The Texas Stock Exchange has hired Greg Ferrari, former head of North American exchange trading at Nasdaq, as chief operating officer, and Liz Hocker, former regional head of capital markets at NYSE, as global head of listings and capital markets. The Dallas-based exchange, backed by Michael Dell, BlackRock and major asset managers, expects to start secondary market trading in summer 2026, with exchange-traded product listings arriving later that year. IPOs are planned for 2027. TXSE has raised $275 million from investors including BlackRock, Citadel Securities and Charles Schwab. The exchange aims to capitalise on Texas's growing corporate presence, competing with established rivals Nasdaq and NYSE. Ferrari will relocate to Dallas, whilst Hocker will focus on attracting initial public offerings to the startup exchange.

Texas Stock Exchange ramps up push into U.S. Listings market. March 18, 2026 The Texas Stock Exchange is stepping up efforts to enter the U.S. listings market, launching a national advertising campaign and continuing to add industry participants as it prepares to begin trading. The Dallas-based exchange said it aims to introduce new competition to a listings market long dominated by the New York Stock Exchange and Nasdaq. The exchange has raised $275 million in capital from global financial institutions and said it has invested in leadership and technology as it works toward bringing the venue to market. Earlier this month, TXSE launched a campaign tied to the anniversary of the Texas Declaration of Independence. According to the company, the campaign includes national television spots and high-visibility outdoor advertising in downtown Dallas and carries the slogan "Welcome to the real bull market." "2026 is the year companies will finally be able to declare independence from the New York listing duopoly," said James H. Lee, founder, chairman and CEO of TXSE. "Issuer alignment is the organizing principle of our exchange and transparency is the standard, not the exception," he said. Lee said the exchange is designed to bring additional competition to U.S. public markets. "We are sending a clear message that the next chapter of American capital markets will be written in Texas, not by the legacy jurisdictions and exchanges that have made it unnecessarily difficult and costly for companies to go and remain public," he said. A TXSE spokesperson told Traders Magazine the exchange's approach reflects feedback gathered from corporate executives over several years. According to the spokesperson, the company spent time listening to CEOs of public companies who expressed frustration with rising listing costs, shifting governance standards and what the spokesperson described as limited transparency around exchange economics. Those conversations led to what the spokesperson described as a consensus among some executives that legacy exchanges often "do more to them than for them." TXSE, the spokesperson said, aims to address those concerns by offering "transparent economics and governance standards rooted in alignment rather than shifting institutional mandates." The exchange said its technology platform has already been built and tested and is connected to dozens of member firms ahead of launch. Industry firms have begun joining the exchange as members, including Dallas-based broker-dealer CAPIS. "You might find this hard to believe, but I think James Lee is downplaying the seismic shift that is underway," commented David Choate, executive director of sales and trading and chief operating officer at CAPIS. Choate said the exchange is emerging alongside broader developments in Texas that he believes could make the state more attractive to companies. He pointed to the state's reputation as a business-friendly environment and noted that Texas has attracted several additional Fortune 500 companies in recent years. Choate also cited Texas capital formation legislation and corporate law reforms, along with a constitutional amendment intended to eliminate the possibility of a financial transactions tax in the state. "Together, these create the foundation for an extremely attractive alternative to the current listing options," he said. Choate acknowledged that established exchanges have longstanding positions in the market. "Status quo and the resistance to change are difficult foes," he said. "These may take years to overcome." Still, he said he believes additional competition in listings could emerge over time. "There is no reason to believe that New York will be able to maintain their monopoly over public listings, especially when a business-friendly environment, such as Texas, is offering a more attractive alternative," Choate said. "TXSE has the chance to materially change the model. And I expect them to be successful," he concluded.