Nasdaq To Open Dallas HQ
Y'all Street is beefing up as Nasdaq is planning a regional headquarters in Dallas, the stock exchange operator announced Tuesday.
The new HQ will serve the entire Southeast, The Wall Street Journal reported. It will be home to the operator's division that helps clients catch fraud and money laundering in addition to focusing on winning listings.
Nasdaq launched a regional listings division in Irving, a city just northwest of Dallas, in September. The stock exchange operator has had a physical presence in the state since 2013 and already has 200 listed companies based in the state, according to the WSJ.
It did not say if the new HQ will be in the existing Irving location or in a different facility.
The Lone Star State has been pitching itself as a competitor to New York City’s seat on the throne as the premier center of business in the U.S.
Texas’ answer to the New York Stock Exchange is the Texas Stock Exchange. Two dozen investors, along with BlackRock and Citadel Securities, raised $120M last year to create TXSE and an upcoming Dallas HQ.
TXSE said it plans to raise standards for companies listing and lower the costs to do so. It filed for SEC approval in late January and is expected to make its first trade later this year and host its first listings in 2026.
Local lawmakers hope a Texas stock exchange will attract more banking and tech companies, turning the city into a global financial hub. Businesses established in Texas enjoy little regulations and no state income tax.
“Capital markets are realizing that the place to be is Texas,” Texas Gov. Greg Abbott said on CNBC's Squawk Box Tuesday, adding the state has a “stronger brand” than New York.
Financiers have been planting flags in the state for the last few years. A $455M Wells Fargo office is in the works in Irving, and a Goldman Sachs campus is being built in Downtown Dallas. Charles Schwab relocated its HQ from California in 2021.
Even the New York Stock Exchange is heading to Dallas. It said last month it plans to launch its former Chicago branch in DFW rebranded as NYSE Texas. Before the company can list securities, it will have to go through a regulatory filings process.
