San Antonio’s financial community is taking a bold step toward a home‑grown market. Frost Bank, the 158‑year‑old local institution, will transfer its shares from the New York Stock Exchange to the Texas Stock Exchange (TXSE) on Thursday. Victory Capital Management, which relocated to San Antonio in 2019 and now oversees roughly $355 billion in assets, has already begun dual‑listing its stock on both Nasdaq’s New York platform and the TXSE.
Why the shift matters
Both companies say the move brings them closer to Texas‑based investors, employees, and services. “Once you have a chance to be a part of the Texas Stock Exchange, to be part of Y’all Street … why wouldn’t we do that?” said Bill Day, corporate communications manager at Frost Bank.
Victory Capital’s President of Investment Franchises and Solutions, Mannik Dhillon, echoed the sentiment, noting that a secondary exchange in a state like Idaho would not carry the same relevance. “Given the fact that they and others are trying to make Texas a financial hub, and we are headquartered here in San Antonio, this made a lot of sense,” he explained.
Impact on investors
Day and Dhillon both stressed that the transitions should have minimal effect on shareholders. “The average shareholder won’t notice a difference at all,” Day said, adding that modern trading is largely virtual and no longer requires a physical presence on a Wall Street floor.
Dhillon pointed out that dual‑listing already provides investors with access to different pools of capital. “Now, more investors can buy Victory’s stock offerings because Nasdaq’s Texas‑based and New York‑based exchanges have different pools of money and different markets,” he said. While he acknowledged that moving to a completely separate exchange could raise concerns about liquidity, the current arrangement keeps both exchanges operating in tandem, preserving market stability.
TXSE’s growing role
The Texas Stock Exchange launched in Dallas in July 2025, positioning itself as a competitor to the NYSE and Nasdaq. Its creation reflects Texas’s business‑friendly environment and a statewide push to attract financial services firms. The exchange celebrated its Texas branch with a ceremony at the Alamo in March, underscoring the state’s commitment to building a robust financial ecosystem.
Frost Bank’s decision to list on TXSE follows a careful assessment of the exchange’s maturity. “TXSE launched more than a year ago; Frost Bank gave the exchange time to mature and show stability,” Day said. He framed the move as a statement of Texas pride: “It really is a gesture on our part to be recognized as a solidly Texas company with a commitment to the state and to the financial services industry in Texas.”
Looking ahead
Both firms anticipate that the shift will reinforce San Antonio’s reputation as a burgeoning financial center. By aligning with a Texas‑based exchange, they hope to attract additional capital, create jobs, and encourage other regional firms to consider similar moves.
As Texas continues to promote its pro‑business climate, the growing activity on “Y’all Street” may signal a broader trend of companies seeking to keep capital and talent within the state.
Original reporting: San Antonio Report — read the source article.
