Wall Street Comes to Y'All Street - At Chicago's Expense

[IsailedawayfromFR]

Another FAFO

Wall Street Comes to Y'All Street - At Chicago's Expense
Ed Morrissey| February 13, 2025
   
Policies have consequences, especially financial incentives -- and disincentives. Texas supplies plenty of the former, while blue states such as New York, Delaware, and Illinois provide overwhelming amounts of the latter. Corporate America has taken notice of the Lone Star State's favorable tax and business environment, prompting a significant number of companies to re-incorporate and relocate to Texas.

Now the stock exchanges are following suit. Texas had already encouraged some investors to set up a competing exchange in Dallas, given the corporate relocations and the desire in the financial industry to lower their tax risks. NASDAQ and the New York Stock Exchange are now rushing to fill the gap -- at the expense of Illinois and J.B. Pritzker:

The New York Stock Exchange will reincorporate its Chicago branch in Texas, it announced on Wednesday, rebranding it as NYSE Texas and moving to Dallas.

With the upstart Texas Stock Exchange taking shape and the Nasdaq expanding its reach in the Lone Star State, the Dallas region is about to find out if “Y’all Street “ is big enough for three players.

Timing of the Big Board’s “fully electronic” Texas equity market will depend on regulatory filings, the NYSE said. The announcement comes as a number of big companies flock to Texas as a whole, drawn in by its low taxes and business-friendly regulation.

The Texodus has been coming for a while. The Wall Street Journal reported on it last summer after financial giants began installing big footprints in Big D:

Ross Perot Jr. gestured out the window as his helicopter circled a 4.5-acre pit alongside the skyline of downtown Dallas. Texas and U.S. flags hung from a crane within it.

The site is where Perot’s real-estate investment company, Hillwood, is partnering to build a $500 million Goldman Sachs GS 0.41%increase; green up pointing triangle tower for more than 5,000 bankers and investors. That will make it the financial firm’s second-largest office, behind New York. As the helicopter swung northwest, windows glinted from two unfinished Wells Fargo office towers, scheduled to open next year. A bit farther away: a fourth office building under construction for Charles Schwab, which moved its headquarters from California to the Dallas area five years ago, and the footprint of a Deloitte campus doubling in size.

The sprawling landscape illustrates an expansion that has brought to North Texas a presence in financial services that now sits second only to New York City in the U.S. And growth of so-called Y’all Street is accelerating.
https://hotair.com/ed-morrissey/2025/02/13/wall-street-to-yall-street-nyse-shifts-chicago-exchange-to-big-d-n3799752

[DefiantMassRINO]

So, the Chicago Mercantile Exchange will become the Dallas Mercantile Exchange?  Nice.

"Capital will always go where it’s welcome and stay where it’s well treated.
Capital is not just money. It’s also talent and ideas.  They, too, will go where they’re welcome and stay where they are well treated." - Walter Wriston