Wall Street continues to expand into Dallas, with Nasdaq Inc. preparing to deepen its presence in the city.
The exchange operator said it will open a new regional headquarters in Dallas to act as a hub for its clients in the Lone Star State. Nasdaq also said it plans to increase investments in Texas to “enhance the liquidity, transparency, and integrity of the financial ecosystem,” according to an announcement from the company.
Nasdaq already enjoys a significant presence in Texas, generating over $750 million across the state and the Southeast United States. And roughly 800 of Nasdaq’s 2,000 regional clients are based directly in Texas.
Not only that, but more than 200 companies listed on the exchange with a collective market cap of nearly $2 trillion call Texas home.
Nasdaq said the new space will be a hub for its clients and the broader community “and will serve as a premium convening space to celebrate the leaders, entrepreneurs, and innovators that call the Lone Star State home.”
“Nasdaq is deeply ingrained in the fabric of the Texas economy, and we look forward to maintaining our leadership as the partner of choice for the state’s most innovative companies,” Adena Friedman, Chair and CEO of Nasdaq, said in the press release.
Nasdaq’s Executive Vice Chairman Ed Knight said that Governor Abbott’s leadership has helped innovation and smart regulation thrive in the state.
“We share his commitment to these principles and will continue to advocate passionately on our clients’ behalf. As a result, we will take any action needed to ensure our clients enjoy the same benefits as all other companies in the state.”
News of the expansion comes as the Texas Stock Exchange (TXSE) gears up to open. If everything goes according to plan, the exchange could see its first trades executed by the end of this year.
The new exchange will offer investors an alternative to the dominant New York Stock Exchange (NYSE). While Texas broadly, and Dallas specifically, are major financial hubs, the state still lacks its own stock exchange.