President Donald Trump weighed in late Sunday night on the New York Stock Exchange’s (NYSE) expansion into Dallas, calling the move an “unbelievably bad thing” for New York City and describing it as a test for the city’s new mayor, Zohran Mamdani.
“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. A big test for the new Mayor!” Trump wrote on Truth Social on January 18.
Trump’s comments reference NYSE Texas, a fully electronic equities exchange headquartered in Dallas that launched in March 2025. The exchange is operated by Intercontinental Exchange, the parent company of the New York Stock Exchange, and allows companies to maintain a primary listing elsewhere while also trading shares in Texas.
The Dallas-based exchange has already attracted several high-profile dual listings.
For example, Coinbase, the largest cryptocurrency exchange in the United States, left Delaware to reincorporate in Texas in November 2025, following similar moves by companies led by Elon Musk, including Tesla, SpaceX, and X, as previously reported by The Dallas Express.
The exchange has quickly gained traction, with Trump Media & Technology Group (the parent of Truth Social) becoming the first company to list there in late March 2025, holding onto its primary Nasdaq listing while adding the dual Dallas home under ticker “DJT,” according to Yahoo Finance.
Halliburton Company (NYSE: HAL) followed suit with its dual listing announced in May 2025, joining as a founding member and citing Texas as home to its global headquarters. By early reports, NYSE Texas had attracted around 10 companies for dual listings in its first few months.
Texas has continued to attract major financial infrastructure projects in recent years. In October 2025, the independent Texas Stock Exchange (TXSE) received approval from the U.S. Securities and Exchange Commission on September 30, 2025, becoming the first fully integrated national securities exchange approved in decades. TXSE is backed by more than $160 million from major investors, including BlackRock, Citadel Securities, and Charles Schwab.
TXSE, headquartered in downtown Dallas with potential plans to expand into the Texas Market Center, is gearing up for a 2026 launch: continuous trading expected to begin in July, followed by exchange-traded products (ETPs) in September and corporate listings in October.
The exchange aims to offer a modern, electronic platform with streamlined rules – such as more flexible board composition requirements – targeting smaller and mid-sized companies seeking more accessible public markets.
TXSE’s trading platform and order-matching engine are already developed.
Nasdaq announced in November 2025 plans to launch a dual-listing venue in Texas in 2026.
Dr. Lakshmanan Villupuram, a finance professor at the University of Texas at Arlington, was asked back in November 2025: “What will determine whether TXSE succeeds or fails?”
“A stock exchange is a marketplace that thrives on transaction volume. Having said that, the exchange will have to attract a sufficient number of companies to list and attract trading volume in their stocks. The minimum number of listed companies that make an exchange successful primarily depends on their capital structure,” Villupuram said.
“The exchange could make Texas a hub for investor capital to incubate new ideas and further help maintain the strong economic growth we have witnessed over the years. With the expected growth, Texans would have access to more jobs and other economic opportunities,” he added.