Texas positioned as financial hub, competing with New York

Texas is positioning itself as a major financial hub in the U.S., with Governor Greg Abbott claiming it has a "stronger brand than New York." He shared this on CNBC after Nasdaq announced plans to open a regional headquarters in Dallas. Abbott highlighted that the financial industry recognizes Texas as a key place for capital markets. Texas is set to launch its own stock exchange in 2026 and has made recent key hires to build its exchange-traded products division. Many leading financial companies are increasing their presence in Texas. For instance, the New York Stock Exchange is moving its Chicago operations to Texas, while Nasdaq aims to strengthen its ties with the state's innovative companies. In addition to financial growth, Texas is working to attract major businesses with a more friendly legal environment. This includes stricter rules on shareholder lawsuits. Abbott noted that he wants to change laws so that only shareholders with at least 3% ownership can sue companies. This move is part of Texas's effort to stand out as a better option than Delaware for corporate legal matters.