A potential game-changer for investors, Dallas economy – NBC 5 Dallas-Fort Worth

The reaction comes from across the country after investors announced plans to open a new Dallas-based national stock exchange.

The Texas Stock Exchange has lined up a $120 million fund, and its leaders hope to compete with major stock exchanges in New York.

Amid optimism over the potential economic impact a stock exchange could bring to the DFW area, local experts told NBC 5 the project still has hurdles before it can compete with the hundreds of billions traded daily on the NASDAQ and NYSE.

Tuesday, A proprietary company called the TXSE announced that it is moving forward with the Texas Stock ExchangeWe hope to compete with New York markets by 2026.

„With Texas’ growing economy, pro-business policies and growing population, the right moment has finally arrived,” TXSE said in a statement announcing the move.

„There’s a lot of energy and a lot of excitement in the area right now,” said Ray Berryman, president of The Berryman Group.

Renowned economist Perryman said the Lone Star State was a desirable place to build a new stock market.

The data showed that in 2023, Texas became home to more people working in finance than New York state, and the state led the nation in job creation and the number of Fortune 500 companies within its borders.

And recent economic growth has attracted companies like Hewlett-Packard and Tesla to relocate their headquarters here.

“Texas is very attractive; It brings a lot of corporate interest, and the Dallas area already has a huge wealth base,” said Berryman. „So there are a lot of things that could make this work better.”

NBC 5 wants to know if the new market will affect the money of people living in Dallas-Fort Worth who are already invested in the New York stock market.

„It’s exciting, but it doesn’t have any immediate impact for the average investor,” said Bill Dendy, president of Alicorn Investment Management.

Tendy said several steps must be cleared before the proposed exchange can go online. The Texas stock market must be licensed by the U.S. Securities and Exchange Commission and must secure insurance protection for the money consumers invest, which takes time.

Even after it opens, it needs to attract enough investment to stay afloat. In recent years, the Boston, Philadelphia and Chicago Stock Exchanges have all been absorbed by the New York Stock Exchange.

Still, if the Texas stock market can gain traction, experts say it could accelerate the economic boom already underway in DFW.

„It’s going to take a while to get started if it actually gets started,” Dendy said. „But Texas is special, so it could actually happen here.”

If you’re already invested in the markets in New York, the arrival of a new stock market won’t significantly affect your existing investments, experts told NBC 5. This can provide another competitive option for people to trade.