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US President Donald Trump has criticized NYSE Texas, a New York Stock Exchange (NYSE) equities trading outpost in Dallas. He called the move “an UNBELIEVABLY BAD THING” for New York in a post on Truth Social.
Trump also described the development as “a big test” for New York City Mayor Zohran Mamdani, who took office earlier this month.
Trump issued the remarks late Sunday in the United States. He wrote that building a “New York Stock Exchange” in Dallas was “an UNBELIEVABLY BAD THING FOR NEW YORK.”
He added, “I can’t believe they would let this happen.” The post did not explain why he opposed the Texas venue.
Reuters said it was not immediately clear why Trump was against the move. No response from Mamdani was included in the reports cited.
However, the leading stock exchange’s Dallas venue opened before Mamdani became mayor. Trump still linked the issue to city leadership in his post.
Intercontinental Exchange (ICE), which owns the NYSE, previously outlined its Texas plans. ICE had said it would add Texas as a venue for a secondary listing last year, Reuters reported.
The NYSE said in February 2025 it would reincorporate its NYSE Chicago operations in Texas. In addition, it said it would launch a fully electronic exchange in Dallas, pending regulatory filings.
NYSE Texas opened for business in March 2025. In its first three months, 10 companies completed dual listings in Texas, Reuters reported.
The reports did not include trading volumes, listing fees, or revenue impacts. Still, the launch placed the NYSE brand inside a fast-growing Texas exchange market.
Reuters cited Halliburton, an oilfield services company, among the early dual listings. The list also included Trump Media & Technology Group Corp., the parent of Truth Social.
Trump Media was also among the first companies to signal an intention to list on the Texas outpost, Bloomberg reported. The reports did not add further details on timing beyond that reference.
Meanwhile, the NYSE has described Texas as a major base for listed corporate headquarters. A statement cited in the reporting said Texas is home to more NYSE-listed company headquarters than any other state.
That statement said those companies represent more than $3.7 trillion in market value. The statement did not provide a breakdown for the total.
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The Texas exchange landscape is also set to change again. Bloomberg reported that the rival Texas Stock Exchange has won approval from the US Securities and Exchange Commission (SEC) and expects to begin trading in 2026.
That expected launch adds competition as NYSE Texas builds activity. Furthermore, NYSE Texas began operating ahead of the rival’s planned start.
Trump’s comments also arrive against a political backdrop involving Mamdani. Bloomberg said Trump attacked Mamdani during the 2025 mayoral campaign, including calling him a “communist,” and later held a White House meeting with him in November.
NYSE Texas has already opened and recorded early dual listings in 2025. Meanwhile, the Texas Stock Exchange expects to start trading in 2026 after receiving SEC approval, keeping attention on how Texas-based exchange venues develop from here.
