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U.S. President Donald Trump said that one of the “unbelievably bad” things for New York is the construction of a “New York Stock Exchange” in Dallas. “I can’t believe they would let this happen. A big test for the new mayor!” he said in a post on Truth Social (Yahoo Finance). The owner of the NYSE stated that this move would expand into Texas, as NYSE Texas officially opened for business earlier in 2025, including 10 companies such as oilfield service company Halliburton and Truth Social (parent company: Trump Media & Technology Group) (Reuters) .
Is it such a bad thing for the economy?
Firstly, the NYSE is the oldest and most influential U.S. securities exchange, established in 1792. It serves as a marketplace where companies can raise capital by issuing stocks, bonds, and other securities that are traded by investors. The NYSE was acquired by the Intercontinental Exchange Group in 2013. The benefits of the NYSE to the U.S. economy include capital raising, business growth, job creation, high-wage employment, and wealth effects.
In March 2025, the NYSE launched NYSE Texas, a fully electronic equities exchange in Dallas. The reason for establishing another stock exchange was to capitalize on Texas’s growth, its existing corporate base, and competition among U.S. stock exchanges. This exchange market also showed positive results after launch, reaching 100 dual listings by December 1, 2025, and achieving a market capitalization of over $2 trillion. In addition, it ranks 10th among U.S. equity exchanges by volume.
Building an NYSE in Dallas will be both beneficial and negative for the U.S. economy. On the upside, it helps boost the Texas economy by attracting more corporate relocations and making it easier for Texas companies to access capital. It also leads to increased competition between exchanges, resulting in lower fees, more innovation, and higher-quality services for companies seeking to list publicly. On the downside, it may affect New York’s prestige and lead to a loss of business and related activity.
Sources:
- Trump says building a ‘New York Stock Exchange’ in Dallas is bad thing for New York
https://finance.yahoo.com/news/trump-says-building-york-stock-045005035.html
- NYSE-parent Intercontinental Exchange to dual list on NYSE Texas:
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