By Ann Sebert, President & CEO, CAPIS
In recent years, we’ve seen a surge of momentum around Dallas — and Texas more broadly — as a rising financial industry hub. Major firms are putting down roots, and the headlines seem bigger and bolder every month. As a Dallas-based institutional broker with nearly 50 years of experience in the local market, we at CAPIS have watched this evolution with excitement — and with a clear perspective on how we got here and where things may go next.
Examples of this momentum are everywhere. In 2023, Goldman Sachs broke ground on a new Dallas campus designed to house over 5,000 employees. Earlier this year, the Texas Stock Exchange – backed by names like BlackRock and Citadel Securities – filed its application to operate as a national securities exchange, with the goal of launching in 2026. In a letter to the SEC, CAPIS Chief Operating Officer, David Choate voiced support for the TSXE’s approval, framing it as an opportunity to embrace competition and innovation while offering a more attractive platform for listings.
Not to be outdone, the New York Stock Exchange and Nasdaq have launched their own Dallas hubs. In NYSE’s case, its Chicago trading venue made the same journey many finance professionals have in recent years — heading south and settling in Texas, now reborn as NYSE Texas. All the while, longtime Dallas stalwarts like Charles Schwab and Fidelity have grown, expanded, and deepened their commitment to this market.
If it wasn’t clear, none of these are isolated moves – they’re part of a wave. But while some might view this as a sudden move, those of us on the ground know that it’s anything but. This is the natural culmination of decades of pro-business policies, steady corporate migration, and smart investments in technology and infrastructure.
In the 1980s, Dallas experienced a banking boom, with several institutions ranking in the top 25 U.S. banks by asset size. The 1990s saw the rise of the Telecom Corridor in nearby Richardson, attracting major technology players and fostering a burgeoning tech ecosystem. In the 2000s, there was a notable surge of corporate headquarters and manufacturing hubs that spanned industries, with names like AT&T and Frito-Lay leading the charge.
Many of these movements were driven by a common theme: companies seeking a lower-tax, lower-friction environment to grow. This has remained a priority under Governor Greg Abbott, who has made economic development a cornerstone of his administration, most recently in the form of a five-year strategic plan. Crucially, Texas has developed the workforce to support this growth, with capable professionals shaped by a pipeline that runs through our public university systems, as well as nationally renowned private schools like SMU, TCU, Baylor, and Rice.
With this broader context, Dallas’ rise as a financial industry hub can be seen as a natural evolution. Local leaders in both government and business have been laying the groundwork to make Texas not only a friendly place to do business, but a state where companies can incorporate, list, and grow. In other words, it’s not just about trading, but building a full-stack corporate ecosystem. The Texas Stock Exchange is perhaps the clearest example of this, though the competition for listings and volumes will be fascinating to watch in the years to come.
Of course, as Dallas matures into a true financial hub – not just in the U.S., but globally – there is a good deal of uncertainty ahead. That’s not a bad thing. Growth of this magnitude raises smart questions. How will we support continued migration from an infrastructure standpoint? What does a more geographically distributed industry mean for firms that have long operated in more centralized models? These are the kinds of challenges that come with increasing growth and geographic diversity, and the kinds of conversations we look forward to joining.
While this moment may feel new, the reality is that it’s been building for decades. But that inevitability doesn’t make it any less exciting. We’ve enjoyed having a front-row seat and welcoming new firms to our city — and we look forward to welcoming more. If your firm is considering a move to the area, or if you simply want to talk through the shifts we’re seeing on the ground, reach out for a conversation.