Nasdaq reveals plans for second headquarters in Dallas
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The news: New York stock exchange operator Nasdaq Inc has announced its plans to open a regional headquarters in Dallas, Texas, to better serve clients in the state and Southeastern US.
The numbers: Nasdaq said that it currently generates over USD750 million ($1.18 billion) in revenues in Texas and the Southeast, partnering with over 2,000 clients, approximately 800 of which are based in Texas.
Nasdaq is home to over 200 listed companies which have headquarters in Texas, representing USD1.98 trillion in market capitalisation as of December 2024.
The context: Adena Friedman, chair and CEO of Nasdaq said: “Nasdaq is deeply ingrained in the fabric of the Texas economy, and we look forward to maintaining our leadership as the partner of choice for the state’s most innovative companies.”
According to the Wall Street Journal, Nasdaq’s new Texas headquarters will also house part of the exchange’s technology and financial crime management businesses.
Nasdaq is the latest in a string of companies seeking to capitalise on the less intensive taxes and regulations Texas has to offer. Last month the New York Stock Exchange (NYSE) also unveiled plans to launch an equities exchange in the southern state. It said it will reincorporate its NYSE Chicago operations in Texas.
What they said: Ed Knight, executive vice chairman of Nasdaq said: “Under the leadership of Governor Abbott, the Texas Miracle has made Texas synonymous with innovation-led growth and smart regulation. We share his commitment to these principles and will continue to advocate passionately on our clients’ behalf. As a result, we will take any action needed to ensure our clients enjoy the same benefits as all other companies in the state.”
The sources: Nasdaq Press Release, Wall Street Journal
