The head of the New York Stock Exchange said she expects continued growth from Texas’ already-booming economy.
The Lone Star State’s robust economy and attitude toward business make it uniquely positioned for success, according to New York Stock Exchange (NYSE) President Lynn Martin, who spoke at a Dallas Regional Chamber (DRC) event on Thursday.
“Texas has really allowed entrepreneurs to flourish, which really speaks to the welcoming nature of the economic incentives that accompany Texas,” Martin told the business professional and local leaders in attendance, per The Dallas Morning News.
According to Martin, more than 200 Texas-based companies are listed on the NYSE, all creating jobs and facilitating the state economy’s growth.
Some local companies included on the exchange include Dallas-based CBRE and AT&T and Irving-based Caterpillar and McKesson, among others.
In September, Texas Gov. Greg Abbott rang the closing bell at the NYSE to commemorate the listing of a new exchange-traded fund (NYSE: TXS) that tracks the stocks of publicly traded companies based in Texas. Companies listed in the ETF include Tesla, Crowdstrike, Exxon Mobil, and Charles Schwab.
“As the eighth-largest economy in the entire world and with an annual GDP of $2.35 trillion, it’s about time Texas has its own ETF,” said Gov. Abbott in a news release.
“Texas, Texans, and Texas businesses need access to capital. One way to provide that access to capital and expand capitalism in the state of Texas is through its own ETF — and all of you are making that happen here today,” he said.
“Washington, D.C. may be the capital of the United States of America, but Texas is the economic capital of America. Texas opens up opportunity and dreams to everybody,” Abbott added.
Regulators at the Securities Exchange Commission have attempted to enact market reform over the last year to increase transparency and strengthen U.S. capital markets. While Martin said she sees this trend continuing into 2024, she believes regulators might be rushing the process and forgetting what makes the U.S. equity market attractive.
“They were forgetting about the ecosystem of the U.S. … with some of the proposed regulations,” she said, per DMN. “The strength of our U.S. markets, the ability to raise capital and liquidity, transparency and depth in those markets, we can’t lose sight of that.”