Texas Stock Exchange Names Nasdaq , NYSE Veterans to Top Jobs

The Texas Stock Exchange (TXSE) has announced the hiring of executives from Charles Schwab Corp., Nasdaq Inc., and the New York Stock Exchange (NYSE) to build a leadership team ahead of its planned operations in the upcoming year. Cam Smith, a former SEC employee, will become the global head of trading, while Jeffrey Brown joins as general counsel and chief regulatory officer. Nicole Chambers from Nasdaq will serve a similar role for TXSE Group Inc. The TXSE has raised $135 million and plans to file registration documents with the SEC soon. The exchange has the support of major investors like BlackRock Inc. and Citadel Securities. It aims to challenge the NYSE and Nasdaq in Texas bid to attract more financial services industry jobs. TXSE will be headquartered in Dallas, which has been gaining financial jobs from companies like Goldman Sachs Group Inc. and Charles Schwab. The exchange will not require companies to meet any environmental, social, and governance (ESG) thresholds, aligning with the state s efforts to reduce burdensome regulations for businesses. Marc Cunningham, former regional head of capital markets for the NYSE in Houston, will be the global managing director. Richard Fisher, former Federal Reserve Bank of Dallas president, will serve as a strategic adviser. Brett Redfearn, former SEC director, will also be a strategic adviser. TXSE s board includes Tom Long, co-CEO of Energy Transfer LP, Paul Foster, founder of Western Refining Inc., Alex Bussandri, global head of strategy at Citadel Securities, Tyson Tuttle, former CEO of Silicon Labs, and former Texas Governor Rick Perry. The TXSE s establishment is seen as apolitical, with the aim of providing a competitive alternative to the NYSE and Nasdaq. The exchange s all-electronic trading operations are set to begin next year, bolstering Dallas growing financial industry.

Source: bnnbloomberg.ca
Published on 2024-09-30