While city New York prepares to Zahran Mamdani’s next termWho announced that he would establish Higher corporate and income taxesthe Entrepreneurs start looking to Texas. there, Governor Greg Abbott celebrate News about The Nasdaq Stock Exchange arrives at Y’all Street in Dallas, Where it will try to impose itself as a financial center USA.
he Dallas Financial Brokerageknown as “Everyone’s Street”includes Downtown, Victory Park and Uptown. Although the area is already It is home to the largest concentration of financial services workers in the United States outside New York, It could soon overtake the Big Apple.
newly, NasdaqThe second largest stock exchange in the world by market capitalization, It announced that it plans to open a Dallas-based exchange.
according to AxiosOfficials announced the news in mid-November and highlighted The impact of the state’s oil and gas industry on the economy.
From his place, the governor Greg Abbott Celebrate the announcement. “Y’all Street in Dallas is better for business than Wall Street. Texas is now the king of capitalism in the United States“, he wrote in a message on his account. S.
Nasdaq, which is still awaiting federal approval, has more than 800 clients in Texas. next to, More than 200 companies based in the state are listed on the stock exchangeWhich indicates the boom that has developed in recent years and is still continuing today.
Just as the New York Stock Exchange moved its stock exchange from Chicago to Dallas this year, Nasdaq plans to bring back one of its existing branches in the Lone Star State.
As stated The Washington Post, The stock exchange hopes to open its operations in Texas City early next year.
With more than 15 million people in the workforce and 148 universities, the state has the employees needed to support diverse businesses.
Financial institution Texas Capital Bank noted that Dallas’ financial corridor quickly captured national attention Become the focus of innovation. The arrival of Nasdaq is an example of this success.
This year, in the second round of funding, The Texas Stock Exchange has raised more than $250 million in capital. In 2026, a majority stake in Y’all Street in Dallas It will be dual-listed with headquarters in New York. the Companies A company listed in the state may be listed on the primary stock exchange and on Nasdaq Texas.
The arrival of the stock market also represents the continued progress of Texas, which Its GDP is already equivalent to the eighth largest national economy in the world. In this context, billionaire businessman Elon Musk moved his headquarters to the southern state this year, in a new presentation of business expectations.
assumption Mamdani It represents a new change for New York in its financial history. according to Forbesthe plans of the next mayor Increasing the corporate tax rate to 11.5%.
next to, It would encourage a 2% tax on all income over $1 million. According to her platform, she was cited Forbes,This will represent a collection of US$4,000 million. However, it provides no mathematical support to justify this number.
For their part, Texas voters approved three amendments in November to make this happen The state can never tax capital gains, estates, inheritances, or certain securities transactionsCommunicated Fox Business.
This difference reflects the visions of the two states, and shows Texas a vision More suitable for future business. For this reason, experts from The Washington Post They stress that the time has probably come to “The financial center of the United States is moving south“.