Energy Titans Lead Push to Ditch NYSE for Upstart Texas Exchange
Sunoco LP and Pipeline giant Energy Transfer LP said they’re switching their listings to the Texas Stock Exchange from the New York Stock Exchange in a major win for the upstart marketplace that’s revving up its bid to grab business from established competitors.
Sunoco said its units will cease trading on the NYSE on Oct. 2, according to a statement on Thursday. Dallas-based Energy Transfer also said its units will begin trading on the TXSE on Oct. 5. An entity tied to Energy Transfer’s billionaire Chairman Kelcy Warren holds a stake in TXSE Group Inc.
Energy Transfer, which has a market capitalization of about $75 billion, and Sunoco, will be the first companies to move their listings from the NYSE.
More companies are expected to announce next week, said Elaine Agather, Dallas region chair at JPMorgan Chase & Co. and member of an advisory board at the Texas Stock Exchange. (Bloomberg)