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How the Texas Stock Exchange Could Reshape Dallas and the National Stock Market
Financial titans Blackrock and Citadel Securities invested $120 million in creating a national stock exchange headquartered in downtown Dallas. There are still a few steps to go before 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 Southsome believe it could drive longer company changes and jobs for the city and state. But questions remain about whether it can be an effective competitor to institutional powers like the New York Stock Exchange and NASDAQ.
The Texas Stock Exchange could change Dallas in several ways. From a cultural perspective to attracting corporate relocations, it could drastically change the look and feel of the city in the coming decades. It could also serve as a competitor to the New York Stock Exchange and NASDAQ, moving financial traffic away from New York and altering the flow of money in the US.
Related:Financial Giants Plan New Dallas-Based National Stock Exchange
Still, it’s a moment that most experts believe will have a positive impact on Dallas if Texas Stock Exchange CEO James Lee can get its listing approved by the US Securities and Exchange Commission. He expects the exchange to make its first listings in early 2026.
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Although he has said he will not list any of his companies on the stock market, the Dallas billionaire and Dallas Mavericks minority owner Marcos Cubano is one of many who are in favor of this.
“I think it’s an amazing and smart idea. It would be great for Dallas,” Cuban said in an email to Dallas Morning News. “Not just the jobs, but the needed improvement in digital infrastructure, the focus on Dallas-based companies this would bring, and perhaps most importantly, it would be a foundation for people to get better financial education. It would certainly be a place for schools to welcome children, even if they are just employees. I’m a big fan of the concept.”
Lee wants to see the Texas Stock Exchange become the third largest listing venue in the US, a mammoth task as he will be competing with institutional giants like the NYSE and NASDAQ.
While 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 growing workforce.
“I’m a proud Texan and I’ve been focused on this for decades. It was really Governor Abbott’s leadership that sparked the idea that got us to where we are today,” said Lee. “We have the market structure, expertise and professionals brought together on this project. It’s exciting and will be felt for decades.”
The city skyline lights up as if it were night, a totality occurs during the total solar eclipse seen from the Reunion Tower on Monday, April 8, 2024, in Dallas. (LE Baskow / LE Baskow)
Changing the culture of Dallas
The Texas Stock Exchange plans to have 100 Dallas employees based in its executive offices in an unannounced downtown location.
But experts like David Choate, COO of Dallas-based brokerage CAPIS, don’t believe the impact of the Texas Stock Exchange will be felt by the immediate jobs it brings to the area.
“Sorry, 100 more people downtown isn’t a game changer,” he said. “But we’ve seen this cultural shift over the last 30 years. It has more to do with the sense of credibility this brings to Dallas as a financial market. We have always been a financial center in the Southwest. But this puts us firmly on the map as competitors to New York and Chicago.”
If Dallas changes culturally to become more like New York or Chicago, financial meccas, as a result of the Texas Stock Exchange, experts predict that more outside companies will consider Texas as a viable state for their headquarters or offices, said Amirhossein Fard, assistant professor of finance at the University of North Texas.
“I think this could make Dallas a more attractive opportunity for local companies, especially in financial or legal consulting sectors that may be closely related to the stock market,” he said. “We are already seeing this now with the new Goldman Sachs Campus, but you can expect it to increase high-profile financial events and conferences and could stimulate new developments. But it could also increase property values.”
Dallas is already an important financial capital in the USA. There’s a Federal Reserve Bankbecame home to 24 Fortune 500 companies and it’s welcoming dozens of new rich residents.
It’s still trying to attract more companies that will call the city home through initiatives like Proposition Ga $72 million proposal for Dallas’ 2024 bond package that will allow the city to use incentives to attract businesses.
But for some, the Texas Stock Exchange, while an effective symbol of financial prestige, will not be enough to bring new companies to the region.
“I don’t know if the possibility of a company listing its shares on a Texas exchange would cause it to move its headquarters,” said Thomas George, Bauer Professor of Finance at the University of Houston. “But it will give people the opportunity to identify with Texas if they want.”
The Texas Stock Exchange’s strategy will be to target companies in the southeastern quadrant of the United States, from Texas to Florida, for listing. With more companies looking to regions beyond the Northeast due to proposed taxes on financial transactions, Dallas could be a big winner.
“Given the state’s recent economic success, it is very likely that companies will be willing to list on a Texas exchange, especially if its rules and protocols make it attractive,” said Ray Perryman, CEO of the Waco-based research firm , The Perryman Group. “The main challenge would probably be overcoming the inertia of the long-standing presence and prestige associated with New York.”
(FILES) The Wall Street sign near the front of the New York Stock Exchange is seen in this August 5, 2011 file photo. AFP PHOTO/Stan HONDASTAN HONDA/AFP/Getty Images 09082013xNEWS(STAN HONDA / AFP/Getty Images)
Can the Texas Stock Exchange compete with the NYSE and NASDAQ?
The Texas Stock Exchange has a difficult task ahead of it as it tries to challenge the New York Stock Exchange and NASDAQ. But Texas offers some competitive advantages that will serve you well.
Governor Greg Abbottis one of Lee’s assets.
He is proposed banning taxes on financial transactionswill appoint seven judges to Texas’ new business courts and calls himself a pro-business governor that will protect companies from cumbersome regulations. Texas also has no corporate income tax or personal income tax. Governor Abbott, unsurprisingly, supports the Texas Stock Exchange.
“Texas is America’s economic engine, so it’s only natural that Texas would launch its own national stock exchange. Governor Abbott was proud to work with the new CEO of the Texas Stock Exchange, James Lee, and his team to make this dream a reality,” Abbott press secretary Andrew Mahaleris said in a statement to The news.
“Business leaders are moving and investing in Texas at a record pace because we have built a structure that allows free enterprise to flourish and hardworking Texans to prosper,” he said. “In Texas, we will continue to cut red tape and protect industry from harsh job-killing restrictions and unnecessary regulations that burden innovators in other parts of the country.”
“Gov. Abbott is not going to run this. It is a private company that will be run by a board and these executives will make decisions independent of it,” said George, a professor at the University of Houston. “But the brand, being located in Texas, sends a message to companies that would otherwise be listed here about our intentions regarding extra requirements that Texas would not need.”
The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).
The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.
In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.
Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.
Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.
Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.
Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.
Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.
IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.
Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)
Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.
“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”
Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.
An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.
Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.
Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.
Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.
“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.
Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.
But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.
Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.
“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”
Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.
“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”
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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?
Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.
Jio Financial Services News
Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”
“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.
Jio Financial Stock Target Price
Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”
On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above â‚ą260, one can buy this Reliance Group stock at the short term target of â‚ą295, keeping a stop loss of â‚ą240 apiece.”
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.
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