New York Stock Exchange To Launch Rebranded Former Chicago Branch In DFW
Y’all Street just got more crowded.
The New York Stock Exchange plans to reincorporate its Chicago branch in Dallas as NYSE Texas, the latest entrant into a fast-moving flight of new or existing exchanges to the Lone Star State.
The move comes after the planned Texas Stock Exchange filed for Securities and Exchange Commission approval in late January, The Dallas Morning News reported.
Nasdaq has also made moves into the Metroplex, announcing a regional management division to be based in Irving last year.
NYSE’s “fully electronic equities exchange” will need to go through regulatory filings before companies can list their securities.
“As the state with the largest number of NYSE listings, representing over $3.7 trillion in market value for our community, Texas is a market leader in fostering a pro-business atmosphere,” NYSE Group President Lynn Martin said in a statement. “We are delighted to expand our presence in the Lone Star State, which plays a key role in driving our U.S. economy forward.”
With investors like BlackRock and Citadel Securities, the Dallas-based TXSE raised $120M to create an alternative to the NYSE and Nasdaq. TXSE aims to host its first listings in 2026 and establish its headquarters in the heart of Dallas, including executive offices, a conference center and a broadcast center.
The upstart exchange plans to raise the standards for companies to be listed while lowering the costs, the DMN reported, adding an incentive for companies to go public in Texas.
Wall Street policies related to environmental, social and governance disclosures were one reason behind the push for a Texas-based securities exchange, Gov. Greg Abbott told CNBC last year.
The Lone Star State also benefits from its central location in the U.S., connectivity through airports and ports, and DFW’s cluster of financial institutions and cybersecurity companies.
With the Federal Reserve Bank of Dallas, JPMorgan Chase, Charles Schwab, Wells Fargo and Goldman Sachs already present in DFW, the Metroplex is being positioned as a global banking hub. Texas officials hope locally based stock exchanges could be used as a tool to recruit even more banking and tech businesses to the state.
Abbott met with Martin and Jeffrey Sprecher, founder and CEO of NYSE parent company Intercontinental Exchange, earlier this week to discuss the economic opportunities the move to Texas will present.
“Texas is the most powerful economy in the nation, and now we will become the financial capital of America,” Abbott said in a statement. “With the launch of NYSE Texas, we will expand our financial might in the United States and cement our great state as an economic powerhouse on the global stage.”
