The Texas Stock Exchange (TXSE) made another major step toward its goal of establishing itself as a viable alternative to well-established New York stock exchanges. It named a board of directors and aims to execute its first trade by the end of 2025.
In an announcement made on Monday, TXSE said former U.S. energy secretary Rick Perry, who also served as Texas governor, will be joining its board alongside Citadel Securities’ global head of strategy Alex Bussandri and Rick Roberts, former commissioner of U.S. Securities and Exchange Commission (SEC).
TXSE also named multinational investment companies BlackRock and Citadel Securities as its backers while revealing it already has $135 million in investments.
The next hurdle for TXSE will be to obtain approval from the SEC, with the exchange planning to submit the registration in the following months.
“Pending approval. We will execute our first trades at the end of next year and launch listings in early 2026,” said TXSE founder and CEO James Lee.
TXSE is expected to allow dual listings and aims to attract companies with lower listing fees as well as looser regulations. It will be a national stock exchange, allowing companies from both the United States and the rest of the world to list their stocks.