“It’s going to completely transform Dallas.”

Greg Abbott
Governor of Texas
.…on the impact of the Dallas-based Texas Stock Exchange, which named its leadership team and board members Monday, via Bloomberg.

In June, TXSE Group announced plans to launch the Texas Stock Exchange (TXSE), focused on enabling U.S. and global companies to access U.S. equity capital markets via a “fully electronic, national securities exchange.” In the months since, that’s led to endless discussion of the impact of North Texas’ “Y’All Street.” It was capped by yesterday’s announcement that the TXSE had raised over $135 million to date and introduced its leadership team, featuring board members that include, among others, former Texas Governor Rick Perry; former SEC Commissioner Rick Roberts; and Alex Bussandri, the global head of strategy at Citadel Securities.

Led by James Lee, its founder and CEO, the Texas Stock Exchange is gearing up for a potential 2025 launch. In an interview, Governor Abbott told Bloomberg “it will be a stock exchange that will ensure any type of business is going to have access to capital in a business-friendly state like the great state of Texas.”

Texas Governor Greg Abbott [File photo]

“Dallas, Texas, is already a massive financial center,” Abbott told Bloomberg, “but when you put a stock exchange in there, that will make it really the financial heartbeat of the entire country.”

The governor said Dallas and Texas have big benefits that Wall Street lacks.

“Texas is the dominant economy,” he told Bloomberg. “And the United States, a lot of people are still locked into the perception that New York is the leading economy. They have fallen behind for many years now.”

“The economy that’s moving the country is the state of Texas… Texas ranks number one for the most new jobs for the past 12 years,” he added, noting that “There are more financial sector employees in Texas than there are in New York.”

He also noted that the TXSE is snapping up leadership from New York.

“The leaders of [the Texas Stock Exchange] have come from the Nasdaq, come from the New York Stock Exchange… the lead investors in this are all of the most significant traders of stocks… in the entire country,” Abbott told Bloomberg.

The governor also said Texas had made key moves to stabilize its power grid, with plans to increase its power generation by 50% by 2030. And as to whether Elon Musk might list his own companies on the Texas Stock Exchange?

“He’s into innovation. He’s into things involving Texas. He’s into the need for speed, and recognizes that this delivers the type of less regulation, more speed than maybe some other options,” Abbott told Bloomberg. “I think it’s the kind of thing that really is up his alley.”

You can see a video of Bloomberg’s interview with Abbott by going here. 

For more of who said what about all things North Texas, check out Every Last Word.

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