The Nasdaq move deepened the emerging presence of major financial hubs in Texas, a state trying to rival New York City as the epicenter of U.S. business, according to the Wall Street Journal. New York Stock Exchange (NYSE) made a similar action in February after announcing it's bringing an exchange to Texas amid major competition.

The stock exchange operator’s Dallas plan is another sign of growing threat of ‘Y’all Street’ to New York’s financial dominance.