The financial migration to “Y’all Street” is accelerating as Nasdaq plans to open its first regional headquarters in Dallas.
The stock exchange, long associated with its Times Square presence in New York City, will establish a regional management division at its existing office at 5030 Riverside Drive in Irving later this year to serve Texas and the broader Southeast, The Dallas Morning News reported.
The exchange tapped Rachel Racz, a Texas native and oil-and-gas industry veteran, as senior vice president, head of listings for the Texas, Southern U.S. and Latin America division.
The office will house parts of Nasdaq’s technology and financial crime management divisions, which clients use to detect fraud and money laundering, but will not primarily focus on acquiring stock listings.
Nasdaq’s Texas, Southern U.S. and Latin America region serves more than 480 clients across various industries, collectively valued at $1.9 trillion. Within Texas alone, over 200 companies trade on Nasdaq, accounting for $1.3 trillion in market capitalization, the firm said.
It’s another sign of Texas’ growing influence in the financial world, and for Dallas, proof that Y’all Street is still filling out.
The New York Stock Exchange plans to launch an electronic exchange in Dallas, rebranding the Chicago Stock Exchange as NYSE Texas and further shifting trading operations to the Southwest.
Meanwhile, the Texas Stock Exchange, a startup seeking to challenge Wall Street’s longstanding dominance, is awaiting regulatory approval to launch in Dallas next year. The fully electronic exchange has raised $120 million, with backing from BlackRock and Citadel Securities.
Nasdaq’s move comes as Dallas developers push a $1 billion transformation of Uptown Dallas into a financial hub that could rival New York’s stronghold.
The area has attracted a wave of finance firms in recent years, with its own pool of developers. Hunt Realty hired Ross Perot Jr.’s Hillwood to manage construction of a $500 million campus for Goldman Sachs. KDC and Pacific Elm Properties are building a 30-story tower that will house Bank of America and Granite Properties’ $173 million office tower signed Deloitte for four floors, over 100,000 square feet of space.
Goldman Sachs and Bank of America’s offices are slated to deliver in 2027. Deloitte will enter its offices when Granite Properties’ 23Springs tower opens this year.
Goldman Sachs recently gave its managers in New York and London an ultimatum to move to either its Dallas hub or to Salt Lake City or face termination.
The Lone Star State recently introduced Texas Business Courts to handle corporate matters, part of the state’s play to offer an alternative to Delaware’s Court of Chancery system.
Texas’ pro-business stance has fueled speculation that more financial firms could shift operations to Dallas, where commercial real estate costs and corporate taxes are significantly lower than in the Northeast.
— Judah Duke
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