On February 12, 2025, the New York Stock Exchange (NYSE) announced plans to launch NYSE Texas, a fully electronic equities exchange based in Dallas, Texas, through the reincorporation and renaming of NYSE Chicago. This announcement comes on the heels of the late 2024 announcement of a prospective competitor to the NYSE by the Texas Stock Exchange (TXSE). The TXSE filed its Form 1 with the US Securities and Exchange Commission to commence the regulatory review process to register as a national securities exchange on January 31, 2025. The TXSE would seek to attract companies with stronger quantitative metrics than the baseline requirements established by the NYSE and Nasdaq with a particular focus on those located in the southeast United States. The NYSE Texas is expected to offer companies the opportunity to list directly on the rebranded exchange and similarly attract companies that are both incorporated in Texas and those out-of-state that may be attracted to Texas’ capital markets and its regulatory regime. Final regulatory approval from the SEC will take several months from filing and may not be effective until 2026 or later.
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