DALLAS — Moves to make Dallas a financial hub – a new Y’all-street, if you will – continue.
On Tuesday, Nasdaq became the latest New York-based financial giant to announce a big move in Texas as it announced plans for a new regional headquarters in Dallas.
Nasdaq officials cited the Texas economy and their already robust presence in the region as their reason for opening the new headquarters in Dallas and investing further in the area. According to a press release, Nasdaq is home to more than 200 listed companies headquartered in the Lone Star State representing $1.98 trillion in market capitalization as of December 2024.
“Nasdaq is deeply ingrained in the fabric of the Texas economy, and we look forward to maintaining our leadership as the partner of choice for the state’s most innovative companies,” Nasdaq CEO Adena Friedman said. “Beyond our listings franchise, we are proud to support a wide network of clients who trust us to help solve their most complex challenges. With our regional headquarters in Dallas, we look forward to further deepening our relationships with clients and supporting the continued success of the Texas Miracle.”
“Under the leadership of Governor Abbott, the Texas Miracle has made Texas synonymous with innovation-led growth and smart regulation,” Nasdaq Executive Vice President Ed Knight said. “We share his commitment to these principles and will continue to advocate passionately on our clients’ behalf. As a result, we will take any action needed to ensure our clients enjoy the same benefits as all other companies in the state.”
Nasdaq officials discussed the plans with Gov. Greg Abbott, other Texas officials and business leaders at an event recognizing prominent Dallas real estate developer Ross Perot Jr. with a Nasdaq Lifetime Achievement Award.
Perot Jr., who played a large role in the Nasdaq planting roots in Dallas, also spoke about the business climate in North Texas at the event.
“We have a great public-private partnership, wonderful roads, infrastructure, all the critical issues, great tax environment, great regulation. I hear more and more about the culture. People love to be here,” he said.
“In addition to our role as a world-leading exchange and listing venue, we also are a…technology provider where we partner with thousands of financial institutions, investment managers, and corporate clients across the financial landscape, many of whom call Texas home and we help to advance the capital markets and the wider economy,” Friedman added at the meeting.
Abbott also spoke about recent changes to the Texas economy during the event.
“A way in which our economy has become even more diversified over the past few years is through the financial markets,” Abbott said. “Texas has become the home of capital in the United States, and now it’s just a natural evolution for Texas to become a home of capital markets in the United States with Nasdaq now having their regional headquarters here just adds and underscores that very important point.”
The announcement means both the New York Stock Exchange and Nasdaq — the two largest stock exchanges — are making moves in Texas.
Seth Bodine, a staff writer at the Dallas Business Journal, called Nasdaq’s announcement a “huge deal.”
“This is part of a wave of stock exchanges making announcements that they are coming to Dallas. So the New York Stock Exchange announced in February that it’s coming. Also, the Texas Stock Exchange in the middle of Dallas,” Bodine said.
Here’s what we know about recent financial institution moves in the Lone Star State.
Other Nasdaq Texas investments and plans
Late last year, Nasdaq announced plans to put one of its three new regional listings divisions in Irving.
New York Stock Exchange
Just last month, the New York Stock Exchange announced it was reincorporating its Chicago branch in Dallas as NYSE Texas.
The timing of the launch of the “fully electronic equities exchange” will be pending regulatory filings, according to the NYSE at the time.
Texas Stock Exchange
The upstart Texas Stock Exchange, which is expected to compete with the New York Stock Exchange and Nasdaq, plans to launch this spring.
The Texas Stock Exchange has gotten more than $161 million in initial backing and their board includes former Texas Gov. Rick Perry, who was also U.S. Energy Secretary, and leaders from Blackrock and Citadel Securities.
A Texas Stock Exchange spokesperson said the interest in bringing new capital markets to Texas was “no surprise.”
“It should be no surprise that there’s so much interest in bringing the capital markets to Texas. The leadership of Gov. Abbott and our state legislature to drive population and economic growth have created a pro-business environment that is the economic envy of the world,” their statement said.