Texas Stock Exchange Advances Towards Launch with Leadership Team and Board, According to Reuters

By Laura Matthews, Suzanne McGee

NEW YORK – The Texas Stock Exchange has appointed its board of directors in a significant development towards launching a national exchange aimed at competing with established platforms in New York. The exchange announced plans to begin trading next year.

In June, TXSE detailed its intention to register with the U.S. Securities and Exchange Commission, receiving support from major financial institutions. On Monday, it revealed that it has secured $135 million in funding.

Notable individuals on the board include Rick Perry, former Governor of Texas and U.S. Energy Secretary, along with Rick Roberts, a past SEC commissioner, and Alex Bussandri, the global head of strategy at Citadel Securities.

The exchange has also attracted professionals from Nasdaq and the New York Stock Exchange, among other trading platforms.

Owen Lau, a senior analyst at Oppenheimer & Co, commented on the competitive landscape, highlighting that "Texas Stock Exchange is bringing in prominent names as it prepares for a potential launch in 2025."

Recently, Nasdaq implemented a regional management structure for its global listings franchise and appointed Texas-native Rachel Racz as head of listings for Texas, the Southern U.S., and Latin America.

James Lee, founder and CEO of TXSE Group Inc., stated that the exchange plans to submit its SEC registration in the coming months. He expressed confidence that TXSE will complete its first trades by the end of 2025 and launch its listing operations in early 2026, establishing Dallas as a "new hub for capital markets in the United States."

Texas Governor Greg Abbott emphasized that the exchange will facilitate access to capital for businesses and enhance choices for market participants.

The exchange has selected Cam Smith as its global head of trading and co-president. Smith has an extensive background in electronic trading and previously served as president of a proprietary trading firm.

Additionally, Jeff Brown, who formerly held the role of acting general counsel at a leading financial services firm, is now the general counsel of TXSE Group Inc. and chief regulatory officer of the exchange.

Nicole Chambers, who managed the Texas market for Nasdaq, will oversee corporate listings. Jeff Karcher and Marc Cunningham, who previously worked with the NYSE covering the southeastern U.S. and Texas, will act as global managing directors.