Texas stock exchange launches in Dallas, signaling shift in American finance
DALLAS, Texas — The launch of the Texas Stock Exchange is cementing the Lone Star State as a major powerhouse in American finance, reflecting a decade-long shift in the nation’s economic landscape.
courtesy: TXSE
DALLAS, Texas — The launch of the Texas Stock Exchange is cementing the Lone Star State as a major powerhouse in American finance, reflecting a decade-long shift in the nation’s economic landscape.
Texas has already emerged as the country’s largest employer in the financial sector over the past 10 years. The nation’s six largest banking institutions now employ more than 100,000 workers across the state.
Economists say evolving electronic trading technology means financial exchanges no longer have to be tied to Wall Street to be effective. The new exchange, located in Dallas, is scheduled to start trading five securities tomorrow.
"It really, it just kind of makes a statement that Texas is the financial hub now for a lot of economic activity," said Ray Perryman of The Perryman Group. "I think that combined with the New York Stock Exchange and Nasdaq both putting facilities in Texas, as well, just points to the fact that Texas really is becoming a major center of investment banking."
Experts say having a local national exchange will make capital faster and easier to access for local businesses. This accessibility is expected to spark even more job creation and innovation across the massive $2.9-trillion Texas economy.