rewrite this title The New York Stock Exchange is launching an exchange in Texas

The New York Stock Exchange will soon have a presence in Texas to cater to the growing number of companies looking for a home base in the business-friendly state.

The NYSE announced Wednesday that one of its electronic exchanges, NYSE Chicago, will reincorporate in Texas and be renamed NYSE Texas, giving companies an option to list their stocks in the Lone Star state.

“As the state with the largest number of NYSE listings, representing over $3.7 trillion in market value for our community, Texas is a market leader in fostering a pro-business atmosphere,” Lynn Martin, NYSE Group president, said in a release.

NYSE is part of Intercontinental Exchange. NYSE Chicago was previously the Chicago Stock Exchange, which was acquired by ICE in 2018.

The move comes as a potential competitor to NYSE is emerging in Texas. Last month, TXSE Group announced that it had filed for registration of the Texas Stock Exchange with the Securities and Exchange Commission. TXSE Group said it has raised $161 million and intends to launch trading in early 2026.

Texas Gov. Greg Abbott told CNBC last year that rules around environmental, social and governance, or ESG, was a motivation to have a Texas-based exchange. Texas is one of several states that have pushed back against ESG rules from Wall Street firms.

“We need to make sure that Texas companies, and companies similarly situated, are not going to be cut off from capital markets in New York with policy decisions made from the left in places like New York,” Abbott said.

Texas has also emerged as a competitor to Delaware as the legal home of major companies. Tesla reincorporated in Texas last year after a legal fight in Delaware court over a pay package for CEO Elon Musk. The Wall Street Journal reported last month that Meta Platforms was exploring a similar move.

Trading at the NYSE exchanges and most major stock exchanges around the world are done almost entirely electronically. Stocks trade on multiple exchanges even if they have one designated as their primary listing.