DALLAS — The New York Stock Exchange is reincorporating its Chicago branch in North Texas.
Plans for NYSE Texas, which will be located in Dallas, were announced Wednesday.
The news comes as the upstart Texas Stock Exchange plans to launch this spring and as Nasdaq expands its reach in North Texas.
The timing of the launch of the “fully electronic equities exchange” will be pending regulatory filings, according to the NYSE.
“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,” said NYSE President Lynn Martin. “We are delighted to expand our presence in the Lone Star State, which plays a key role in driving our U.S. economy forward.”
Gov. Greg Abbott welcomed the news Wednesday.
“Texas is the most powerful economy in the nation, and now we will become the financial capital of America,” Abbott said in a statement. “With the launch of NYSE Texas, we will expand our financial might in the United States and cement our great state as an economic power house on the global stage. I thank the New York Stock Exchange for choosing Texas. Working together, we will continue to advance pro-growth economic policies that allow entrepreneurs and businesses to thrive and will make Texas stronger and more prosperous than ever in the history of our great state.”
The upstart Texas Stock Exchange has gotten more than $135 million in initial backing and their board includes former Texas Gov. Rick Perry, who was also U.S. Energy Secretary, and leaders from Blackrock and Citadel Securities.
Late last year, stock exchange operator Nasdaq announced plans to put one of its three new regional listings divisions in Irving.