Trump Criticizes NYSE Texas Expansion, Calls Dallas Exchange a Blow to New York

U.S. President Donald Trump has sharply criticized the establishment of a Dallas-based stock exchange branded as a “New York Stock Exchange,” calling the move “unbelievably bad” for New York and warning that it represents a major economic and political test for the city’s leadership. In a post shared on his Truth Social platform on Monday, Trump expressed disbelief that New York authorities would allow such a development to proceed, adding that it would be “a big test for the new Mayor.”

The comments come amid growing attention on NYSE Texas, a new exchange backed by Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. ICE previously announced plans to add Texas as a venue for secondary listings, reflecting a broader trend of financial institutions expanding their footprint beyond traditional hubs like New York City. NYSE Texas officially began operations earlier in 2025, positioning Dallas as an increasingly influential player in the U.S. financial markets.

In its first three months of operation, NYSE Texas attracted 10 companies to dual list on the Dallas-based exchange. Among them were major names such as oilfield services giant Halliburton and Trump Media & Technology Group, the parent company of Truth Social. The early participation of these companies highlights Texas’s growing appeal as a business-friendly environment, fueled by lower taxes, a lighter regulatory framework, and a rapidly expanding corporate base.

Trump’s criticism underscores ongoing concerns about New York’s competitiveness as a global financial center. For years, businesses have cited high costs, regulatory pressures, and quality-of-life issues as reasons for relocating operations to states like Texas and Florida. The launch of NYSE Texas has intensified that debate, symbolizing what some see as a shift in financial power away from Wall Street.

At the time of reporting, neither Intercontinental Exchange nor the New York mayor’s office had responded to requests for comment. As the conversation continues, the expansion of NYSE Texas is likely to remain a focal point in discussions about the future of U.S. financial markets, regional competition, and the evolving landscape of American capitalism.