AUSTIN (KXAN) – Today, Texas Governor Greg Abbott said he “celebrated” the announcement that the New York Stock Exchange (NYSE) is planning to launch NYSE Texas, a fully electronic equities exchange headquartered out of Dallas.
In a release today, Abbott stated “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.”
“I thank the New York Stock Exchange for choosing Texas,” the release continues. “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.”
NYSE Texas isn’t an entirely new exchange, however. In the same release, it was announced that NYSE Chicago was to be reincorporated in Texas and renamed NYSE Texas, pending regulatory approval.
The potential move comes after a push last year for the creation of the Texas Stock Exchange (TXSE), which would reside in Dallas and be in direct competition with the NYSE and NASDAQ.
The group behind the Exchange, TXSE Group Inc., announced last year they were registering with the Securities and Exchange Commission, but few details have been released since then. The Governor touted the TXSE in his State of the State address.
“It will make Texas the financial capital of America,” Abbott said in the address.
Abbott told CNBC previously that part of the push behind a Texas-based exchange was due to rules around ‘environmental, social and governance,’ or ESG, issues. Those are standards and regulations that some investors use to determine what to invest into. Texas is one of a number of states that have pushed back against ESG rules.
