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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 Cowboys ‘Dream Scenario’ Misses Boat on Team’s Biggest NFL Draft Need

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Dallas Cowboys ‘Dream Scenario’ Misses Boat on Team’s Biggest NFL Draft Need


With two picks in the first round of the 2026 NFL draft, the Dallas Cowboys are expected to address their glaring holes on defense. Unfortunately for them, there are many holes that need to be addressed.

One of those is the cornerback position, which is where SI’s Gilberto Manzano turns his attention when identifying the team’s “dream scenario” during the draft. Manzano paints this scenario as the Cowboys being able to draft LSU cornerback Mansoor Delane at No. 12, while also adding Tennessee cornerback Jermod McCoy at No. 20.

Manzano accurately claims the Cowboys won’t be able to land an EDGE such as David Bailey without trading up, so his idea is to turn the secondary into a strength.

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“Instead of losing picks, team owner and GM Jerry Jones should focus on turning the secondary into a strength,” Manzano wrote.

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There’s no denying such a haul would completely revamp the secondary in Dallas for years to come. The problem is that it ignores a greater need, which is a game-changer on the front seven.

Cowboys have to get a starting LB or EDGE in NFL draft

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Miami Hurricanes defensive end Rueben Bain Jr. against the Indiana Hoosiers. | Mark J. Rebilas-Imagn Images

Ideally, Dallas would walk away from Round 1 with a new starter on the edge, but there’s no guarantee that will happen. Their best bet could be if Rueben Bain Jr. falls to them at No. 12, but that’s not guaranteed even with the recent news about his part in a fatal car accident.

If they’re unable to land Bain, or another starting-caliber EDGE, then Dallas needs a linebacker who can make plays all over the field. While Ohio State’s Arvell Reese seems to be out of their range, there’s still a glimmer of hope that his teammate, Sonny Styles, could be an option. Although, that might only happen via trade up as well.

Whatever they do, however, the Cowboys must find someone who can help closer to the line of scrimmage, even if the Delane-McCoy combo would be formidable.

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Cowboys haven’t gone back-to-back cornerback since 2017

Dallas Cowboys cornerback Chidobe Awuzie in action during the game between the Cowboys and the Giants. | Jerome Miron-Imagn Images
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Dallas has no issues doubling up on cornerbacks when needed. They did so in 2021 when they took Kelvin Joseph and Nahshon Wright in consecutive rounds (although they picked Osa Odighizuwa and Chauncey Golston in between the two). They also selected Trevon Diggs and Reggie Robinson II in 2021.

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To find the last time they went back-to-back on corners, however, you have to look to the 2017 class. After taking Taco Charlton in Round 1, the Cowboys selected Chidobe Awuzie and Jourdan Lewis with their next two selections.

Delane and McCoy would give them a superior pairing, but it comes at great risk since the front seven would still be suspect.

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Cowboys Visit Hints at Potential Unexpected Day 2 Target in 2026 Draft

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Cowboys Visit Hints at Potential Unexpected Day 2 Target in 2026 Draft


We have heard a lot about the Dallas Cowboys meeting with edge rushers, linebackers and cornerbacks over the course of the pre-draft process, but offensive linemen meetings have been at a minimum.

In fact, according to our most recent Cowboys visits tracker, Dallas had only met with one offensive lineman, James Brockermeyer out of Miami, before Tuesday.

But we can now add another offensive lineman visit to the mix, as NFL Network’s Mike Garafolo reports that the Cowboys are one of about six teams to host Iowa guard Beau Stephens on a visit. He goes on to add that Beau could be a Day 2 pick.

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“Iowa G Beau Stephens had visits with the Cowboys, Seahawks and Falcons, and among a tour of a half dozen teams ahead of next week’s NFL Draft. A potential Day 2 pick, Stephens was a first-team AP All-America selection this past season,” Garafolo reported on Tuesday.

An unexpected pick

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Dallas Cowboys owner Jerry Jones. | Kevin Jairaj-Imagn Images

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This pick would be unexpected for a few reasons.

For starters, the Cowboys have a slew of needs on defense and very little Day 2 draft capital. In fact, the Cowboys have just one pick, which falls late in the third round.

Another reason this pick would be unexpected is because the Cowboys figure to have their guard situation locked in with Tyler Booker and Tyler Smith. Sure, it’s possible Smith moves to left tackle, but he made it quite clear he doesn’t want to.

“I mean, bro, like, I’m an All-Pro guard,” Smith said. “You feel me? That’s the simple truth, just looking at stuff purely off of facts. So we’ll see what happens. We’ll have those conversations and kind of see where everybody is at.”

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If anything, the Cowboys should be exploring their options at left tackle, where Tyler Guyton has struggled over two seasons. That said, we’d expect Guyton to get another year to figure things out.

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Now, if the Cowboys go against Smith’s wishes and put him on the left side, anyway, then exploring options at guard make more sense, as T.J. Bass would be in line to replace Smith.

Beau Stephens scouting report

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Offensive Lineman Beau Stephens. | Cody Scanlan/The Register / USA TODAY NETWORK via Imagn Images

Stephens graded out as an elite pass-blocking and run-blocking guard last season. According to Pro Football Focus, Stephens posted an 85.1 as a run-blocker and 92.5 in pass protection, ranking fifth and first in those categories, respectively.

The concerns over Stephens have to do with his short arms, which are lacking even for a guard, and his lack of athleticism. Next Gen Stats ranked him 19th in Athleticism Score among guards at the combine.

For Stephens, finding the right fit will be everything at the next level. When it comes to the Cowboys, he’s a good fit because Dallas utilizes inside/outside zone, where Stephens excels.

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Stephen Jones’ Comments Add Fuel To Dallas Cowboys NFL Draft Trade Rumors

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Stephen Jones’ Comments Add Fuel To Dallas Cowboys NFL Draft Trade Rumors


If you have been paying attention to the Dallas Cowboys rumors leading up to the 2026 NFL Draft, there is a growing belief that the team is strongly looking into a potential trade up into the top 10.

Every analyst appears to have heard the growing buzz that Dallas is one of the most likely teams to trade up in next week’s draft,

Now, Cowboys EVP Stephen Jones is only adding fuel to the fire.

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Jones appeared on 105.3 The Fan on Tuesday afternoon and discussed the possibility of a potential trade. He also commented on this year’s draft class, which indicates the Cowboys’ list of first-round targets is not as wide a net as in recent years.

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According to Jones, the Cowboys typically enter a draft with 16 to 22 first-round grades on prospects. However, Jones noted, “I’m not sure we will get there this year.”

Dallas Cowboys Trending Toward Active Draft Day?

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Dallas Cowboys owner Jerry Jones and executive vice president Stephen Jones during training camp at River Ridge Playing Fields. | Kirby Lee-Imagn Images

The Cowboys are no strangers to picking up the phones and engaging in trade talks, and Jerry Jones is always looking to make headlines. So when the draft rolls around, don’t be surprised to see the chatter about a potential Cowboys move increase.

Jones noted that trade talks generally begin the week of the draft, but he’s a “big believer most of these trades happen when you are on the board.”If that’s the case, Dallas will actively be monitoring any potential slides in the top 10 and could be looking to move out of the No. 20 pick.

“Next week, people finalize their boards and have their strategy sessions. I’m a big believer that most of these trades happen as you’re on the board. Players fall off that you wanted, and then you’re willing to come out. Players are staying on the board that you thought might not be there, and then you’re attempting to move up a little bit,” Jones said. “You might not be willing to give up what it costs to move way up in the draft. But if a player starts to fall, then you get a little thought that maybe we could move up and it wouldn’t cost as much and we would still get the guy that we think is the best player for us at a particular position for where we’re going to pick.”

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Because of Jones’ comments that the team may not get to 22 prospects with first-round grades, a trade up seems like the most likely scenario.

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The Dallas Cowboys logo is projected on the video board during the NFL Draft at Lambeau Field. | Kirby Lee-Imagn Images

Should a player like Arvell Reese, Caleb Downs, Sonny Styles, or Rueben Bain begin to fall in the draft, it would be a perfect opportunity for the Cowboys front office to get active and make the splash that it has teased all offseason.

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Jerry Jones has promised to “bust the budget” in an effort to rebuild the roster, and while the team may not have done so with any high-profile signings in free agency, draft day could provide the perfect opportunity for Dallas to come through on its promise, so get your popcorn ready.

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The 2026 NFL Draft will be held in Pittsburgh, Pennsylvania, from Thursday, April 23, through Saturday, April 25.

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