re: Texas starts its own stock exchange

Based on the existing tax that is on the books, all brokers know how much of a hit a repel of the credit will be, so they have the knowledge to make decisions about investmenting in a new exchange. You will note a few names in both. So they are willing to compete against themselves to mitigate the risks of an appeal of the tax credit that was put in place in 1981 which makes the tax passed in 1905 become impactful immediately.

Thinking about this more, depending on when the tax credit hits, this tax might be a major contributor to the overall liquidity of the state and/or city New York.

More data from Claude on ownership:

Here’s the more precise breakdown, since NYSE itself has no separate ownership — this reflects who owns its parent, ICE:
Top institutional holders of Intercontinental Exchange (ICE):



|Holder |Shares |% Ownership|
|----------------------------------|----------|-----------|
|The Vanguard Group |57,061,845|10.01% |
|BlackRock Institutional Trust Co. |28,128,888|4.93% |
|State Street Investment Management|24,816,744|4.35% |
|Geode Capital Management |12,570,477|2.20% |
|Wellington Management Company |10,354,224|1.82% |
|Harris Associates |10,195,719|1.79% |

Note: BlackRock’s various entities collectively cross the 5% disclosure threshold in SEC filings even though this particular reporting arm shows 4.93% — their aggregate stake across all BlackRock subsidiaries (BlackRock Fund Advisors, BlackRock Advisors LLC, etc.) is filed jointly on Schedule 13G and totals just over 5%.
Bigger picture:
• Combined, the top institutions (Vanguard, BlackRock, State Street, Geode, Wellington, Harris, plus Fidelity, T. Rowe Price, Capital Group) typically hold 30-40%+ of shares outstanding.
• No single holder has a controlling stake — this is a widely-held, passively-owned large-cap stock, typical for an S&P 500 company.
• CEO/Chair Jeffrey C. Sprecher remains the largest insider, historically holding a mid-single-digit percentage, though his stake has diluted over time as ICE has grown through acquisitions.
• The rest — roughly 60%+ — is spread across thousands of smaller institutional holders, mutual funds, and retail/individual shareholders.
If you want the exact current insider stake for Sprecher or the full list beyond the top 6, that would require pulling ICE’s most recent DEF 14A proxy statement or Form 4 filings directly.????????????????