New York-based Nasdaq, Inc. plans to launch its own Texas financial exchange, joining what’s setting up to be an increasingly bustling “Y’all Street.” Slated to launch in 2026, Nasdaq Texas will be a dual listing venue designed to bring the exchange’s full platform capabilities to companies aligned with the state’s pro-growth policies, the company said.
Nasdaq will announce the planned launch when it rings the closing bell today, November 12, at Daniel Energy Partners’ 8th Annual Permian Basin Cook-Off, powered by Upright Digital in Midland. The closing bell event will also be a “celebration of the region’s energy leadership,” Nasdaq said.
The cook-off draws around 5,000 oil and gas executives annually.
Rachel Racz leads Nasdaq’s Southeast region and was named head of listings for Texas, Southern U.S., and Latin America at Nasdaq in September 2024. She called the Midland event “one of the most important gatherings of oil and gas executives in the United States and a really good way to connect companies of all stages and sizes across the full spectrum of the energy sector.”
Rachel Racz was named Nasdaq’s head of listings for Texas, Southern U.S. and Latin America in September. 2024. [Composite image, DI Studio; Courtesy photo]
“By anchoring the announcement there, Nasdaq is acting as the bridge between energy and technology and signaling its commitment to the industries that have long powered Texas’s economy,” Racz added in a statement.
Nasdaq Texas is expected to become operational in 2026, pending regulatory approvals.
Competition from TXSE and NYSE Texas
Nasdaq Texas will face some competition in the Lone Star State. Also slated to launch in 2026 is the Dallas-based Texas Stock Exchange, which surpassed $250 million in funding earlier this month. And in August, the NYSE Group rang its closing bell at AT&T Stadium in an event announcing the launch of its own stock exchange in Texas, NYSE Texas (NYSE: ICE). NYSE Texas officially opened for business in March 2025, after the NYSE rebranded its Chicago electronic exchange and moved it to Dallas, now headquartered at Old Parkland.
Governor sees Nasdaq Texas as cementing state’s global leadership
In November 2023, Governor Abbott rang the Nasdaq closing bell in front of the Governor’s Mansion in Austin to celebrate Texas’ economic achievements. [Photo: Office of the Governor]
“Texas is the financial services capital of America,” Governor Greg Abbott Abbott said in a statement about the Nasdaq Texas news. “With another financial exchange coming to Texas, Nasdaq Texas cements our state as a global economic leader and will help further grow our leading financial industry. I thank Nasdaq for choosing Texas for their expansion and look forward to working together to keep Texas the financial hub of the nation.”
More on Nasdaq Texas
Nasdaq has a long history in Texas, Racz noted. The company has been engaged in the state for the last two decades and works with 800 clients in Texas. Over 200 Nasdaq-listed companies call Texas home, representing almost $2 trillion in market capitalization.
Last March, Nasdaq announced plans to open a regional headquarters in Dallas which would serve as “a hub for Nasdaq clients and the wider community and will serve as a premium convening space to celebrate the leaders, entrepreneurs, and innovators that call the Lone Star State home.” In September 2024, Nasdaq announced plans to open a new regional listings division at its existing office at 503 Riverside Dr. in Irving.
So what are some benefits of joining Y’all Street?
“When we see the growth of the U.S. economy, a lot of that growth is happening in the state of Texas,” Racz said in the statement. “There have been several regulatory updates in the state that have created a real benefit for companies either already in Texas or moving to Texas. Dual listing allows companies to signal alignment with the state’s governance philosophy.”
That philosophy includes the recent passage of Texas Senate Bill 29, which codified the Business Judgment Rule into state law, offering companies “much-needed certainty and protection needed to achieve long-term growth, innovation and responsible risk-taking,” Racz said.
Seeing Texas as ‘pro-business and pro-growth’
“Texas is pro-business and pro-growth,” Racz said. “I think Texas is the embodiment of smart regulation. And Texas’s approach is the same approach Nasdaq has been pushing for over the past two decades in Washington. It makes me smile to think that a lot of companies who say they want to align with Texas are also aligning with Nasdaq.”
“Texas will continue to drive the creation and growth of innovative companies,” she added. “We want to make sure these companies have a home for their listings that share their vision for the future.
Nasdaq also wants its clients who are operating in Texas or looking to move to the state can fully realize the regulatory or economic benefits associated with operating in Texas, she noted.
‘Engines of scale’
Racz says Nasdaq Texas will be a platform, not just a venue.
“We have an exchange that lists companies, but our products do so much more to connect companies to investors and help you go out to the markets and find new access to capital,” she said. “Being local, being present and having that engagement with the community helps our businesses grow”
She also noted that public markets aren’t just exit routes—”they are engines of scale that provide the opportunity to turn promising companies into global leaders. A dual listing in Texas offers greater access to resources of Texas.”
The bottom line: For Nasdaq, this is “a foundational moment.”
“Our position is: Let’s bring the businesses that Nasdaq has built to support listings, to Texas,” Racz said.
‘Not a separate entity’
Nasdaq Texas will be a business within Nasdaq, not a separate entity.
“Nasdaq Texas will leverage Nasdaq’s existing technology platform, matching engines and global networks,” Racz said. “Companies will retain access to Nasdaq’s full suite of services, including investor relations tools, index products, market data and anti-financial crime technology through its Verafin platform, which serves over 220 financial institutions in Texas. These holistic capabilities will better support clients.”
“The idea is to bring the global element of Nasdaq to Texas,” she added. “Our listed companies will continue to get all the support we offer, and for dual listers in Texas, that support will be more amplified and more local.
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