A new electronic equities exchange, NYSE Texas, is set to establish itself in Dallas, marking a significant move by the New York Stock Exchange (NYSE). Announced on Wednesday, the transition involves the reincorporation of NYSE Chicago, which will be renamed NYSE Texas, offering companies an additional option for listing their securities.
Texas has become an attractive destination for major corporations, including Tesla and SpaceX, both led by Elon Musk. These firms have shifted their headquarters to Texas, citing the state's business-friendly legal and regulatory climate as a key factor in their decision.
Lynn Martin, president of NYSE Group, emphasized Texas' substantial presence in the market, noting that it hosts the largest number of NYSE-listed companies, with a combined market value exceeding $3.7 trillion. "We are excited to grow our footprint in Texas, a state that significantly contributes to the strength of the U.S. economy," Martin stated.
Texas Governor Greg Abbott engaged in discussions with NYSE executives earlier in the week regarding the upcoming launch, according to a report by FOX 4. Abbott expressed enthusiasm about the expansion, stating that the introduction of NYSE Texas would bolster the state's financial influence and solidify its position as a global economic leader.
Meanwhile, another contender is preparing to enter the market. The Texas Stock Exchange (TXSE), supported by major financial institutions such as BlackRock, Citadel Securities, and Charles Schwab, has submitted its application to become a national securities exchange. Expected to debut in 2026, TXSE will also operate as a fully electronic equities exchange based in Dallas.
A TXSE representative, in a statement obtained by Reuters, highlighted Texas' strong business environment, stating, "We have always recognized that Texas is the premier place for business. The Texas Stock Exchange is leveraging this momentum to establish a national securities exchange right here in our home state."