NYSE Chicago Division to Reincorporate in Texas Amidst Market Competition
The New York Stock Exchange (NYSE) announced on Wednesday that its Chicago division will be reincorporated in Texas. This strategic move is expected to heighten competition for listing venues in the Lone Star State, which is perceived as offering a more business-friendly legal and regulatory environment.
"Texas is a market leader in fostering a pro-business atmosphere," stated Lynn Martin, President of NYSE Group.
The move comes as Texas Stock Exchange, a new venture supported by financial giants BlackRock, Citadel Securities, and Charles Schwab, ramps up its efforts to launch in 2023.