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How the Texas Stock Exchange could reshape Dallas and the national stock market

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How the Texas Stock Exchange could reshape Dallas and the national stock market


Financial titans Blackrock and Citadel Securities have invested $120 million in creating a national stock exchange headquartered in downtown Dallas. Some steps still remain until it’s official, but with the Texas Stock Exchange looming in Dallas’ future, experts believe it could change the city for years.

On top of cementing Dallas’ reputation as the financial capital of the south, some believe it could drive more company relocations and jobs to the city and state. But questions remain as to whether it can be an effective competitor to institutional powers like the New York Stock Exchange and the NASDAQ.

Financial giants plot new national stock exchange based in Dallas

Still, it’s a moment that most experts believe will positively impact Dallas if Texas Stock Exchange CEO James Lee is able to get his registration for it approved by the U.S. Securities and Exchange Commission. He’s eyeing for the exchange to make its first listings in early 2026.

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Though he said he won’t be listing any of his companies on the exchange, Dallas billionaire and Dallas Mavericks minority owner Mark Cuban is one of many who’s in favor of it.

“I think it’s an amazing and smart idea. It would be great for Dallas,” Cuban said in an email to The Dallas Morning News. “Not just the jobs, but the improvement on digital infrastructure required, the focus on Dallas-based companies it would bring, and maybe most importantly, it would be a foundation for people to get a better financial education. It would certainly be a place schools took kids, even if it’s mostly just servers. I’m a huge fan of the concept.”

Lee wants to see the Texas Stock Exchange become the third biggest listing venue in the U.S., a giant task as he’ll be competing with institutional juggernauts like the NYSE and the NASDAQ.

Though many local stock exchanges have come and gone over the years, Lee thinks Texas will energize him and the Texas Stock Exchange with its diverse industries and the state’s growing workforce.

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“I’m a proud Texan and I’ve been focused on this for decades. It’s really Governor Abbott’s leadership that sparked the idea that led to where we are today,” Lee said. “We have the market structure, expertise and professionals coming together on this project. It’s exciting and it’s going to be felt for decades.”

The city skyline lights up as if it was night a totality happens during the total solar eclipse viewed from the Reunion Tower on Monday, April 8, 2024, in Dallas. (L.E. Baskow / L.E. Baskow)

Changing Dallas’ culture

The Texas Stock Exchange plans to have 100 employees in Dallas based out of its executive offices in an unannounced location in the downtown area.

But experts like David Choate, COO of Dallas-based brokerage firm, don’t think the Texas Stock Exchange’s impact will be felt by the immediate jobs it brings to the area.

“Sorry, 100 more folks downtown isn’t a game changer,” he said. “But we’ve been seeing this cultural shift for the last 30 years. It’s more about the sense of credibility it brings to Dallas as a financial market. We’ve always been a financial center of the Southwest. But this firmly plants us on the map as competitors to New York and Chicago.”

If Dallas culturally shifts to become more like New York or Chicago, financial meccas, as a result of the Texas Stock Exchange, experts predict more outside companies will eye Texas as a viable state for its headquarters or office spaces, said Amirhossein Fard, assistant professor of finance at the University of North Texas.

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“I think this could set up Dallas as a more attractive opportunity for local firms, especially in financial or legal consulting sectors that may be closely related to the stock exchange,” he said. “We’re already seeing it now with the new Goldman Sachs campus, but you can expect this to surge high profile financial events and conferences, and could spur new developments. But that could also drive property values higher”

Dallas is already an important financial capital in the U.S. It has a Federal Reserve Bank, has become the home of 24 Fortune 500 companies and is welcoming dozens of new, wealthy residents.

It’s still trying to reel in more companies which will call the city home through initiatives like Proposition G, a $72 million proposition on the 2024 Dallas bond package which will allow the city to use incentives to entice companies.

But to some, the Texas Stock Exchange, while an effective symbol of financial prestige, won’t be enough to bring in any new companies to the region.

“I don’t know that the possibility a company could list its stocks on a Texas exchange would cause them to relocate their headquarters,” said Thomas George, professor at the University of Houston’s Bauer Professor of Finance. “But it will give people an opportunity to identify itself with Texas if they want.”

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The Texas Stock Exchange’s strategy will be to target companies in the Southeast quadrant of the United States from Texas to Florida to become listed. With more companies looking to regions beyond the northeast due to proposed financial transaction taxes, Dallas could be a big winner.

“Given the recent economic success of the state, it is quite likely that firms might be willing to list on a Texas exchange, particularly if its rules and protocols make it attractive,” said Ray Perryman, CEO of the Waco-based research firm, The Perryman Group. “The primary challenge would likely be overcoming the inertia of the long-standing presence and prestige associated with New York.”

(FILES)The Wall Street sign near the front of the New York Stock Exchange is viewed in this...
(FILES)The Wall Street sign near the front of the New York Stock Exchange is viewed in this August 5, 2011 file photo. AFP PHOTO/Stan HONDASTAN HONDA/AFP/Getty Images 09082013xNEWS(STAN HONDA / AFP/Getty Images)

Can the Texas Stock Exchange compete against the NYSE and NASDAQ?

The Texas Stock Exchange has a tall task ahead of itself in trying to challenge the New York Stock Exchange and the NASDAQ. But Texas gives it a few competitive advantages that will serve it well.

Gov. Greg Abbott, who did not respond to an interview request from The News, is one of Lee’s assets.

He’s proposed banning financial transaction taxes, will be appointing seven judges onto Texas’ new business courts and has touted himself as a pro-business governor who will protect businesses from pesky regulations. Texas also has no corporate income or personal income tax.

“Gov. Abbott is not going to run this thing. It’s a private company that would be run by a board and those executives are going to make decisions independent of him,” said, George, the University of Houston professor. “But the branding of it, being located in Texas, it conveys a message to companies that would be listed here about our intentions concerning extra requirements that Texas would not need.”

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Dallas, TX

Dallas charter amendment plan is a progressive mess

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Dallas charter amendment plan is a progressive mess


We’ve worried for some time that our Dallas City Council is becoming disconnected from the people of this city. Now the evidence is in, and it’s damning.

Most of the 15 proposed charter amendments the council is scheduled to debate today demonstrate that too much of the council is out of touch with what residents want this city focused on and what they think of the job the city council is doing setting policy for Dallas.

The charter review process presented the council with a golden opportunity to look seriously at the function of local government and to recommend to voters reforms that could increase efficiency, lower cost, raise voter participation and improve Dallas’ standing as a city on the rise.

Instead, the amendments on the table largely serve to give the council more power, more money and less accountability while also indulging progressive pieties.

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The first proposed charter amendment on the council’s agenda is a rambling “preamble” to the charter that promises Dallas’ commitment to “justice and equity for all residents.” Modeled on a New York statement and dripping with language ripped from a cultural studies seminar, the proposed preamble is not the inclusive statement its authors intend it to be.

From the holier-than-thou land acknowledgement that disregards the complex local history of indigenous tribes, to the commitment to relieve systemic inequities, to the assurance of providing “trauma-informed child and youth educators” and “trauma-informed health and mental health care,” the statement makes promises it cannot keep while emphasizing racial and class divisions.

Even as we wrote this editorial, there was a behind-the-scenes scramble to soften the excited undergraduate tone, but the effect appears to be the same.

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From there, it’s on to the money, for the council naturally. Some council members want a big raise, from $60,000 a year to $125,000. No one doubts that serving on the City Council is hard work. But it’s also a volunteer role, or at least it was intended to be.

The people who formed Dallas’ strong-manager government did so to avoid creating the sort of professional political class that has corrupted so many American cities. The current council appears to want to reverse the intentions of those who created Dallas as we know it — a place with a government that has proved surprisingly resistant to the sort of endemic corruption that plagues cities with highly paid council members and aldermen. (Chicago pays its aldermen six figures, and need we say more?)

Some council members argue they deserve the money, and they work for it. But a council member is not supposed to be a miniature city manager, resolving code complaints or negotiating zoning deals. We’ve reached a point where some council members carry two phones — one is just for constituents trying to hop the line for service that comes too slow from City Hall.

It can’t be that way. The council must set policy, and the bureaucracy must implement it while handling the day-to-day concerns of residents. The role of the council has become distorted in practice, requiring more time from council members. The answer is not to reward the distortion, but to restore the appropriate balance between what city management does and what council members do.

Meanwhile, council members want to answer to voters less often, switching the charter from four two-year terms to two four-year terms. There is some value in this debate. So few eligible voters cast ballots in municipal elections that we might get more participation with fewer terms.

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But debate is the key word here. We would be more inclined to support two four-year terms if the council agreed to hard term limits. Once a person has served eight years on council, they shouldn’t be able to run again for that council seat or for any other council seat other than mayor. There are examples of people doing eight years on council, then sitting out a term or so and running again, pushing out fresh voices with new ideas.

The next substantial item the council wants to try to force on voters is the diminishment of citizenship in local government. Voters already rejected this idea the last time it was raised. The planned amendment would eliminate the provision that members of the city’s charter-required boards and commissions be registered voters, qualified voters or qualified taxpaying citizens.

All residents of Dallas deserve to be heard. But boards and commissions are invested with important powers that affect the governance of the city. Such a power is appropriately reserved to citizens. Citizenship has been a cornerstone of democratic governance since the creation of representative government. Dallas voters made their support for that principle clear in 2021, when many members of this council were serving.

Some council members would also like to make it easier to govern by referendum by extending the time period from 60 to 120 days to collect the required signatures for a referendum and to reduce from 10% to 5% the total number of registered voter signatures needed to call a referendum.

Referendums are usually bad ways to govern. Government works best when elected representatives consider policy carefully, weigh pros and cons, and work through compromises. Referendums more commonly empower populist sentiments, or throw so much sand into the gears of government that nothing gets done while a referendum is debated and voted on.

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Another bad amendment would reduce the mayor’s power to appoint committee members, giving the council veto power over mayoral appointments. The mayor is the sole person elected by the entire city and committee appointments are one of the few charter powers the mayor enjoys. It should remain vested in the mayor.

With so many bad amendments, we are left with little room to focus on good amendments that got left on the cutting room floor. First among these was a plan to put the office of inspector general in the city charter to provide greater independence and more oversight to prevent fraud.

As the council begins debate today, this looks like a do-over. The amendments on the floor are, by and large, either divisive statements of activism or self-serving sops to the council itself.

There are good ideas out there, but what the council has decided to debate is largely bad. It’s time to begin again and get it right. Or if these are our only choices, do nothing and do less harm.

We welcome your thoughts in a letter to the editor. See the guidelines and submit your letter here. If you have problems with the form, you can submit via email at letters@dallasnews.com

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Dallas Cowboys Work Out Multiple Free Agents

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Dallas Cowboys Work Out Multiple Free Agents


The Dallas Cowboys were one of the most quiet teams during the free agency, much to the chagrin of fans. Cap room could be a big issue as to why owner Jerry Jones did not make any significant moves to improve the team’s roster. However, it appears the team is not done searching for potential playmakers, as the team has brought in multiple free agents for workouts.

Read more: Cowboys HC Mike McCarthy Reportedly ‘Fed Up’ With Jerry Jones

According to the team’s website, the Cowboys brought in four former UFL (United Football League) players for a workout at The Star on Tuesday.

Defensive end Jonathan Garvin, defensive end Wyatt Ray, defensive end Derick Roberson, and running back/fullback John Lovett all arrived to showcase their skillset to coaches ahead of training camp.

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ST LOUIS, MISSOURI – JUNE 16: Taco Charlton #54 and Jonathan Garvin #50 of the Birmingham Stallions celebrate after a sack against the San Antonio Brahmas during the fourth quarter of the UFL Championship Game…


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Garvin was drafted by the Green Bay Packers in 2020 and played three seasons with the team, racking up 32 tackles and 1.5 sacks. He was cut by the team in 2023, leading to his signing with the Birmingham Stallions. In his first season in the UFL, he recorded 20 tackles and 3.5 sacks.

Ray was signed by the Cleveland Browns as an undrafted free agent in 2019 but would be waived during rookie training camp. He spent time with the Houston Texans, Buffalo Bills, New York Jets, Tennessee Titans, and Denver Broncos before landing with the San Antonio Brahmas in 2024. During his first season with the team, he logged 24 tackles and 5.5 sacks.

Roberson was signed by the Titans in 2019 as an undrafted free agent, spending three seasons with the team. During his three-year stint, he secured 26 tackles and 4.5 sacks. He would be drafted in the XFL Supplemental Draft to the Houston Roughnecks in 2023 but was eventually released in Dec. 2023. He would land with the DC Defenders in 2024, finishing the season with 32 tackles and 4.5 sacks.

Lovett was initially signed by the Pittsburgh Steelers as an undrafted free agent but was cut during rookie training camp. He would eventually land with the UFL San Antonio Brahmas, where he ran for 423 yards (fifth in the league) and scored five touchdowns (second in the league).

Though the Cowboys already have Micah Parsons and DeMarcus Lawrence, it wouldn’t be terrible to add some depth players at the pass rush position. The team also brought back running back Ezekiel Elliott, but there is no true fullback on the current roster, making Lovett a good option should he make the 53-man roster.

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The Cowboys are doing their due diligence, as are the rest of the 31 teams in the NFL. The UFL had its first inaugural season, leading many former NFL players to suit up in hopes of returning to the NFL.

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Irving-native Odyssey Sims returns to Dallas Wings on hardship contract

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Irving-native Odyssey Sims returns to Dallas Wings on hardship contract


Veteran guard Odyssey Sims signed a hardship contract with the Dallas Wings, the team announced Tuesday.

A hardship exception is a replacement contract eligible to any team with two players out due to injury, illness, or other conditions. Sims replaces Morgan Bertsch, who previously signed following forward Maddy Siegrist’s injury last week (finger) but was released on Monday.

The Irving-native rejoins her hometown team, as the Wings look to breathe new life into their losing season. Sims, 31, played for the Wings in three previous stints, including when the team was formerly in Tulsa.

Dallas sits at the bottom of the league on an 11-game losing streak, without a win since May 26.

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Sims played 28 games with the Wings last season. She joined the team via a hardship exception, before signing a rest-of-season contract on June 28, 2023. She averaged 12.0 minutes, 2.0 points, 1.3 rebounds, and 2.2 assists per game.

She began playing in Dallas in 2016 after the Tulsa Shock moved their franchise and became the Wings at the end of 2015. She appeared in 34 games, averaging 14 points and nearly four assists.

The 5-8 guard brings a decorated 11-year professional career to the losing team.

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Since being drafted second overall in the 2014 WNBA draft, Sims has averaged 11.1 points, 2.5 rebounds, 3.7 assists, and 1.0 steals per game. She was a member of the 2014 All-Rookie team while on the Tulsa Shock, was named a 2019 All-Star and made All-WNBA Second Team while on the Minnesota Lynx.

She also brings much-needed winning experience in her home state.

At Irving MacArthur, Sims led her team to the state semifinals her senior year. She was rated the top point guard in the class of 2010 and had her jersey retired. At Baylor, she was a member of the 2012 national championship team, finishing the season with a perfect 40-0 record.

The veteran was also a part of the Los Angeles Sparks’ 2017 and the Connecticut Sun’s 2022 WNBA finalist teams.

Sims will make her debut on Thursday, as the Wings look to reverse their luck against Minnesota.

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Find more WNBA coverage from The Dallas Morning News here.



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