The New York Stock Exchange has announced its plans to launch NYSE Texas, a fully electronic stock exchange based in Dallas.
NYSE is a part of the Intercontinental Exchange, Inc. (NYSE: ICE). On Wednesday, it announced that its Texas branch will be a rebranding and reincorporation of NYSE Chicago.
According to the Tax Foundation, Texas currently ranks seventh in how well states’ tax policies encourage economic growth by lifting cumbersome regulations on businesses.
This is reinforced by the fact that over the past year, major companies have relocated from other states to Texas—including both Tesla and X.
Gov. Greg Abbott celebrated the NYSE’s decision, stating that Texas has the nation’s most powerful economy and that it will assume the position of America’s financial capital.
“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. “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,” he concluded.
NYSE Group President Lynn Martin called Texas the market leader in creating a pro-business atmosphere and said that the Lone Star State would drive the U.S. economy forward.
