Dillard's to move its NYSE listing to the Texas Stock Exchange on Oct. 5

The Texas Stock Exchange's booked listings were two Texas Capital ETFs, a pair of energy partnerships, and two banks. Dillard's is the department-store name now on that calendar.

The company will stop using the New York Stock Exchange as the primary listing venue for its Class A common stock and its 7.50% capital securities after the close on Friday, October 2, and open those same securities on TXSE the following Monday. The company said holders need do nothing. The tickers stay DDS and DDT. The release did not say the securities would keep an NYSE listing of any kind.

The transfer puts a $9.80 billion department-store chain onto an exchange that received SEC approval a year ago and began live trading in July. Class A shares were at $627.34 Friday morning, down $6.92 or 1.1% on the session. The 7.50% capital securities of Dillard's Capital Trust I, ticker DDT, were at $26.06.

What Dillard's is sending to Dallas

Dillard's is a Texas corporation run from Little Rock, Arkansas. It operated 271 stores, including 28 clearance centers, and an internet store as of January 31, and posted net sales of $6.47 billion in the fiscal year then ended. Texas is its largest market, with 54 locations, a count the company repeated in Friday's announcement and that its annual report already showed.

The company dated its Texas story to 1956, when founder William T. Dillard acquired a store in downtown Tyler, and noted that it reincorporated from Delaware to Texas in August 2025. Friday's rationale was a single sentence: the move "aligns Dillard's deep roots and strong retail presence in Texas with TXSE's technology-driven platform."

Four days earlier, Rob C. Holmes, chief executive of Texas Capital Bancshares, the Dallas bank moving its own listing next month, described the economics more directly. TXSE's "shared listings approach," he said, "will, in effect, have the issuer in a net positive cash position with the exchange."

Class B shares, which are not widely traded, elect two-thirds of the board. As of August 29 the company had 11.86 million Class A shares and 3.76 million Class B shares outstanding.

The listings TXSE has already booked

TXSE is a fully electronic national securities exchange, built and headquartered in Dallas and owned by TXSE Group. The SEC approved its Form 1 registration on September 30, 2025. On that day chief executive James H. Lee said, "Real competition for corporate listings in the United States has finally arrived." The group had raised $275 million as of February, with investors that have included BlackRock, Citadel Securities, Charles Schwab and J.P. Morgan.

Its first primary listings were not operating companies. Two Texas Capital ETFs transferred from NYSE Arca on Wednesday. The operating-company calendar for early October is already a Texas roster: Energy Transfer and Sunoco, both leaving the NYSE on the same Monday as Dillard's; Texas Capital Bancshares, leaving Nasdaq on October 8; Origin Bancorp, leaving the NYSE on October 13.

A primary listing is not an exclusive trading venue. Other U.S. exchanges can still quote and trade an NMS stock under unlisted trading privileges, and Regulation NMS still governs trade-throughs of protected quotations. DDS will still trade on the NYSE and Nasdaq regardless of the listing address.

S&P and FTSE Russell on a TXSE listing

S&P Dow Jones Indices said on May 27 that it would add TXSE as an eligible exchange for the S&P U.S. Indices, effective when continuous trading began, and that TXSE-listed securities "may be considered eligible for inclusion… subject to meeting all other applicable index eligibility criteria." It said the change was not expected to have an immediate impact on the indices. FTSE Russell's ground rules list TXSE as an eligible U.S. exchange once primary corporate listings begin in October, provided other criteria are met. TXSE said on September 8 that MSCI had completed a methodology update as well.

On the S&P and FTSE Russell rules those firms have published, a TXSE primary listing does not by itself eject a stock from those indices.

State Street's equal-weight S&P retail ETF BXRT holds DDS at 1.60%, about $5.15 million. Broad U.S. market funds hold the stock too. None of those portfolios has to be rebuilt because the listing line on the stock changes.

Energy Transfer, Sunoco and the two banks were Texas companies taking a Texas listing. Dillard's is a national retailer putting a $9.80 billion stock on an exchange that opened for continuous trading in July. Holders keep the same shares on Monday, October 5, under a different listing line.