(Reuters) - The New York Stock Exchange's division in Chicago will be reincorporated in Texas, the company said on Wednesday, in a move that could intensify competition for listing venues in the state.

Texas is perceived by some businesses as having a more favorable legal and regulatory environment.

"Texas is a market leader in fostering a pro-business atmosphere," NYSE Group's president Lynn Martin said.

Texas Stock Exchange, a new venture backed by financial giants including BlackRock Citadel Securities and Charles Schwab, has ramped up its efforts to launch next year.