Dallas, TX
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.
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.
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.
“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.”
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.
“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.”
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.”
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.”
The search for the next general manager or president of basketball operations of the Dallas Mavericks has begun. They terminated Nico Harrison in November, which was about nine months too late, and gave any available candidates clear notice that they were open for business.
The plan was always to wait until after the season to start the search. While names popped up as the season reached an end, they didn’t begin turning over the staff until the Monday after the season ended. However, Dallas Mavericks fans are not going to like how the team is going about the search.
Patrick Dumont Leading Search for General Manager
NBA insider Jake Fischer reported that the Mavericks are not hiring a search firm in their hunt for a new lead executive. Instead, team governor Patrick Dumont is “acting as his own point person.”
This is an… interesting decision, to say the least. Dumont is not a basketball person whatsoever, and most organizations usually hire a search firm. The Chicago Bulls hired one as they look for their replacement for Arturas Karnisovas. Just because a firm is hired doesn’t mean a team will listen, though.
The Mavericks hired a firm in their last search for a GM. They let Donnie Nelson go in 2021 after a long tenure with the Mavs. Instead of listening to the firm, though, Mark Cuban ignored it to hire Nico Harrison, who had no previous NBA front office experience. Harrison had been an executive with Nike, which gave him connections with players like Kyrie Irving, Anthony Davis, and plenty of others.
For a while, that seemed to be working out okay. While he still had some questionable transactions, such as trading for Christian Wood and letting Jalen Brunson walk in free agency, they were still able to make a run to the NBA Finals in 2024. Then, he blew it all up, trading away Luka Doncic for an older and injured Anthony Davis, and the team hasn’t been the same since.
It’s imperative that the Mavericks get this hire correct. The interim Co-GM setup with Matt Riccardi and Michael Finley has performed admirably, but the 2026 NBA Draft is important for the Mavs to get right. It’s their best chance to pair Cooper Flagg with another young star, as they don’t own their first-round pick again until 2031 after this.
Hiring the right GM could help bring in more draft capital by bringing in bad contracts or flipping veterans into picks.
Dumont was able to convince Rick Welts, a Hall of Famer, to come out of retirement to be the CEO and lead the charge for a new arena. Maybe Dumont pulls another rabbit out of his hat for the GM.
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For a moment, it looked like FC Dallas was on its way to another statement win at home tonight.
Petar Musa scored two first half goals, to extend his Golden Boot leading tally to nine goals. But after Dallas grabbed control, the Galaxy found a way back before halftime with goals from Lucas Sanabria and Joseph Paintsil.
The second half brought more chances and more frustration for Dallas, which finished the night with 13 shots to LA’s nine. In the end, the point stretched Dallas’ unbeaten run to five games, though just like last week, it felt like another match where Dallas left points on the table.
Key Moments
7’ – GOAL! After a poor pass back by a LA defender, Petar Musa was free to go one-on-one with the LA goalkeeper. After a touch to get ahead of a defender, Musa slotted home his eighth goal of the season from outside the penalty box.
21’ – Offside! Joaquin Valiente sent a floating ball over the Galaxy defense, where Musa was able to get behind the defense and make an easy play for what appeared to be his second goal of the night. The play was called offside despite a fairly lengthy review period.
38’ – GOAL! This one counts! Musa gets his second of the night off a great ball from Chris Cappis. Logan Farrington picked off the ball in the midfield. He then played Cappis wide to the left of the penalty area. Cappis immediately played a ball back across the goal for Musa to slide in and finish for his ninth of the season.
43’ – Goal LA. Lucas Sanabria got the ball near the top of the penalty area. He took a couple of touches to get outside the penalty box before firing a shot that beat Michael Collodi at the near post.
45+4’ – Goal LA. Gabriel Pec got the ball near the top of the penalty area. He pulled the ball back a bit, which caught a pair of Dallas defenders. This allowed Joseph Painstil to get free behind the Dallas defense as Pec played him through inside the penalty area. Pec immediately smashed home a shot above Collodi to tie the game.
75’ – Another offside goal. This time on a corner kick for Dallas, after a scrum in the penalty box, Kaick hammered home what looked to be the go-ahead goal. But after a few seconds the flag was raised due to a deflection on Osaze Urhoghide, who was in an offside position.
Instant Reaction
Yeah, this is another disappointing result for this team. In a real way, it felt like the first half against Houston from last month. Dallas grabbed the lead, looked in control, but some defensive miscues opened the game up for the visitors to climb back.
With a double-game week coming up, this will certainly be another game where Dallas will wonder ‘what if’ more than anything else…especially when you factor in the two goals called off for offside.
About the Subs
Eric Quill went to his bench for the first time in the 66th minute, as he brought on Santiago Moreno for Logan Farrington. Quill went to his bench again 81st minute with Ran Binyamin and Nolan Norris coming on for Sebastien Ibeagha and Deedson. The final sub came during stoppage time with Herman Johansson and Joaquin Valiente coming off for Sam Sarver and rookie Nick Simmonds, who made his MLS debut.
Man of the Match
No question about it tonight, it has to be Musa.
Where does this fit into the season
As of this writing, the draw puts Dallas into a three-way tie for 5th place with Real Salt Lake and Seattle. Both are in action right now and look firmly in control of their games. I’d expect Dallas to be in 7th place by the end of the night.
What’s next for FC Dallas
Dallas wraps up a three-game homestand next Wednesday night as they host Minnesota United.
Dallas, TX
Akheem Mesidor selected by Cowboys by Blogging The Boys in SB Nation’s community mock draft
Akheem Mesidor, Edge, Miami
Pass rush has been an issue since the Micah Parsons trade. The Rashan Gary trade helped, but Dallas still needs an injection of talent. Akheem Mesidor fits here because his body size allows for some versatility inside and out, something DC Christian Parker utilizes. Mesidor is also a high-motor player with a deep bag of pass rush moves.
His last season at Miami was full of disruption in the offensive backfield and he shows an all-around game, not just a bend-around-the-edge pass rusher. Yes, he’s a little older than you’d like in a rookie (25), but his motor, pass rush toolbox, and ability to play the run matches up with a need and makes him a quality pick at number 20.
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