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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 City Council approves resolution to explore leaving Dallas City Hall

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Dallas City Council approves resolution to explore leaving Dallas City Hall


Dallas City Council members approved a measure to explore options for leaving Dallas City Hall while, but left the door open to staying in the iconic building.

Resolution to explore leaving City Hall passes

What we know:

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The resolution approved will explore options to buy or lease a new City Hall building. It was amended to include a plan to pay for repairs to the current building that would be compared side by side to the options to leave.

Dallas City Council approved the resolution by a 9-6 vote. The vote came around 1 a.m. Thursday morning after 14 hours of debate.

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Councilman Chad West told FOX 4’s Lori Brown that if the city decides to stay or leave City Hall, the resolution includes proposals to redevelop the land around the building.

“We still should be looking at redevelopment options to tie it into the convention center later on, because otherwise it just equals ghost town, which is what we have now,” West said. “And of course, if we decide to move and City Hall itself gets repurposed or demolished and something gets built there, we need to have a projected plan for what that could look like as well.”

Debate on City Hall’s future

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Local perspective:

Around 100 residents spoke about their desire to keep the current Dallas City Hall, the historic structure designed by architect I.M. Pei.

“The thought of losing this land to private hands is disheartening. A paid-off asset, unfair to taxpayers, built on what is here,” Meredith Jones, a Dallas resident, said.

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“The decision belongs to the people, not the city council,” David Boss, the former manager of Dallas City Hall, said.

Several questioned why the price tag for a repair is public knowledge, but the cost for a move isn’t.

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“The public deserves to know the value of the land we are giving up. Dallas deserves a careful decision, not a rushed one,” resident Azael Alvarez said.

Future Mavs arena looms large

Dallas City Council went back and forth on the resolution, amending it before it finally passed. Much of the conversation revolved around the Dallas Mavericks’ potential interest in the site for a new arena.

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Mayor Eric Johnson lamented that conversation revolved around the Mavs’ future and not City Hall itself.

“A  conversation about a particular sports team and where you want them should never have been part of the conversation because that was not what was infront of us,” Johnson said. “I’ve never seen such vehement opposition to gathering more information.”

Councilwoman Cara Mendelsohn wore a Mavericks T-shirt to a recent hearing due to the continued conversation around them.

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“We’re talking a lot about the Mavs. They’re the elephant in the room, but they’re actually not here, so let’s at least let them have a seat at the horseshoe,” Mendelsohn said on Monday.

Residents were also upset at the idea of City Hall being bulldozed to make way for a new Mavs arena.

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“The Mavericks were ridiculed nationally, and still are. Worst trade in the history of the NBA,” one resident said Monday. “The decision to knock this building down without all the facts and allowing the people to make the decision is your Luka Dončić trade.”

A potential 10-digit repair cost

The backstory:

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Experts who assessed Dallas City Hall said the 47-year-old building’s mechanical, plumbing, heating, air conditioning, and electrical systems don’t meet modern standards. 

It put a $906 million to $1.4 billion price tag on keeping the iconic building, which was designed by the famous Chinese architect I.M. Pei, for another 20 years.

Downtown Dallas Inc., an advocacy group for Downtown Dallas, said last week they support leaving the current City Hall site.

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“We believe Dallas City Hall is no longer serving its intended purpose. The important functions that happen and must continue to be evolved and innovated within our city government are inefficient and truly stymied in that space,” said Jennifer Scripps, President and CEO of Downtown Dallas Inc. told the crowd. “Our board called a special called meeting and voted unanimously in support of pursuing options to relocate City Hall and redevelop the site. We were we feel that the opportunity is huge.”

The Source: Information in this story came from FOX 4 reporting.

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Dallas, TX

Study says the real value of a $100K salary in Dallas is…less than that

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Study says the real value of a 0K salary in Dallas is…less than that


How much do you earn? And how far does that paycheck really go?

In Dallas, a $100,000 salary is a figure that’s more than double the area’s individual median income, but nevertheless a useful benchmark for the region’s burgeoning business community. However — once taxes and the local cost of living is factored in — it has the effective purchasing power of around $80,000 according to a new financial report.

Consumer-focused fintech site SmartAsset worked the numbers on the country’s 69 largest cities, determining the “estimated true value of $100,000 in annual income” in each location by measuring federal, state and local taxes as well as local cost of living data, including on housing, groceries and utilities.

It used its own proprietary figures, as well as information from the Council for Community and Economic Research.

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Despite recent research suggesting North Texas has lately been losing some of its famous economic advantage — a major factor behind the region’s explosive growth — Dallas actually fared relatively well in SmartAsset’s analysis. Of the 69 cities, Dallas’ effective purchasing power, of $80,103 on the $100,000 salary, tied with Nashville to rank 22nd highest.

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Like many cities in the report, Dallas also actually saw a year-over-year effective salary bump, likely because of slightly lower effective tax rates and living costs that have hewed closer to the national average. In 2024, the value of a $100,000 salary in Dallas came out to $77,197.

Other large Texas cities fared even better than Dallas. El Paso, where SmartAsset calculated the effective value of the $100,000 salary at nearly $90,300, ranked third highest overall.

San Antonio, where the effective value was around $86,400, ranked eighth. Houston, where the figure was around $84,800, ranked 10th, and Austin, where the figure was $82,400, ranked 17th.

Oklahoma City topped SmartAsset’s value ranking, with an effective salary of around $91,900, and Manhattan, which the website considered as its own city, came in with the lowest value, at around $29,400.

Dallas’ relatively strong effective value score won’t necessarily translate to the good life: Another financial report, published in November by the website Upgraded Points, determined that even a single adult with no kids needs a pre-tax salary of at least $107,000 to live “comfortably” in the Metroplex.

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Public frustration grows as Dallas leaders debate billion‑dollar City Hall fix or relocation

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Public frustration grows as Dallas leaders debate billion‑dollar City Hall fix or relocation


Dallas City Council members spent the day hearing hours of public criticism as they weigh whether to spend roughly $1 billion to repair the aging, 50‑year‑old City Hall or pursue a plan to move out entirely. The meeting grew tense as residents voiced mistrust over the council’s motives, prompting members to suspend normal rules and allow anyone in the chamber to speak. Speakers questioned whether the push to relocate serves the public or private developers, while city staff prepared to present cost and feasibility details during what is expected to be a long evening session.



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