Nasdaq is making itself at home on Y’all Street, expanding into Texas after announcing its plans at the Permian Basin BBQ Cookoff in Midland on Nov. 12. If the Securities and Exchange Commission agrees, Nasdaq Texas will begin operations in early 2026 as a dual listing exchange that supports corporate growth and capital raised in the state.
Rachel Racz, who oversees more than 200 Texas-based listings across all sectors with a combined value approaching $2 trillion, will lead the new exchange. Nasdaq already employs about 120 people in Texas and expects that number to rise as its plans advance.
Nasdaq Texas follows the launch of NYSE Texas in Dallas and the approval of the Texas Stock Exchange. NYSE Texas, part of Intercontinental Exchange, began operating in March 2025 after rebranding from NYSE Chicago. The exchange held a launch celebration on Aug. 20, at AT&T Stadium and now runs as a fully electronic equities market from its Dallas headquarters.
The Texas Stock Exchange, approved by the SEC on Sept. 30, is the only national securities exchange built with headquarters in the state. Founded by James Lee, the exchange plans to begin trading in early 2026 and will offer listings, exchange-traded products, and related services. TXSE has raised more than $250 million from private lending firms and investors.
State lawmakers have worked to give all three exchanges an advantage with Texas corporations by promoting a legal and financial environment that they say is friendlier than New York or Chicago. A 2025 constitutional amendment permanently bans any state tax on securities transactions. Legislators also raised the ceiling for shareholder proposal thresholds and enacted business-friendly changes to corporate litigation procedures. Officials argue that these steps have helped Texas attract hundreds of corporate headquarters in recent years and attract more financial services jobs.
The overall message from state leaders is that Texas hopes to make Y’all Street a more appealing home for financial success than Wall Street.
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