At the Texas Bankers Association Annual Convention, Governor Abbott, says this will cement the state as an “economic powerhouse on a global stage.” He declared Texas the “Financial Capital of America” pointing to the state’s growing financial workforce, expanding stock exchange footprint, and business-friendly regulatory climate.
The news comes as the New York Stock Exchange announced it would move its Chicago location to Dallas — joining the planned Texas Stock Exchange, and Nasdaq as big players in a growing financial hub. “Reliable infrastructure, lower taxes, lower regulation- then over time- you really would see the Texas Stock Exchange give the NYSE a really strong run for the money.” Financial Planner Richard Rosso said.
He says over 300 companies have moved their headquarters to the Lone Star State. “That’s not chump change, so our business climate, as long as it stays the way it is, Texas will gain stature and more and more will list.” Rosso added.
Unlike the New York Stock exchange that can do transactions in-house as well as online, Texas Ya’ll Street will be strictly online using technology the financial planner explained. As long as the business climate continues on this path and the financial hub shows trades can be successfully processed over time. “Not that Texas can’t do it, because Texas can pretty much do anything.” Rosso said.