An upstart stock exchange based in Texas has poached top talent from its big-name rivals as it prepares its push into the $11 trillion exchange-traded fund world.

Cboe Global Market’s former head of exchange-traded products listings Robert Marrocco will join the Texas Stock Exchange as its global head of ETP listings, while Nasdaq’s former head of ETP listings Alison Hennessy will join as TXSE’s managing director of ETPs, according to a Thursday press release.

It’s a bold statement of intent by the Texas Stock Exchange. The market for ETF and ETP listings is dominated by three big exchange operators: the New York Stock Exchange, Nasdaq and Cboe. Competition for primary listings has become fiercer as hundreds of new ETFs launch each year, with ETFs now averaging nearly 30% of daily trading volume on exchanges, according to Bloomberg Intelligence. The Texas Stock Exchange, which aims to start trading in early 2026, has singled out the ETF industry as a priority.

“I’m proud to welcome these proven ETP leaders to the Texas Stock Exchange,” James H Lee, TXSE chairman and CEO, said in the release. “The ETP market is growing at an unprecedented pace. The Texas Stock Exchange is committed to delivering the innovation, operational expertise, and alignment that sponsors require to capitalize on this next wave of global expansion.”

In addition, Kyle Murray, also formerly with Cboe, will become TXSE’s deputy general counsel and legal head of global listings, while Laura Morrison, Cboe’s former global head of ETPs, will join the exchange as a strategic adviser.

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