Tesla, SpaceX, Oracle as well as Hewlett Packard, have all moved to the Lone Star State, attracted by a favourable tax climate, lower costs of living and reduced energy costs
[BENGALURU] Exchange operator Nasdaq said on Tuesday (Mar 18) it would open a regional headquarters in Texas, deepening its presence in a state that is fast emerging as a major financial hub rivaling New York.
Elon Musk-led Tesla and SpaceX, as well as tech giants Oracle and Hewlett Packard Enterprise, have all moved to the Lone Star State, attracted by a favourable tax climate, lower costs of living and reduced energy costs.
For Nasdaq, the move could also help it better compete with the New York Stock Exchange – which last month committed to launching an exchange in the state – and the Texas Stock Exchange, a venture backed by BlackRock and Citadel Securities, which is gearing up for a launch early next year.
“It should be no surprise that there’s so much interest in bringing the capital markets to Texas… We’re proud to be leading the way in cementing Dallas as the financial capital of the world,” a spokesperson for the Texas Stock Exchange’s parent company, TXSE, said.
Nasdaq did not specify its hiring plans for the new headquarters in Dallas. However, it pledged additional investments to support its “broad range of clients in the region”.
The exchange operator lists over 200 Texas-based companies, with a combined market capitalization of US$1.98 trillion as of December. The state also accounts for the largest number of listings on the NYSE.
A foothold in Texas could enhance exchanges’ reach among the state’s leading industries, including energy and manufacturing, at a time when companies are staying private longer. REUTERS
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