San Antonio financial institutions are shifting their stock listings to Texas-based markets to tap into the state’s growing financial industry, known locally as Y’all Street. Frost Bank is moving from the New York Stock Exchange to the Texas Stock Exchange, while Victory Capital Management is dual-listing its stock on Nasdaq.
Why are Frost Bank and Victory Capital moving to Texas exchanges?
Frost Bank, a 158-year-old San Antonio institution, is moving its stock listing from the New York Stock Exchange to the Texas Stock Exchange (TXSE) on Thursday. The financial company waited for the Dallas-based exchange, which launched in July, to mature and show stability.
“Once you have a chance to be a part of the Texas Stock Exchange, to be part of Y’all Street … Why wouldn’t we do that?” said Bill Day, corporate communications manager at Frost Bank.
Meanwhile, Victory Capital Management, which manages around $355 billion in assets, began dual-listing its stock on Nasdaq’s New York and Texas exchanges at the end of October. The firm relocated to San Antonio in 2019.
“If Nasdaq had opened a secondary exchange in Idaho, nothing against Idaho, that would be less of a relevant dual-listing for us,” said Mannik Dhillon, President of Investment Franchises and Solutions and Head of Exchange-Traded Funds at Victory Capital. “But given the fact that they and others are trying to make Texas a financial hub, and we are headquartered here in San Antonio, [this] made a lot of sense.”
How will the exchange shifts affect everyday investors?
Representatives from both companies said that the Lone Star shift brings them closer to local services and investors and shows their commitment to the Texas economy. Dhillon said that Nasdaq’s Texas branch, launched with a ceremony at the Alamo, allows investors more options through different pools of money and markets. Day emphasized that Frost Bank’s transition would have little impact on investors, shareholders, or daily operations.
“The average shareholder won’t notice a difference at all,” Day said. He added that virtual trading has largely replaced physical floor presence on Wall Street. Dhillon also said that moving between established exchanges carries minimal risk regarding price differences. He expressed more concern about liquidity providers making markets if a company moves to a completely standalone exchange.
What are the main financial moves on Y’all Street?
- Frost Bank: Transitioning from the New York Stock Exchange to the Texas Stock Exchange on Thursday.
- Victory Capital Management: Dual-listing its stock on Nasdaq’s New York and Texas exchanges as of late October.
- Market Expansion: New and old financial institutions continue establishing a presence in Texas to capitalize on the business-friendly environment.
Frequently Asked Questions
When did Nasdaq launch its Texas branch?
Nasdaq launched its Texas branch with a closing bell ceremony outside the Alamo on March 5, 2026.
How much assets does Victory Capital manage?
Victory Capital Management manages around $355 billion worth of assets and relocated its headquarters to San Antonio in 2019.
Where was Frost Bank listed previously?
Frost Bank operated on the New York Stock Exchange before making its transition to the Texas Stock Exchange.
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