On 31 January 2025, the Texas Stock Exchange LLC (TXSE) filed a registration statement with the US Securities and Exchange Commission (SEC) to operate as a fully electronic, national securities exchange.
On 13 March 2025, TXSE announced its hiring of several leaders from the exchange-traded fund (ETF) industry for TXSE leadership roles:
- Robert Marrocco as global head of exchange-traded products (ETPs) and a member of TXSE's management committee
- Kyle Murray as deputy general counsel and legal head of global listings
- Alison Hennessy as managing director of ETPs and
- Laura Morrison as a strategic advisor.
TXSE's hirings signal a focus on the ETF industry and portend greater competition among exchanges for ETF listings.
TXSE, which has raised $161 million of initial capital, is the first fully integrated exchange to file with the SEC for registration as an exchange in 20 years. TXSE's stated goals are to revitalize competition for issuers, establish a premier venue for corporate and ETF listings, and create a world-class trading platform for all market participants. If TXSE's registration is approved by the SEC, it intends to begin trading in early 2026.
TXSE claims Texas is a natural conduit for national and international markets with one in 10 public companies headquartered in Texas and a growing share of Fortune 500 companies moving to Texas. Consistent with this premise, NYSE Chicago recently announced plans to reincorporate to Texas and rebrand as NYSE Texas.
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