Dallas — On Monday the Texas Stock Exchange (TXSE) and Texas Capital Banchsares Inc. marked the debut of the new ticker TXCP with a high‑profile bell‑ringing ceremony at Klyde Warren Park. The event featured red, white and blue daytime fireworks, catering from Mi Cocina, and a performance by the Josh Abbott Band, making it the most elaborate celebration the exchange has held.
Political shift adds uncertainty
Democrats are set to assume control of Texas after winning the governor’s office, the House and additional statewide positions in last week’s election, ending decades of Republican rule. Gov.-elect Gina Hinojosa, a former state representative, will lead the new administration. While many on Wall Street worry about policy changes, Texas Capital chairman, president and CEO Rob Holmes expressed confidence in the transition.
“We have a long history of working with both sides of the aisle on legislation and regulation. I’m excited about the new administration. I was supportive of Abbott and everything he did for the economy. He built one of the best economies in the country, actually in the world, there’s no denying that,” Holmes said. “I fully expect the new administration to embrace the good things that the governor’s done, and then maybe consider other things that would certainly support [Hinojosa’s] agenda, but I don’t see it being detrimental to the economy whatsoever.”
TXSE leadership stresses continuity
TXSE founder and CEO James H. Lee, speaking on stage, highlighted the exchange’s commitment to building capital markets in Texas. “The work continues full speed, thanks in part to the measures the Texas Stock Exchange championed that are now enshrined into law and in our state constitution,” Lee said. “Texas is the premier jurisdiction in America to headquarter, to incorporate and to list public securities, and there is no better ally in this undertaking than Texas Capital.”
TXSE declined to comment on the election results, as did competitor Nasdaq Texas, while NYSE Texas did not respond.
Growth of “Y’all Street” continues
Texas Capital moved from Nasdaq to TXSE in September, trading under its original ticker TCBI since Oct. 9. Other firms, including Cullen/Frost Bankers, Dillard’s and several ETFs, have also listed on the exchange since its launch in summer 2024.
The exchange was created after New York and New Jersey floated a securities tax during the pandemic, prompting former Gov. Greg Abbott to champion a Texas‑based market. Backed by Charles Schwab, Citadel Securities and others, TXSE raised over $400 million in funding and spurred New York’s exchanges to launch Texas‑focused venues in 2025.
Legislative backdrop
During Abbott’s tenure, the Texas Capital Markets Package passed, limiting franchise taxes on exchanges and placing a constitutional amendment banning securities taxes on the 2025 ballot. Gov.-elect Hinojosa voted against three of the four package bills, including Senate Bill 1058 and House Joint Resolution 4, though both measures passed and the amendment was approved by voters, albeit by a narrower margin than other ballot items.
While Hinojosa’s campaign focused on data‑center development, she has supported a range of pro‑business legislation. Repealing the capital‑markets bills would require both legislative chambers, and Republicans still control the Senate, leaving room for continued bipartisan support of Y’all Street initiatives.
Historical tax advantages
Holmes noted Texas’s long‑standing tax environment, citing the original 1845 constitution’s lack of an income tax and the 1993 Bullock Amendment, later strengthened in 2019 to outright ban a personal income tax.
Future development projects
TXSE’s headquarters at Uptown’s Bank of America at Parkside is under construction, alongside Goldman Sachs’s planned $700 million campus in Victory Park, Morgan Stanley’s $1.2 billion regional hub in Uptown, and Scotiabank’s recent purchase of the Victory Park tower.
“I think Y’all Street is bigger than any one administration or any one company,” Holmes said. “It’s here to stay, and it’s going to thrive for a long time.”
Original reporting: Texarkana Gazette — read the source article.
