When the New York Stock Exchange launched NYSE Texas in Dallas earlier this year, it marked more than just a new trading venue, it represented a statement about where financial innovation and economic growth are happening in the U.S. In a recent episode of the Inside the ICE House podcast, NYSE Texas President Bryan Daniel offered insights into the exchange’s strategic vision, its advantages in the market, and how it fits into Texas’s broader economic transformation.
Daniel, appointed to lead NYSE Texas earlier this year, brings extensive experience in public policy and economic development in Texas. When asked what NYSE Texas represents, Daniel framed it as the “natural progression” of Texas’s 20-year focus on building a sustainable business community. “NYSE Texas represents real progress in creating a business community that becomes very sustainable for the state. So businesses can come there, they can be successful. They can do expansions there, while creating jobs for Texans,” he explained.
According to Daniel, NYSE Texas enters the market with distinct advantages. First, it’s the first and only stock exchange incorporated in Texas with headquarters in Dallas, positioning it as “genuinely part of the Texas business community”. Second, its timing aligns with a critical moment when numerous Texas companies are ready to go public. “There’s a lot of companies in business in Texas that employ a lot of Texans who are right at that point when they need to grow,” Daniel noted.
The third advantage is substantial: NYSE Texas doesn’t need to build infrastructure from scratch, he stressed: “You don’t have to build these things from scratch. This technology works every day for a whole lot of people around the world,” Daniel said. The exchange leverages proven technology, while adding what Daniel calls “Texas barbecue flavor” to create something distinctly regional yet globally capable.
Texas houses the largest number of NYSE-listed companies among all 50 states, representing nearly $4 trillion in market value, Daniel said: “The best goal we could have is to get every one of those companies to do a list, and we’re working toward that.” The exchange began operations in late March and has been steadily adding dual listings, he added.
He further said that NYSE Texas’s partnership with the National Cricket League illustrates its strategy of embedding itself in Texas’s evolving cultural landscape. The 10-day tournament attracts global attention through ESPN broadcasts, and NYSE Texas secured jersey sponsorship. “NCL is part of the Texas landscape. We wanted to be part of that Texas landscape. I don’t think it in any way gave us any pause that much of the audience might be outside of Texas,” Daniel explained. The partnership reflects understanding that Texas’s business community is inherently global, and cricket’s international following aligns with that reality.
Daniel’s two decades in Texas economic development and workforce policy provide insight into what makes the state attractive. “The real secret of the state of Texas is we have an common sense, easily understandable set of rules and regulations for businesses. It does not change rapidly. It will change with the time slowly. It makes it very constant, very understandable, and there’s no volatility to that whatsoever,” he said.
Unlike many states that use top-down economic development approaches, Texas allows cities to compete for businesses, with the state stepping in only when companies narrow their choice to a specific location. This approach creates organic growth and ensures companies find locations that truly fit their needs, he said.
Daniel defines success for NYSE Texas through both quantity and quality: the number of listings matters, but so does having iconic Texas brands choose to align with the exchange. “Success will also be read as you know, these Texas companies, these iconic Texas brands, want to be a part of this brand. They want to align themselves with this thing,” he said.
Looking five years ahead, Daniel envisions NYSE Texas as “an established marketplace where a founder can confidently take their company public, really realize the opportunities from the public markets.”
The goal is creating a robust venue that allows venture capital to recycle into the next generation of Texas innovators. “If we’re doing just that one thing, then ultimately we will have been a net positive on the state’s economy, and that’s really where we want to position ourselves.”
