Y’all Street turf war heats up as Nasdaq Texas debuts SEC approval, planned listings

Nasdaq Texas has an announcement to make.

“We’re open for business!” said Rachel Racz, the Nasdaq executive in charge of its new Lone Star State listings venue.

Nasdaq Texas, announced in November, is debuting approval from the U.S. Securities and Exchange Commission and its first cohort of expected dual listings Thursday.

In a ceremony at the Alamo in San Antonio, executives from five companies expected to dual-list on Nasdaq Texas will join the exchange in ringing the closing bell, on the 190th anniversary of the Battle of the Alamo.

The goal is to help connect Texas companies and beyond to Nasdaq’s network of services, like...

Gov. Greg Abbott and Lt. Gov. Dan Patrick will also attend the event, the latest development in Texas’ growing prominence on the global financial stage.

Business Briefing

“When you look at what’s happening in Texas, it really revolves around the foundational personality of Texans, which is, we are people who love independence,” said Racz, senior vice president and head of listings for Nasdaq’s Texas, Southern U.S. and Latin America division.

“The Alamo is the birth of our independence, so what better place to do this?”

The first five companies expected to list on Nasdaq Texas are APA Corporation, Construction Partners Inc., J.B. Hunt Transportation Services, Huntington Bancshares, and ProFrac Services. In addition, Nasdaq, Inc. will also list its shares on the local market.

With the approval of its listing rules by the SEC, Nasdaq Texas is now a fully operational exchange.

Between Apache, a subsidiary of APA Corporation, and ProFrac Services, oil and gas is well represented among the cohort, in line with Nasdaq Texas’ broader strategy of connecting capital to critical Texas industries.

Nasdaq Texas was announced in an event in the Permian Basin surrounded by oil and gas leaders, and Nasdaq at large has historically leveraged its suite of fintech services to serve oil and gas customers in Texas, beyond its listings business.

Also notably present is Huntington Bank, an Ohio-based bank that recently acquired Texas’ own Cadence and Veritex banks.

Racz said that, “there was very little sales process,” to get these first five companies to join Nasdaq Texas. They simply wanted to join from the jump to demonstrate their commitment to the state, and the value of a dual listing varies for each.

“For us, it’s about planting our flag in Texas and saying we are here to support our clients where they are,” Racz said. “The dual listing for us is an opportunity to expand our partnerships. But companies, all of them, view it in a different way.”

Racz said that if a company qualifies for Nasdaq’s Global Market or Global Select Market, it qualifies for Nasdaq Texas. The process for a Nasdaq-listed company that wants a dual listing in Texas is as easy as clicking the application button on the market’s website.

‘Texas is bigger than Dallas’

The story of Y’all Street, including the development of capital markets, has largely been a Dallas story. Competitors NYSE Texas and the Texas Stock Exchange are both based in Dallas, and financial institutions like Goldman Sachs and Scotiabank are growing in North Texas.

A stock ticker is seen near a Y’all Street sign at Texas Capital, Wednesday, Nov. 12, 2025,...

Nasdaq Texas’ seeming insistence, though, on holding its big events far outside Dallas is intentional. While it will be based in Dallas, Nasdaq Texas is about the whole state.

“Texas is bigger than Dallas,” Racz said, though she praised the city’s efforts to attract capital.

“We have clients all over the state, and we are engaged all over the state. And so this is about the growth of an economy, just as much as it is about the growth of this financial services structure that Dallas has built.”

Racz, a native Texan, also noted that Nasdaq has been present in the state and North Texas for many years. This is just the beginning for the “many businesses” Nasdaq is building in Texas.

“This is crucial reinvestment in Texas,” she said. “This is our opportunity as NASDAQ to bring global capital to Texas to create re-investable opportunities in this state, my state.”

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