That was my assumption too, but it's not across the board. For example, AT&T, Inc (HQ in Dallas) is a Delaware Corp. But, I expect that any of these companies that have many years of history will have complex organizational structures. As such, I'm not sure what benefit a brand new exchange would have for them.

If I were TXSE, what I'd be arguing is that the new market would have a benefit for new companies. Can you list faster with fewer requirements? Will there be capital available on the market? Can an IPO on their market be a replacement for later stage VC?

These are the companies they'd want to recruit.