In a bold move to shake up the financial landscape, the Lone Star State is poised to become a major player in the world of stock exchanges. The Texas Stock Exchange (TXSE) has announced a powerhouse board of directors, featuring a who’s who of industry heavyweights, as it gears up to launch trading operations in 2025.
With a war chest of $135 million, courtesy of backing from BlackRock and Citadel Securities, TXSE is pulling out all the stops to rival established players in New York. The exchange has snagged top talent from Nasdaq, the New York Stock Exchange, and other major trading platforms, including former SEC commissioner Rick Roberts and Citadel Securities’ global head of strategy, Alex Bussandri.
Rick Perry, the former governor of Texas and U.S. energy secretary, will also join the board, bringing his unique blend of political and business acumen to the table. Other notable additions include Cam Smith, a veteran of electronic trading platforms, who will serve as global head of trading and co-president, and Jeff Brown, a former acting general counsel at Charles Schwab, who will oversee regulatory affairs.
According to James Lee, founder and CEO of TXSE Group Inc, the exchange is on track to submit its registration with the U.S. Securities and Exchange Commission in the coming months, with plans to execute its first trades by the end of 2025 and launch its listing early in 2026. If successful, TXSE could turn Dallas into a major hub for capital markets in the United States.
Texas Governor Greg Abbott has thrown his support behind the initiative, citing the need for businesses to have access to capital and for market participants to have more choice. As the exchange prepares to take on the big boys, one thing is clear: the Texas Stock Exchange is not messing around.
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