DFW has long been associated with football, Tex-Mex, and cowboy culture, but it’s soon to be synonymous with the stock exchange — and no, we’re not referring to the historic livestock exchange. Welcome to Y’all Street, the next rising financial hub in the US.
What’s that?
The Texas Stock Exchange (TXSE) is preparing to launch in Dallas as a fully electronic national securities exchange. A Lone Star State play on Wall Street, Y’all Street will function similarly to the New York Stock Exchange (NYSE) and Nasdaq Composite and is expected to be the “most well-capitalized exchange entrant to file a registration with the US Securities and Exchange Commission (SEC).”
The TXSE will be run by 22 financial veterans — including CEO James Lee and former Texas Gov. Rick Perry as a director — and is representative of the whole southeast quadrant of the US.
Why here?
Drawn by a lower cost of living, lack of state income tax, and increased connectivity through the world’s third busiest airport, the Lone Star State has been a rising business destination for some time now, with one in 10 public US companies based here.
Texas is also home to more Fortune 500 company headquarters than any other state + 21 of them are either DFW-born or have recently relocated to the metroplex. For example, pharmaceutical and healthcare company McKesson (No.9 on the Fortune 500 list) moved to Irving from California in 2019.
Additionally, over 658,600 Texans work in finance and insurance — compared to 544,900 people in New York — as of June 2024. The state saw a 27% increase in financial employment since the coronavirus pandemic, particularly due to the opening of Charles Schwab’s new headquarters in Westlake in 2020.
What’s next?
The TXSE has already received $120 million in investments — including funding from financial giants BlackRock and Citadel Securities. After submitting SEC registration later this year, the group hopes to begin facilitating trading next year and listing in 2026.
