March 5 (Reuters) – Nasdaq will mark the full operational launch of its Texas exchange on Thursday, following U.S. regulatory approval of its listing rules.
The exchange operator had announced the Texas exchange last year to deepen its presence in a state that is fast emerging as a major financial hub, rivaling New York.
The launch gives U.S. public companies a Texas-based exchange option, allowing issuers to benefit from the state’s business-friendly environment, due to a favorable tax climate, lower costs of living and reduced energy costs.
“The full launch of Nasdaq Texas represents a permanent, foundational commitment to the companies that want to build the future of the U.S. economy from this state,” said Rachel Racz, senior vice president and head of Listings for Texas, Central and Southern U.S., and Latin America.
Nasdaq Texas has become fully operational as a dual‑listing exchange and is now legally domiciled in the state, the company said.
A host of companies, including APA Corporation, J.B. Hunt Transportation and Huntington Bancshares, as well as the Nasdaq exchange, are expected to have a dual listing in Texas.
The Texas listing will help Nasdaq better compete with the New York Stock Exchange — which also committed to launch an exchange in the state last year — and the Texas Stock Exchange (TXSE), a venture backed by BlackRock and Citadel Securities. The U.S. Securities and Exchange Commission approved the Dallas-based TXSE as a national securities exchange in September.
(Reporting by Pritam Biswas in Bengaluru; Editing by Shinjini Ganguli)
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