Y'all Street launches: Texas Stock Exchange goes live in Dallas

• The TXSE is positioning itself to serve the 'Boom Belt' region, which has an annualized GDP of $8.9 trillion (more than any economy except the U.S. and China) and has seen 57% of U.S. job growth in the last five years
• The exchange will relocate to permanent headquarters in Dallas's Bank of America Tower, which will become the tallest building in Uptown Dallas and house the Texas Market Center including executive offices and a business museum
• Competing exchanges NYSE and Nasdaq have already opened duplicate exchanges in Texas offering dual listings at no cost to attract companies benefiting from Texas's business-friendly policies and lower taxes

Texas Stock Exchange Launches as New Competitor to Wall Street

The Texas Stock Exchange (TXSE) officially commenced full trading operations on Friday in Dallas, marking the first major U.S. stock exchange launch in decades. The exchange aims to compete directly with the New York Stock Exchange and Nasdaq for corporate listings.

Key Details:

The TXSE, nicknamed the "Tex-ee," has secured backing from prominent financial institutions including BlackRock, Goldman Sachs, and Charles Schwab. The exchange currently operates from temporary offices in Dallas's Uptown neighborhood and plans to relocate to the Bank of America Tower, which will become Uptown Dallas's tallest building upon completion.

Timeline and Strategy:

• Corporate listings expected to begin later in 2024
• IPO facilitation planned to start in 2027
• Exchange positioning itself to capitalize on the economic growth of the "Boom Belt" region

Market Opportunity:

The TXSE identifies its target region as having an $8.9 trillion annualized GDP—exceeding all global economies except the U.S. and China. The exchange cites that 40% of American exports pass through the Boom Belt, and 57% of U.S. job growth over the past five years occurred in this region.

Competitive Landscape:

Both NYSE and Nasdaq have responded by opening Texas-based exchanges offering dual listings at no cost. Texas continues attracting businesses through business-friendly policies and lower costs compared to states like California and New York.

The permanent Texas Market Center will feature executive offices, a Texas business museum, and broadcast studio, with operations spanning multiple floors including ground-level space and a 12th-floor sky lobby.