Former President Donald Trump has launched a fierce critique of the New York Stock Exchange's strategic expansion into Texas, branding the move "unbelievably bad" for New York City and presenting it as a significant challenge for its mayor.
Trump's Social Media Outburst
In a post on his Truth Social platform, Trump expressed disbelief at the development. "I can't believe they would let this happen," he wrote, directly addressing the establishment of NYSE Texas. He framed the situation as a "big test" for New York Mayor Zohran Mamdani, despite the mayor having no formal regulatory authority over the privately-owned exchange.
The controversy stems from an announcement made in February 2025 by Intercontinental Exchange (ICE), the NYSE's parent company. The plan involved relocating the operations of what was formerly the Chicago Stock Exchange to a new, fully electronic headquarters in Dallas, with trading scheduled to commence by the end of March 2025.
The Business Rationale Behind the Move
NYSE Group President Lynn Martin strongly defended the relocation at the time, highlighting Texas's economic prowess. "As the state with the largest number of NYSE listings, representing over $3.7 trillion in market value for our community, Texas is a market leader in fostering a pro-business atmosphere," Martin stated in an official press release.
ICE promoted the shift as a strategic decision to provide a dedicated listing exchange for companies, both Texan and international, drawn to the state's booming population, robust economy, and favourable regulatory climate. The exchange, which was acquired by ICE in 2018 and renamed NYSE Chicago before its latest transformation, now operates as NYSE Texas.
A Complex Political Relationship
The context of Trump's remarks adds a layer of political intrigue. His focus on Mamdani is notable given their historically complex relationship. Following a November 2025 meeting in the Oval Office, Trump surprised observers by predicting Mamdani would be a "really great mayor." Mamdani described their discussion as productive, centred on a shared affection for New York City.
However, the pair have since diverged on policy, with Mamdani publicly criticising Trump's military actions in Venezuela. Despite this, the former president had largely refrained from direct attacks on the new mayor's administration until this recent broadside regarding the stock exchange.
It remains unclear what specific action Trump expects from the mayor's office, as the NYSE is primarily regulated by the federal U.S. Securities and Exchange Commission, not city government. The timing of his comments may be connected to the launch of several Trump-related financial products on the NYSE just days prior, on January 15, 2026, including five exchange-traded funds linked to his Truth Social platform.
As of now, Mayor Mamdani's office has not issued a public response to the president's claims. Requests for additional comment from the White House and the NYSE itself have also not been immediately answered, leaving the financial and political communities to ponder the next developments in this unfolding story.
