The Texas Stock Exchange got a huge win Tuesday and is one major step closer to reality.
The exchange has formally gotten the needed approval from the Securities and Exchange Commission to operate.
Texas Stock Exchange Global Managing Director Jeff Karcher says most of the leadership team has relocated to the North Texas area.
"We also will be having 100-plus jobs at the exchange here in the Dallas region," said Jeff Karcher, the Global Managing Director for the Texas Stock Exchange. "We will have the Texas Market Center which will be the actual global site for the Texas Stock Exchange which will be announced somewhere close to the end of the year."
The Texas Stock Exchange will launch trading as well as have corporate listings next year.
"Our core, our focus, will be primary listings with companies to bring them a greater value," Karcher said. "It gives us more opportunity to differentiate from the legacy exchanges since we truly would be comparing an apple to an apple at that point."
There will be several phases throughout the year until the entire concept is fully realized.