The New York Stock Exchange on Wednesday announced plans for the reincorporation of its Chicago arm in North Texas.
NYSE Chicago, founded in 1882 as the Chicago Stock Exchange, is supposed to be renamed NYSE Texas. The fully electronic equities exchange will be headquartered in Dallas, pending regulatory filings.
Lynn Martin, NYSE Group president, praised Texas’ pro-business atmosphere in a Wednesday news release, mentioning the state has the largest number of NYSE listings, representing over $3.7 trillion in market value.
“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 said.
The NYSE’s parent company, Intercontinental Exchange Inc., agreed to acquire the Chicago Stock Exchange in 2018, according to Bloomberg News. At the time, the business news agency called the Chicago exchange “an afterthought in the U.S. stock market” and reported it handled less than 1% of the country’s equity volume.
In June, a group announced plans to launch an exchange in Dallas called the Texas Stock Exchange. And according to the Dallas Morning News, the Nasdaq is expanding its reach in Texas.
The Wall Street Journal reported in August that North Texas now has the second-largest presence in financial services in the U.S., after New York City.
The NYSE is planning on making regulatory and corporate filings to produce the reincorporation “in the near term,” according to the Wednesday release.
“With this launch, NYSE Texas will deliver a listing exchange to companies incorporated both in Texas and around the world that are attracted to Texas’ growing population, strong economy and business-friendly regulatory agenda,” the release said.
