The New York Stock Exchange will reincorporate its Chicago branch in Texas, rebranded as NYSE Texas, the exchange said on Wednesday.

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.

The New York Stock Exchange announced on Wednesday it will launch an exchange in Texas, increasing competition among listing venues in the state. Several high-profile firms, including Elon Musk's Tesla and SpaceX,

The news comes as the upstart Texas Stock Exchange prepares to launch this spring and Nasdaq plans to grow its footprint in North Texas.

The New York Stock Exchange said it’s starting an equities exchange in Dallas, as rival stock market operators reorganize their regional footprint to capture new listings.

Texas is the most powerful economy in the nation, and now we will become the financial capital of America," said Governor Abbott.

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. Texas is perceived by some businesses as having a more favorable legal and regulatory environment.