Move over, New York City and Delaware. Here comes the Texas Stock Exchange (TXSE), which aims to become a serious competitor for the NYSE's listings and Delaware's status as the premier legal domicile for the nation's largest corporations – especially those located in the "Southeastern Quadrant," or the "Boom Belt."
The expected influx of new companies and new workers is expected to eventually boost the multifamily and build-to-rent markets in Dallas-Fort Worth, as well as Class A office space.
TXSE is a fully integrated national securities exchange offering both primary and dual listings and serving as a national listings venue for U.S. and global companies. It has set a goal of becoming the premier listing market for the global ETP sector, a market estimated at $11 trillion and with global assets valued at more than $25 trillion by 2030.
To date, the exchange has raised $275 million, with investments from Charles Schwab, BlackRock, Citadel, Fortress, JP Morgan, Goldman Sachs and Bank of America. TXSE will soon be permanently located in a new Texas Market Center. The region has yet to be selected.
It is scheduled to begin trading in July and will have over 100 staff after the TMC officially opens. According to a TXSE fact sheet, in 2024, Texas had 192,000 more workers in finance and banking than New York State.
Other exchanges are taking no chances on TXSE's probable success. In 2025, the NYSE Texas (formerly NYSE Chicago) began operating in Dallas as a fully electronic equities dual-listing exchange serving the Southwestern U.S. primarily. And in March this year, the Nasdaq Texas followed as a dual-listing exchange. Both are legally domiciled in the Lone Star State.
The Texas Economic Development Corporation's sales pitch for the exchange is innovation and efficiency. It claims that lenders and investors face lower listing and compliance costs, have easier access to capital if they are Texas businesses, benefit from the state's branding advantage and can rely on political and policy support from regional leaders. It believes the exchange's position as a newcomer may encourage innovation in trading systems, corporate governance and listing models.
The exchange also intends to offer a "leaner, more cost-effective model for trading" which could lower fees and give access to a growing portfolio of regional stocks, while encouraging investment in Texas's strongest industries.
"The center of gravity for American capitalism is now headquartered in the boom belt [a trademarked term]," proclaimed Gov. Greg Abbott. "The Texas Stock Exchange is the natural extension of that capitalism."
According to a TXSE spokesperson, the Boom Belt is now home to 126 Fortune 500 companies – 50 in Texas alone, generates $8.9 trillion in annualized GDP and created 56.7% of all new American jobs between 2020 and 2025. He said the region also has one of the strongest IPO pipelines in the world.
To encourage companies based outside Texas to establish their domiciles in the state, the governor, in May 2025, signed law SB 29 to challenge Delaware's supremacy in this field by introducing significant reforms to Texas law.
"We've been hearing from issuers across the country for years about their frustrations with the rising fees, cluttered markets and shifting rules of the legacy exchanges," commented a TXSE spokesperson.
Among SB 29's changes, one codified the business judgment rule, freeing directors from personal liability for decisions made in good faith and with reasonable care. Another instituted a minimum shareholding threshold before shareholders can sue directors and officers who are acting in compliance with their duties. The law also limited awards of attorney fees. In addition, the state established a Texas Business Court to resolve complex issues efficiently.
These changes encouraged Exxon Mobil in March to move its domicile from New Jersey to Texas, where its headquarters have been located since 1989.
"Aligning our legal home with our operating home, in a state that understands our business and has a stake in the company's success, is important," said Chairman and CEO Darren Woods.
A major announcement by Morgan Stanley is anticipated soon.
The full impact of TXSE has yet to sink in.
"We think the real estate market in particular is really underestimating just how durable and really structural the shift is," said Garrett Karam, chief investment officer with EMBREY, a vertically integrated real estate investment company based in San Antonio.
These companies are expected to bring in or hire thousands of employees.
"There's two to four additional jobs created for every financial sector job. That's legal firms, auditors, supplemental services that corporations need. So, Goldman opens and brings their 5,000 employees into the market, that's between 10,000 and 20,000 other employees that will be needed just to service the financial services sector – and that's in addition to all the incredible population growth we have seen," Karam told GlobeSt.com.
He predicted that these factors, along with a declining multifamily supply pipeline, could lead to increased absorption, noting a 12% vacancy factor at present.
"You have supply waning, you have demand steady, and then you have the added benefit of some very likely strong financial services job growth. It really sets up for a constructive environment when it comes to delivering new multifamily demand."
Single-family housing could benefit too, in part because of the state's general affordability.
As elsewhere, recent years have been hard on the office market. It's still hard times for Class B and C properties. However, in the uptown area, vacancy fell by 400 points in 2025 and asking rents were the highest in the metro and demand for Class A is strong. Karam said the new financial companies are building Class A towers on their own campuses to attract the younger workforce accustomed to living in urban cores.
"TXSE is a new sort of benchmark where you are positioning yourself for the next stage of growth," Karam commented.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.