The launch of the Texas Stock Exchange (TXSE) is more than the creation of a new trading venue—it is emblematic of the financial industry’s accelerating shift of talent and capital away from New York City and toward Texas.
Data from the Partnership for New York City shows the city shed more than 8,400 financial jobs between January and August 2025, while Texas emerged as a top destination for relocated firms.
Goldman Sachs is building an 800,000‑square‑foot Dallas campus to house more than 5,000 employees, while JPMorgan now employs 31,000 people in Texas, surpassing its New York City headcount of 24,000.
In addition to the power houses, other regional banks and asset managers already have expanded aggressively in Dallas‑Fort Worth, citing lower taxes, lighter regulation, and a growing talent pool.
Pershing Square Capital Management’s CEO Bill Ackman has warned that New York’s tax and regulatory environment could trigger a tipping point for more relocations by other financial firms and high-wealth individuals.
Against this backdrop, the TXSE Group announced it has raised a total of $250 million in capital following its second funding round, securing backing from legacy, heavyweight institutions. The TXSE plans to begin trading in early 2026 and listing exchange‑traded products and corporate issues later in that year.
In a recent press release, the TXSE reported its backers now include four pillars of the U.S. capital markets. TXSE’s institutional investors include: JP Morgan; BlackRock, the world’s largest institutional manager with $13.5 trillion of AUM (Assets Under Management); Charles Schwab, the world’s largest retail organization with $11.6 trillion in client assets and more than 50% of U.S. equity retail order flow; and Citadel Securities, the largest global liquidity provider, which executes more than one in four shares traded in the U.S.
“In total, 82 financial institutions and business leaders are equity holders in TXSE Group,” said the TXSE in its press release.
James H. Lee, founder and CEO of the TXSE Group, said the exchange’s strong capital position “validates our mission to bring increased competition to the U.S. capital markets.” TXSE’s simplified listing requirements and lower fees are expected to appeal to firms in energy, logistics, and technology—companies that may otherwise find the New York Stock Exchange and Nasdaq too costly or restrictive.
“The TXSE’s focus on alignment and transparency for issuers will alter the trajectory of our public markets and help establish Texas as a new global leader in capital markets,” added Lee.
With Wall Street giants planting roots in Dallas and TXSE offering a pro‑business alternative to legacy exchanges, the new marketplace is both a reflection of and a catalyst for America’s shifting financial geography—potentially eroding the dominance of NYSE, Nasdaq, and New York City in the years ahead.
The Securities and Exchange Commission’s Division of Examinations has released its fiscal year 2026 examination priorities, signaling a recalibration of focus areas amid evolving market risks.
While the agency continues to emphasize its four pillars: Compliance, Fraud Prevention, Risk Monitoring, and Policy Support, the 2026 agenda reflects notable shifts from the prior year’s priorities.
Investment advisers and investment companies remain central to SEC oversight. In 2026, the Division will continue to prioritize fiduciary duty, conflicts of interest, and compliance program effectiveness, particularly for advisers to private funds and newly registered firms. This mirrors 2025 priorities, which also scrutinized advisers’ duty of care and loyalty, but the 2026 plan expands attention to complex products such as leveraged ETFs and private credit funds.
Cybersecurity and operational resiliency will take on heightened prominence next year. The 2026 priorities stress registrants’ defenses against ransomware, AI-driven threats, and polymorphic malware, alongside compliance with updated Regulation S-P privacy safeguards. By contrast, the 2025 agenda emphasized information security broadly but did not spotlight AI risks as explicitly.
Broker-dealer practices remain under review, with continued focus on order routing, and liquidity risk management. However, the 2026 plan adds scrutiny of extended-hours trading and alternative trading systems, reflecting market structure changes.
Overall, the 2026 agenda underscores investor protection in traditional markets while modernizing oversight for emerging technologies. Compared to 2025, the SEC is less focused on crypto and more on AI, privacy, and retail investor safeguards, signaling where regulatory energy will be directed.
Treasury Launches Sweeping Investigation of Awarded Contracts
The US Treasury announced a department-wide audit of $9 billion in contracts awarded under federal contracting set-aside programs. These programs involve government contracts for small businesses, minority-owned firms, or other disadvantaged groups to ensure they have access to federal procurement opportunities.
Though these programs are designed to promote competition and economic equity, they also have been vulnerable to abuse, including in cases where larger firms use smaller entities as pass-throughs to capture awards.
To prevent misuse, Treasury will now require detailed staffing plans and monthly workforce performance reports for service contracts, aiming to detect non-performance and fraudulent arrangements. The initiative underscores the current administration’s broader push to eliminate waste and fraud in federal procurement while reaffirming its original purpose: expanding opportunities for genuine small businesses.
“Treasury will not tolerate fraudulent misuse of federal contracting programs,” said Treasury Secretary Scott Bessent. “These initiatives must benefit legitimate small businesses that deliver measurable value to the government and the public.”
Weinberg’s Managing Partner Recognized as Top 100 Accountant
Weinberg Managing Partner Corey Fischer for the third consecutive year has been named a “Top 100 Accountant” by the Los Angeles Business Journal (LABJ). This prestigious publication annually highlights accounting professionals who are well respected in the industry, make significant contributions to their profession and those who make an impact on their organizations.
In its November 10, 2025 edition the LABJ wrote, “Corey has long been recognized by peers and the public companies he serves because of his technical expertise and high ethical and business standards.”
Under his guidance, the firm’s technical excellence throughout the Audit Practice has been validated by stellar PCAOB inspection reports. The 2025 PCAOB inspection found NO Deficiencies in the audits performed by Weinberg, placing the firm well above its competitors in terms of audit quality.
In addition to the Los Angeles Business Journal, Corey has been recognized in the Los Angeles Times’B2B Publishing Banking & Finance Visionaries 2024 and 2025 editions, which highlight “The Region’s Financial Sector Leadership”.
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