Texas Stock Exchange to Launch with High-Profile Board

The Texas Stock Exchange (TXSE) is set to launch next year and has announced its board of directors, which includes notable figures like Rick Perry, Rick Roberts, and Alex Bussandri. Backed by major firms such as BlackRock and Citadel Securities, TXSE aims to rival established exchanges in New York.

The Texas Stock Exchange, planning a launch next year, took a significant step forward on Monday by announcing its board of directors. This move is part of its strategy to build a regional exchange capable of rivaling New York's long-established platforms.

TXSE, which announced in June its intention to register with the U.S. Securities and Exchange Commission, has raised about $120 million and is backed by major entities like BlackRock and Citadel Securities. Among the board members are Rick Perry, former Texas governor and U.S. energy secretary, and Rick Roberts, a former SEC commissioner. Alex Bussandri, global head of strategy at Citadel Securities, also joins the board.

The exchange has attracted talent from Nasdaq, the New York Stock Exchange, and other trading platforms. Cam Smith, who started his career with electronic trading platforms and previously served as president of Quantlab, will serve as TXSE's global head of trading and co-president.

Jeff Brown, a former acting general counsel at Charles Schwab, will serve as general counsel of TXSE Group Inc. and chief regulatory officer of the exchange.

(With inputs from agencies.)