SAN ANTONIO – Texas could soon become a major player in the financial world, with NASDAQ announcing plans to open a regional office in the state.
The move joins the New York Stock Exchange and the newly proposed Texas Stock Exchange, a development experts said could eventually impact jobs, businesses, and retirement accounts across Texas, including in San Antonio.
Daryl Lyons, CEO and co-founder of Pax Financial Group, said NASDAQ’s decision reflects the growing number of publicly traded companies relocating to Texas.
“NASDAQ is moving a regional office here in Texas because of all the business that’s going on,” Lyons said. “They just want to have a presence to be able to help these companies here participate in the publicly-traded markets.”
Lyons said Texas is unique, as no other state is on track to potentially host three major stock exchanges.
“It means that we matter,” Lyons said. “Texas has set up a new framework that’s different than New York’s — one that’s going to compete with New York and make the publicly traded markets better.”
While the exchanges would likely be based in the Dallas area, Lyons said the economic ripple effects could reach cities across the state, including San Antonio.
For local businesses, easier access to public markets could mean new opportunities to raise money and expand. Lyons said South Texas companies have traditionally been cautious about outside investment, but this shift could change that mindset.
“Having this spotlight will maybe make companies who are very successful a little bit more curious about how to access that capital to expand their good ideas,” he said.
For everyday workers, Lyons said the impact could show up in retirement accounts and job opportunities.
“Having better companies that are accessible through 401(k)s … you just have more jobs and more opportunity,” Lyons said. “People have better jobs, and the wages start to go up.”
The exchanges are expected to begin operations sometime next year. Lyons said Texans may start feeling the effects sooner than expected as investors and businesses move quickly to take advantage of the opportunity.
“If businesses can come here, all of us have better jobs and better lives,” Lyons said.
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