Wall Street's Texas move gains steam as NYSE Texas hits 100-company milestone

• NYSE Texas went live March 31, 2024, and surpassed 100 dual listings in under a year, allowing companies to access Texas's pro-business regulatory environment while keeping NYSE floor protections
• President Trump criticized the Dallas expansion as 'unbelievably bad' for New York and called it a failure of city leadership, though NYSE maintains it's meant to supplement, not replace, New York operations
• NYSE President Lynn Martin predicts a 'super cycle' for capital markets in 2026, citing strong demand across all sectors and a significant backlog of companies waiting to list

Summary

Key Development: NYSE Texas has reached a significant milestone with over 100 companies dual-listing on the platform in under a year since its March 31, 2024 launch. The exchange, announced in February 2024, represents the New York Stock Exchange's strategic expansion into Texas's pro-business environment.

Key Figures:

• More than 100 dual listings achieved in less than 12 months
• Official launch date: March 31, 2024
• NYSE Texas operates as a fully electronic equities exchange based in Dallas

Market Implications:

NYSE President Lynn Martin expressed strong optimism about 2026, predicting a "super cycle" for capital markets with substantial IPO and listing activity across all sectors. The anticipated surge includes not just mega-IPOs but a significant backlog of companies that delayed plans due to market volatility.

Political Context:

President Donald Trump criticized the Texas expansion this week, calling it "unbelievably bad" for New York and a failure of city leadership. However, NYSE maintains the Dallas operation is intended to complement—not replace—its New York headquarters.

Strategic Advantages:

Dual-listing on NYSE Texas allows companies to maintain all protections of the NYSE floor while benefiting from Texas's favorable business legislation. The move reflects Wall Street's broader shift toward states with more business-friendly regulatory environments.

Outlook:

Martin characterized herself as "incredibly bullish" about 2026 for U.S. capital markets and the broader economy, signaling strong confidence in the exchange's dual-market strategy and overall market conditions.