The New York Stock Exchange (NYSE) is expanding its operations by opening a new, fully electronic stock exchange in Dallas, Texas. This new venue, which will be called NYSE Texas, marks an important step in the state’s growing influence in the financial sector.

The announcement, made on Wednesday, revealed that the NYSE’s Chicago division will relocate to Texas and officially be renamed NYSE Texas. This move provides businesses with an additional option to list their securities in one of the most business-friendly states in the U.S.

Texas has already attracted major companies, including Tesla and SpaceX, drawn by the state’s favorable legal and regulatory environment. NYSE Group President Lynne Martin praised Texas for its pro-business atmosphere, noting that it is the state with the largest number of NYSE listings, which collectively represent over $3.7 trillion in market value.

“We are excited to expand our presence in Texas, which is an economic powerhouse driving the U.S. economy forward,” Martin said in a statement. “With NYSE Texas, we will further strengthen our financial influence in the U.S. and on the global stage.”

Texas Governor Greg Abbott also expressed strong support for the move. “The launch of NYSE Texas will enhance our state’s position as an economic leader and a key player in the global financial market,” Abbott stated.

In response, a potential competitor, the Texas Stock Exchange (TXSE), is also planning to launch by 2026. Backed by financial giants like BlackRock, Citadel Securities, and Charles Schwab, TXSE will be a fully electronic exchange based in Dallas. The exchange has already filed paperwork to operate as a national securities exchange.

“We know Texas is the best place to do business,” said a spokesperson for TXSE. “We’re excited to leverage the state’s momentum in building a national stock exchange right here in Texas.”