A new competitive era: NYSE and Nasdaq joining Y’all Street in Texas

The New York Stock Exchange recently announced that NYSE Texas has reached a milestone of 100 dual listings, representing over $2 trillion in market capitalization. This definitely demonstrates strong initial traction and buy-in from multiple major Texas-based companies.  More than 200 companies listed on Nasdaq are headquartered in Texas, representing a market capitalization of nearly $2 trillion. The leadership of the “Y’all Street” and the goal of making Texas a leading national financial center are getting real. Months after announcing a regional headquarters in Dallas, Nasdaq plans to launch Nasdaq Texas, a new dual-listing platform that would join NYSE Texas and the Texas Stock Exchange on the newly created Y’all Street.

Nasdaq expects to begin trading in early 2026, subject to SEC (US Securities and Exchange Commission) approval. Nasdaq is known for being home to tech giants like Apple, Microsoft, Amazon, Google (Alphabet), and Meta (formerly Facebook), reflecting the performance of companies that drive disruptive changes in the global economy. “Nasdaq has a long history in Texas,” said Rachel Racz, who was appointed Nasdaq’s head of listings for Texas, the southern United States, and Latin America in September 2024. The company has been present in the State of Texas for two decades and works with 800 Texas clients.

In a recent interview, NYSE Texas President Bryan Daniel offered key insights into the exchange’s strategic advantages. The timing seems to be crucial visualizing that numerous Texas companies are ready to go public. “There’s a lot of companies in business in Texas that employ a lot of Texans who are right at that point when they need to grow,” Daniel noted. Daniel itself brings in extensive experience in public policy, most recently serving as the chairman of the Texas Workforce Commission, where he promoted the growth of Texas’ employers and workforce through collaboration with TWC’s education partners, local officials, and industry leaders.

The Dallas-based Texas Stock Exchange, which secured over $250 million in funding earlier this month, is also slated to launch in 2026. In August, the NYSE Group rang the closing bell at AT&T Stadium at an event announcing the launch of its own stock exchange in Texas, NYSE Texas (NYSE: ICE). NYSE Texas officially opened in March 2025, after NYSE rebranded its Chicago electronic exchange and relocated it to Dallas, where it is now headquartered in Old Parkland.

“Texas is the financial services capital of the United States,” Governor Greg Abbott said in a statement regarding the Nasdaq Texas news. “With the arrival of another stock exchange in Texas, Nasdaq Texas solidifies our state as a global economic leader and will contribute to the growth of our outstanding financial industry.”

Nasdaq and NYSE have expanded their operations in Texas primarily to leverage the state’s pro-business environment, which includes favorable tax policies (like having no personal or corporate income tax), lower operating costs, and a growing economy and talent pool. It makes sense for leading companies to join Y’all Street because the vast majority of the growth of the American economy occurs in Texas. Recent regulatory updates have generated a real benefit for companies already operating in Texas or relocating to the “Lone Star State”. Dual listing allows companies to demonstrate their affinity with the “pro-business” governance philosophy.

Large companies have already opted to list simultaneously on the New York Stock Exchange of Texas (NYSE Texas), including some that are primarily listed on the Nasdaq. The first to be admitted to NYSE Texas was Trump Media & Technology, which is also listed on the Nasdaq. AT&T, DR Horton, HF Sinclair, Comstock Resources, Marsh & McLennan, and others are also listed simultaneously on NYSE Texas. It seems that “Texas is the place for doing business”.

The presence of NYSE Texas, Nasdaq Texas, and TXSE in Dallas showcases the state’s already-impressive business ecosystem. This development complements Texas’s broader economic strategy, which includes holistic and profound support for small business innovation and entrepreneurship.

But, competition for listings and liquidity is intense and the new Texas venues must still market a compelling identity to attract high-profile IPOs and dual listings. The next crucial steps are building out its technological and operational infrastructure to ensure reliability in a highly scrutinized industry. Another significant challenge facing the growing wealth management and financial services industry in Texas is the competition for skilled talent and the need for local universities to build dedicated programs to meet demand.

In the case of Nasdaq, while the Texas expansion offers opportunities to grow its presence, it must effectively navigate the intensely competitive landscape against the newly established NYSE Texas and the ambitious, well-funded Texas Stock Exchange. The speed at which each Stock Exchange acquires new companies will be crucial to build momentum and viability to the market.

By drawing in capital and visibility, Texas exchanges will benefit the state’s vibrant mid-market and startup ecosystems, creating a launchpad for the next generation of publicly traded companies. Without a doubt, Texas is an excellent place for business due to its favorable tax climate, which includes the absence of state income tax, and its strong economic growth with the creation of value-added jobs. The Texas economic outlook for 2026 will be characterized by moderate expansion and continued resilience, with the state expected to remain a national growth leader. By trying to decentralize American finance, Texas will keep moving capital from New York to Dallas to fuel a more competitive and lower-cost era of regional economic independence.

Written by Thomas Michael Hogg.