NYSE Texas reached its 100th dual listing, a milestone announced on December 1 2025, after the exchange’s launch in March 2025. The achievement marks the first time a Texas‑based securities exchange has hit this benchmark, underscoring the state’s growing appeal to issuers seeking a pro‑business regulatory environment.
The 100 companies span 11 industries and collectively represent more than $2 trillion in market capitalization. The mix includes energy, technology, healthcare, and consumer staples, reflecting Texas’s diversified economy and the broad appeal of NYSE Texas’s trading platform and regulatory framework.
The milestone feeds directly into ICE’s “all‑weather” business model, which balances transaction‑based and subscription revenues. Dual listings generate recurring listing fees and increase trading volume, providing a steady revenue stream that supports ICE’s long‑term profitability and resilience against market cycles.
Management highlighted the milestone as evidence of the exchange’s competitive positioning. Lynn Martin, President of NYSE Group, said the achievement demonstrates the demand for NYSE’s offerings in Texas, while Bryan Daniel, President of NYSE Texas, noted that the launch has already attracted issuers that might otherwise have considered the upcoming Texas Stock Exchange.
The 100th dual listing also aligns with ICE’s broader financial performance. In Q1 2025, ICE reported record net revenues of $2.5 billion, with the Exchanges segment contributing $1.4 billion, up 12% year‑over‑year. The growth in dual listings is a key driver of that revenue expansion, reinforcing the company’s confidence in its market‑share gains and pricing power.
Looking ahead, ICE plans to continue expanding its Texas footprint, targeting additional dual listings and leveraging its technology platform to attract issuers from emerging sectors. The milestone signals that the exchange is well positioned to compete with other U.S. exchanges and to capitalize on Texas’s status as a financial hub.
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