The New York Stock Exchange's division in Chicago will be reincorporated in Texas, the company said on Wednesday, in a move that could intensify competition for listing venues in the 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,” said Lynn Martin,

The New York Stock Exchange is launching a fully electronic exchange in the Lone Star State. NYSE announced plans for NYSE Texas, which will be headquartered in Dallas, on Wednesday morning. NYSE is reincorporating its Chicago branch. The exact timing of the launch is pending regulatory filings.