New York Stock Exchange plans exchange in 'pro-business' Texas
New York Stock Exchange (NYSE) Texas, "a fully electronic equities exchange," is coming to Dallas.
The announcement came Wednesday, and stated the NYSE Chicago "will reincorporate in Texas and be renamed NYSE Texas," providing companies with a new venue to list their securities.
Several high-profile firms, including Elon Musk's Tesla, and SpaceX, have relocated their headquarters to Texas, attracted by the state's perceived favorable legal and regulatory environment.
"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," Lynn Martin, president of NYSE Group, said in a statement.
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"We are delighted to expand our presence in the Lone Star State, which plays a key role in driving our U.S. economy forward" Martin continued.
Texas Gov. Greg Abbott met with NYSE leaders on Monday to discuss the launch, local FOX 4 reported.
"With the launch of NYSE Texas, we will expand our financial might in the United States and cement our great state as an economic powerhouse on the global stage," Abbott said, according to FOX 4.
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A potential competitor is already in the works, as the Texas Stock Exchange (TXSE), a new venture backed by financial giants including BlackRock, Citadel Securities and Charles Schwab, is targeting a 2026 launch after submitting paperwork late last month to operate as a national securities exchange, Reuters reported.
It will also be a fully electronic equity exchange headquartered in Dallas.
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"We have known all along that Texas is the best place to do business," a TXSE spokesperson said in a statement obtained by Reuters following the news. "The Texas Stock Exchange is harnessing this momentum to build a national securities exchange in our home state."
Reuters contributed to this report.