Texas Stock Exchange Gores NYSE, Nasdaq with New Ad Campaign

This town ain’t big enough for the both of us.

As businesses flock to Texas, the fully electronic Texas Stock Exchange is positioning itself as the state’s premier marketplace. This week, TXSE launched its “Welcome to the real bull market” campaign, featuring TV commercials and billboard ads across downtown Dallas, where the exchange is headquartered. In the 30-second spot, New York City’s Charging Bull statue makes its way to Dallas and confronts a Texas longhorn on the Margaret Hunt Hill Bridge. After an intimidating stare-down, the longhorn smashes the statue to pieces. We’re thinking that’s a metaphor for something.

“We are sending a clear message that the next chapter of American capital markets will be written in Texas,” TXSE Founder James Lee said in a statement, adding that 2026 is the year companies will finally be able to “declare independence” from the New York listing duopoly of the NYSE and the Nasdaq. However, both of those exchanges are also setting up shop in Texas and have decades of reputation and experience on their side. Can TXSE really take on the old guard?

Texas Tea

The move is part of a broader boom for Texas. Companies including Chevron, Fisher Investments, and Tesla have relocated to the Lone Star state for tax advantages, less regulation and a growing labor pool. Stock exchanges are following suit.

• TXSE, which received federal approval last fall, plans to open for trading in July and list its first ETFs in September. It has raised over $250 million in funding from investors including BlackRock, Charles Schwab and Citadel Securities.
• Meanwhile, the NYSE rebranded its Chicago-based electronic exchange as NYSE Texas in early 2025 and relocated operations to Dallas. Nasdaq also plans a regional headquarters and a Texas exchange later this year.

Beyond economics, the TXSE carries symbolic weight, said Brian Casey, CEO of Westwood Holdings Group, an investment management firm that has invested in the exchange. “For companies headquartered in Texas or across the Sun Belt, listing locally can reinforce corporate identity and stakeholder alignment,” he said, adding that he’s not expecting a mass migration to TXSE, but even modest adoption could reshape fees and innovation. “TXSE’s greatest impact may be pushing incumbents to compete harder, which ultimately benefits companies and investors.”

Ain’t My First Rodeo. Whether companies and issuers choose to list on the TXSE is ultimately going to come down to pricing, said Matt Tuttle, founder of the fund issuer Tuttle Capital Management. “You can talk about creating liquidity and all that stuff, but to me, that’s more on the market makers than it is on the exchange,” he told Advisor Upside. “If I were Vanguard, would I look at listing on all of the exchanges? Sure. It’s funny money at that point. But for us, we’re pinching the pennies and looking at cost benefits.”