A new player is entering the stock exchange scene in Texas, aiming to make a significant impact in the booming world of exchange-traded funds (ETFs). The Texas Stock Exchange (TXSE) is gearing up for its launch by bringing in experienced talent from major competitors, signaling its ambitious plans.
Recently, the TXSE announced that Robert Marrocco, the former head of ETF listings at Cboe Global Markets, will take on the role of global head of ETP listings. Joining him is Alison Hennessy, who previously held a similar position at Nasdaq. She will serve as the managing director of ETPs at the new exchange. This move highlights TXSE’s commitment to establishing itself in a market dominated by established giants like the New York Stock Exchange, Nasdaq, and Cboe.
The competition in the ETF space is intense, with hundreds of new funds launching each year. ETFs now account for nearly 30% of daily trading volume on exchanges, according to Bloomberg Intelligence. The Texas Stock Exchange, set to begin trading in early 2026, has identified the ETF industry as a key focus area.
James H. Lee, the chairman and CEO of TXSE, expressed enthusiasm about the new hires, emphasizing the rapid growth of the ETP market. He stated that the exchange is dedicated to providing the necessary support and innovation that sponsors need to thrive in this expanding sector.
In addition to Marrocco and Hennessy, Kyle Murray, also from Cboe, will join TXSE as the deputy general counsel and legal head of global listings. Laura Morrison, who was Cboe’s global head of ETPs, will serve as a strategic adviser.
With these strategic appointments, the Texas Stock Exchange aims to carve out a niche in the competitive ETF market, positioning itself as a viable alternative for issuers looking for new opportunities. As the exchange prepares for its launch, all eyes will be on how it shapes the future of trading in Texas and beyond.