Exchange operator Nasdaq said on Tuesday it would open a regional headquarters in Texas, deepening its presence in a state that is fast emerging as a major financial hub rivaling New York. Elon Musk-led Tesla and SpaceX,

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

On Tuesday, Nasdaq became the latest New York-based financial giant to announce a big move in Texas as it announced plans for a new regional headquarters in Dallas. Nasdaq officials cited the Texas economy and their already robust presence in the region as their reason for opening the new headquarters in Dallas and investing further in the area.