NYSE is headed south, opening a Texas exchange to rival upstart TXSE and capitalise on the state’s booming economy, growing population and laid-back regulation.
The liquidity advantage offered by its existing listings may prove an unassailable advantage for NYSE. Three of the biggest five companies headquartered in the state by market cap are listed on the exchange: AT&T (US$182 billion), Energy Transfer LP (US$68 billion) and real estate company CBRE Group (US$43 billion).
TXSE, which filed registration documents with the SEC at the start of 2025 and is expected to open in early 2026, has emphasised its dislike of incumbent exchanges’ levels of regulation and compliance costs. Its authorisation with the commission is pending.
Now also waiting for regulatory approval is NYSE Chicago, which the exchange group plans to reincorporate in Dallas and rename NYSE Texas. The exchange has been operating in the windy city since 1882.
According to the group, NYSE-listed companies are concentrated in Texas and represent US$3.7 trillion in market value. This reincorporation will allow firms to list and trade directly in the state, which is known for its ‘business-friendly’ climate with no corporate tax and lenient regulation. It is the eighth largest economy globally on a national basis.
A TXSE spokesperson commented: “We have known all along that Texas is the best place to do business. In fact, the entire southeast quadrant of the country has been driving the nation’s economic and population growth.”
“We are committed to closely aligning with issuers and investors to provide a premier venue for listings and a world-class platform for trading. The mission of the Texas Stock Exchange is to bring competition back to the markets, and we look forward to cementing Dallas as one of the financial capitals of the world.”
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