone paves the way for continued efforts that build on existing infrastructure and illustrate Texas’ capability for self-management.

The Texas Stock Exchange is a testament to what can be accomplished through deliberate planning and commitment to independence. Its role in fostering economic growth and resilience aligns with the vision of Texas as a self-sustaining entity. This initiative shows that the foundation for a self-reliant future is already being laid, emphasizing our movement toward a secure and independent Texas.