The creation of the Texas Stock Exchange (TXSE) is one step closer with the news that a temporary headquarters will open in Dallas.
The TXSE will temporarily house its headquarters at the Weir’s Plaza building north of downtown Dallas until a permanent location is established.
Earlier this year, The Dallas Express reported that the new exchange would provide an alternative to the dominant New York Stock Exchange (NYSE). BlackRock has reportedly invested $120 million to support the creation of the Texas bourse. Citadel Securities has also been named as an investor in the massive financial initiative.
The eventual permanent home for the exchange will be called the Texas Market Center. Although the TXSE will be digital, it will be physically located in Texas. Trading could start as soon as 2025, with the first listing expected to follow the year after.
No stock exchanges currently exist in Dallas-Fort Worth or elsewhere in the Lone Star State, even though DFW is one of the country’s major finance hubs.
Last year, DFW saw 17,400 financial sector jobs added to its roster, a roughly 4.7% year-over-year jump. Across North Texas, more than 380,000 people work in the sector, more than any other metropolitan area in the United States except New York City.
Once the permanent headquarters facility is complete, it will include executive offices, a conference center, a television studio, and an opening bell. A museum will also join the space, showcasing the state’s modern business history.
North Texas continues to attract financial firms to the region.
In 2021, The Dallas Express reported that investment bank Goldman Sachs was gearing up to establish a massive new office campus in Dallas, creating its “largest presence outside of Manhattan.” Construction is expected to be completed in late 2027, per a Goldman Sachs press release.
Also in 2021, Charles Schwab moved its headquarters from California to Texas, setting up shop at Circle T Ranch.
More recently, Strive Enterprises, co-founded by former Republican presidential candidate Vivek Ramaswamy, announced its planned move to Dallas.
Texas continues to attract the industry because of its low taxes and less strict regulatory oversight.
“The Texas Market Center will add to the vibrancy of Dallas’ thriving business community, and we believe it will drive further investment and corporate interest in the city and surrounding region,” James Lee, chief executive officer and founder of TXSE Group Inc., said in the statement, per Bloomberg.