U.S. President Donald Trump blasts the plans to expand the New York Stock Exchange (NYSE) to Dallas, Texas. Trump’s criticism was shared on his social media platform the TRUTH Social. He expressed his disbelief and said that, “ Building a ‘New York Stock Exchange’ in Dallas is an UNBELIEVABLY BAD THING FOR NEW YORK. I can’t believe they would let this happen.” He also added that this move could pose “A big test for the new Mayor!” referring to New York’s newly elected mayor, Zohran Mamdani. However, Mamdai’s office didn’t respond to the immediacy of FOX Business’s request for comment.
Dallas Welcomes Texas Stock Exchange
Eric Johnson, the Mayor of Dallas, opined against the change optimistically and said it would be “excellent” for the city and the country. Reacting to Trump’s crticizm, Johnson reported to FOX Business in a statement that, “President Trump is right! New York City’s financial institutions moving to Dallas isn’t good for New York, but it’s now inevitable.” he also heavily highlighted the growing financial footprint of Dallas and added that, “Our financial services sector has been steadily growing for years, and now business leaders from across the country—and especially in New York—clearly see that Dallas embodies the future of free enterprise and the American dream.”
Johnson already manifested this scenario and told FOX Business that he is expecting to witness a surge of financial firms relocating to the Lone Star State from the Big Apple. This trend is already visible in the migration patterns around the country now. Johnson had openly embraced the new term “y’all street”. Moreover, the NYSE said that it’s a fully electronic equities exchange designed to broaden the NYSE’s footprint and not replace it; it is aiming to serve companies in the South and Southwest in a better way. Mamdnni’s higher taxes on businesses and wealthy individuals, as well as the city-owned grocery stores and fare-free bus service, have catalyzed the shift to Texas, where you can have the best from New York, that too at a lower cost of living.
The Shift Began Long Ago
Intercontinental Exchange, the parent company of NYSE, reported last year that it would add Texas as its new venue for a secondary listing. The NYSE Texas, officially launched for business in 2025, saw companies including oilfield service company Halliburton and TRUTH Social-parent Trump Media & Technology Group, dual listing on the Dallas-based exchange in the first three months itself. In the meantime, Nasdaq has also expanded its presence in the state, they have already listed more than 200 companies based in Texas. The pattern is more pronounced in the East Coast, with more than 380,000 New Yorkers relocating to Florida, acquiring an estimated of about $37 billion in taxable income with them.
The new exchange, NYSE Texas, is expected to operate as a reincorporation of the NYSE Chicago. Thereby, allowing companies to list and trade shares electronically while also maintaining primary listings elsewhere.
