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\u201cWe\u2019re excited to make the move,\u201d Texas Capital chairman, president and CEO Rob Holmes said of the bank\u2019s switch to\u00a0the Texas Stock Exchange from Nasdaq.\u00a0<\/p>\n
Juan Figueroa\/Staff Photographer<\/p>\n
Texas Capital Bancshare Inc. will move its primary stock listing from Nasdaq to the Texas Stock Exchange<\/a>, cementing its status as a Y\u2019all Street pioneer.<\/p>\n Energy Transfer LP and its suite of related companies were the first to announce such a move<\/a> (theirs from the New York Stock Exchange), but chairman\u00a0Kelcy Warren also owns about a 30% stake in TXSE Group, the exchange\u2019s parent organization. Texas Capital is, in a sense, the first independent entity and first corporation to put its full faith in Dallas\u2019 challenge to New York.<\/p>\n \u201cWe do not see any risk in being in the front of the number of companies moving to TXSE,\u201d Texas Capital chairman, president and CEO Rob\u00a0Holmes said. \u201cThey\u2019ve been trading 13,000-plus symbols since midsummer. The technology works; it\u2019s been working for a long time, the people that put their technology in place have worked at the largest exchanges. We did our diligence on their cybersecurity as well, and we\u2019re excited to make the move.\u201d<\/p>\n Article continues below this ad<\/p>\n The Dallas-based bank\u2019s\u00a0common and preferred stock is expected to begin trading on TXSE on Oct. 8 under their current ticker symbols, TCBI and TCBI PRB, and then on Nov. 9, they will change to TXCP and TXCP PRB.\u00a0<\/p>\n Since completing a strategic transformation last year,<\/a> Texas Capital touts itself as the first full-service financial institution headquartered in Texas, a native Y\u2019all Street counterpart to the big banks like Goldman Sachs increasing their footprint here. Similarly,\u00a0TXSE, announced in 2024, may be feeling territorial as longtime New York capital markets duopoly NYSE <\/a>and\u00a0Nasdaq <\/a>create their own Lone Star State venues.\u00a0<\/p>\n The parallels go even further, as Texas Capital and TXSE will be neighbors in the area of Dallas surrounding Klyde Warren Park that is becoming the nexus of Y\u2019all Street. TXSE and the building\u2019s namesake will move into Bank of America Tower at Parkside upon completion, steps from Texas Capital\u2019s headquarters,\u00a0JPMorgan Chase\u2019s downtown office, the\u00a0Federal Reserve Bank of Dallas and more. Both Texas Capital and TXSE are planning to add electronic stock tickers to their buildings<\/a> to boot.<\/p>\n \u201cTexas Capital is the first home-grown, full-service financial services firm in the state of Texas, and we are proud to welcome their primary corporate listing home to the Texas Stock Exchange,\u201d said TXSE chairman and CEO James Lee in a release. \u201cTexas Capital has been a leader in developing capital markets in the Lone Star State, so it is fitting that they will be listed on the only national securities exchange built, headquartered, and incorporated in Texas.\u201d<\/p>\n The Texas Stock Exchange and Texas Capital, who will both be headquartered in Uptown upon TXSE’s move into Bank of America Tower at Parkside, are both planning on adding electronic stock tickers to their buildings.<\/p>\n File photos<\/p>\n TXSE\u2019s technology platform began a phased launch of trading in July and celebrated the completed roll out of all U.S. symbols<\/a> on July 31. Soon after, Texas Capital announced it would move the listings of two of its exchange-traded funds, which will become TXSE\u2019s first primary listings ever when they begin trading on the exchange\u00a0on Wednesday<\/a>. Holmes said those ETFs, which each track the Texas economy, belonged on TXSE \u201cno matter what,\u201d but the listing for the entire firm was a different conversation.\u00a0<\/p>\n Article continues below this ad<\/p>\n Holmes explained he considers one concern folks may\u00a0have with listing on a\u00a0new stock exchange\u00a0\u2014 liquidity\u00a0\u2014 to be a misconception. Issuers provide the liquidity by attracting investors, he said, noting that any given issuer\u2019s stock is only being traded on its primary exchange a small percentage of the time. For example, more than 50% of U.S. trading happens outside national exchanges entirely<\/a>.\u00a0<\/p>\n The move to TXSE comes with full board support, Holmes said, and provides several advantages. One\u00a0is a net cash benefit through a shared listing construct. He also said he thinks\u00a0the state-of-the-art trade matching engine will improve the\u00a0opening and closing auctions on Texas Capital\u2019s stock. Another plus is the backing TXSE has, like Warren, who Holmes called a \u201ctrue innovator,\u201d alongside Citadel Securities, Charles Schwab and others, who have backed the exchange to the tune of $275 million and provide it credibility.\u00a0<\/p>\n \u201cIt\u2019s my responsibility to always look at every option for this firm on behalf of the shareholders, and so we\u2019re we\u2019re perpetually looking at new products, services, technology, markets, and this is just one more,\u201d Holmes said. \u201cWe\u2019ve been following it ever since they announced they were going to create TXSE, and once it came to fruition, we studied it.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"\u201cWe\u2019re excited to make the move,\u201d Texas Capital chairman, president and CEO Rob Holmes said of the bank\u2019s…\n","protected":false},"author":2,"featured_media":435532,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[27,29,28,88646,88648,88645],"class_list":["post-435531","post","type-post","status-publish","format-standard","has-post-thumbnail","category-texas","tag-texas","tag-texas-headlines","tag-texas-news","tag-tp-banking","tag-tp-stock-market","tag-tp-texas-stock-exchange"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/435531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/comments?post=435531"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/435531\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media\/435532"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media?parent=435531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/categories?post=435531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/tags?post=435531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}<\/p>\n
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