Policies have consequences, especially financial incentives — and disincentives. Texas supplies plenty of the former, while blue states such as New York, Delaware, and Illinois provide overwhelming amounts of the latter. Corporate America has taken notice of the Lone Star State’s favorable tax and business environment, prompting a significant number of companies to re-incorporate and relocate to Texas.
Now the stock exchanges are following suit. Texas had already encouraged some investors to set up a competing exchange in Dallas, given the corporate relocations and the desire in the financial industry to lower their tax risks. NASDAQ and the New York Stock Exchange are now rushing to fill the gap — at the expense of Illinois and J.B. Pritzker:
The New York Stock Exchange will reincorporate its Chicago branch in Texas, it announced on Wednesday, rebranding…
