10/19/2026
New York spent more than 200 years building Wall Street. Now Dallas is coming for a piece of that pie.
The NYSE opened its Texas headquarters in Dallas. The Texas Stock Exchange started trading right here in DFW. And on October 5, Energy Transfer and 3 related companies moved their primary listings to the Texas Stock Exchange. Nearly $100 billion in market value.
Some people call that luck.
Machiavelli had an answer for that about 500 years ago. Plutarch said Rome built its empire on fortune. Machiavelli wasn't buying it. Rome's armies won the territory. Its institutions kept it.
Getting an opportunity is one thing. Capitalizing on it is another.
Attracting Wall Street's business is one thing. Keeping it is another.
So did Dallas really get lucky?