New York Stock Exchange to open Dallas office

Why it matters: Dallas has emerged as a financial hub as stock markets and companies have sought to cash in on Texas' wealth.

• Gov. Greg Abbott said he met with the stock exchange's leadership on Monday and looks forward to expanding Texas' "financial might" in the U.S. and globally.

The big picture: NYSE Texas will rival the Dallas-based Texas Stock Exchange, which was announced last year.

• The two stock exchanges join Nasdaq, which opened a Texas office in 2013, per the DMN. Nasdaq announced last year that it was establishing a new division at its Irving office to oversee over 480 clients in Texas, the southern U.S. and Latin America.

Context: The Texas Stock Exchange filed for registration last month with the U.S. Securities and Exchange Commission after raising $161 million in initial capital. The exchange plans to start trading in 2026.

• Former Texas Gov. Rick Perry and former Dallas Fed president Richard Fisher are on the exchange's leadership team.

Between the lines: Companies and organizations frustrated with what they view as an anti-business atmosphere in other states have been increasingly drawn to Texas.

What they're saying: Texas has the largest number of NYSE listings among all of the U.S. states, representing $3.7 trillion in market value, NYSE Group president Lynn Martin said in a statement.

• "Texas is a market leader in fostering a pro-business atmosphere," Martin said.

Zoom out: Texas has one of the strongest economies in the U.S. The state's GDP was around $2.7 trillion in 2024, higher than Canada's.

• "We have known all along that Texas is the best place to do business," the TXSE said in a statement in response to the NYSE announcement.

What's next: The move isn't official until the NYSE files for reincorporation.