Tag Archives: Texas Stock Exchange (TXSE)

Quietly Leaving New York City As The Socialist Take Over

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On Tuesday, The Dallas Express posted an article about the Texas Stock Exchange (TXSE).

The article reports:

The Texas Stock Exchange (TXSE) began production, quoting, and trading operations on Monday, kicking off a phased rollout as a new national securities exchange based in Dallas.

The launch marks a significant milestone for the Dallas-headquartered startup, which aims to challenge the longstanding dominance of the New York Stock Exchange and NASDAQ. TXSE started with limited test symbols for approved members, with broader symbol availability planned throughout July.

The exchange will operate under the market center identifier “F.”

Trading hours include a pre-market session from 8:00 a.m. to 9:30 a.m., regular market hours from 9:30 a.m. to 4:00 p.m., and a post-market session from 4:00 p.m. to 5:00 p.m.

TXSE officials described the start of trading as a key step in proving the exchange’s viability. “With the start of full production trading, any last notions that TXSE is theoretical are instantly swept away,” a TXSE official stated.

Let’s look at some of the possible reasons that the Texas Stock Exchange might be opening. The Texas Constitution and Texas statutes prohibit levying a state personal income tax. Texas does not have a traditional corporate income tax–it imposes a franchise tax on businesses. That franchise tax rate is generally 1 percent for most businesses. The general corporate tax rate in New York City is 8.85 percent. Corporations with gross receipts over $1 million are subject to the General Corporation Tax.

The article concludes:

Gabriela von zur Muehlen, senior vice president and chief policy officer at the Texas Association of Business, added, “A homegrown national exchange means more jobs, more investment, and more growth opportunities for businesses and communities across the Lone Star State.”

The launch follows extensive preparation, including federal approvals and industry testing. TXSE is entirely electronic but headquartered in Dallas. Corporate listings are anticipated later in 2026.

Market participants were advised to complete connectivity and testing ahead of the launch. Additional rollout details are available on the TXSE website.

The development aligns with Dallas’ continued growth as a financial center, attracting major institutions and elevating the region’s profile in national markets.

Businesses are in business to make money. They will gravitate to places where it is the least expensive to do business.

An Indication Of Things To Come?

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Elections have consequences. Unfortunately, not all of those consequences are good. New York City is experiencing some of the consequences of electing a Mayor with little business experience or understanding of economics.

On Monday, The Epoch Times reported:

President Donald Trump said on Jan. 19 that building a New York Stock Exchange (NYSE) in Dallas would be detrimental to New York and pose a big test for newly elected New York City Mayor Zohran Mamdani.

Intercontinental Exchange, which owns the NYSE, announced in February 2025 that it would launch NYSE Texas, a fully electronic equities exchange based in Dallas, pending regulatory filings. As part of the move, NYSE Chicago was reincorporated in Texas and renamed as NYSE Texas, allowing companies to list their securities on NYSE Texas.

NYSE Texas began operations in March 2025, and Trump Media & Technology Group was the first company to list on the Dallas-based exchange and hold a dual listing, according to a company statement.

“Building a ‘New York Stock Exchange’ in Dallas is an unbelievably bad thing for New York,” Trump said in a Truth Social post. “I can’t believe they would let this happen.”

What would be the economic impact on New York City if the stock exchange moved to Dallas? I have no idea, but it wouldn’t be good. How much money flows into the city from people who work for the stock exchange through property rentals, lunches, etc.?

The article notes:

NYSE Group President Lynn Martin said in February 2025 that Texas hosts the most NYSE-listed companies, representing more than $3.7 trillion of market value. The exchange views Texas as “a market leader in fostering a pro-business atmosphere,” Martin said.

“We are delighted to expand our presence in the Lone Star State, which plays a key role in driving our U.S. economy forward,” Martin said in a statement at the time.

The article concludes:

The establishment of NYSE Texas coincided with the rise of another major exchange in the state.

TXSE Group said in January 2025 that it had filed with the Securities and Exchange Commission to register the Texas Stock Exchange (TXSE) as a national securities exchange. The company has raised $161 million in an initial funding round and plans to begin trading early this year.

Businesses move to places that have policies that are favorable to doing business. Under Mayor Mandani, New York City may no longer fit that description.

Elections Have Consequences

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I have always enjoyed visiting New York City. I went to school there. My husband worked in a recording studio there when I met him. One of my daughters went to school there and lived there for a few years afterward. I loved visiting her–we walked everywhere and shopped till we dropped. I suspect that a lot of the things I loved about the city are about to change.

The New York Times has the full transcript of Mayor Mamdani’s speech. It includes:

Together, New York, we’re going to freeze the… [rent!] Together, New York, we’re going to make buses fast and… [free!] Together, New York, we’re going to deliver universal… [child care!]

If he can get these changes through the city council, these actions will have consequences. One of the consequences of his election is already occurring.

On November 3rd, The New York Post reported:

As Wall Street faces the prospect of left-wing firebrand Zohran Mamdani becoming the city’s next mayor, a fast-growing business hub down south is beckoning.

Dallas — whose grab bag of major business moguls has included Ross Perot, Mark Cuban and Jerry Jones — has more recently become a major draw for big financial firms that were born and raised in the Big Apple.

Goldman Sachs is building an 800,000-square-foot, $500 million campus in Dallas. It’s set to open in 2028 and consolidate over 5,000 employees. Last year, the mega bank hired Robert Kaplan, the former president of the Federal Reserve Bank of Dallas, as its vice chairman.

On November 5th, The University of Texas at Arlington reported:

A new financial powerhouse could soon emerge in the heart of Texas. The Texas Stock Exchange (TXSE), based in Dallas, has received approval from the U.S. Securities and Exchange Commission to operate as a national exchange—positioning it to compete with the New York Stock Exchange and Nasdaq. Backed by more than $160 million from major investment firms like BlackRock and Citadel Securities, TXSE plans to begin listing stocks by late 2026.

To explain what this means for businesses, investors and the Texas economy, The University of Texas at Arlington’s Sriram Villupuram, associate professor of finance, shares his insight. Villupuram, whose research focuses on corporate finance and capital markets, discusses how TXSE could reshape the financial landscape and the challenges it may face.

What exactly is the Texas Stock Exchange, and how does it differ from the New York Stock Exchange or Nasdaq?

Villupuram: The Texas Stock Exchange is a national securities exchange like the New York Stock Exchange (NYSE) and Nasdaq, and will compete with those exchanges. Both the NYSE and the Nasdaq have stringent listing requirements for prospective companies to list on their exchanges. In contrast, the Texas Stock Exchange is expected to facilitate the listing of relatively smaller companies.

Please follow the links to read the above two articles. I think the New York City residents who voted for Mamdani are in for a rude awakening.