Nasdaq counters upstart Texas Stock Exchange

DALLAS – The Dallas Morning News reports that Nasdaq is creating a new division headquartered in Dallas-Fort Worth as it faces potential competition from the upstart Texas Stock Exchange. The New York-based stock listing company has created a new regional management division that will operate from the company’s existing office at 5030 Riverside Drive in Irving. Nasdaq appointed Texas native Rachel Racz as Senior Vice President, head of listings for its Texas, Southern U.S. and Latin America division, the company announced Thursday. Racz will be based in Irving and travel throughout the region.

Racz told The Dallas Morning News that they plan to be in Texas for decades longer. The multinational financial services corporation opened its Irving office in 2013, the first exchange with a Texas office. The company currently has 150 employees in Texas. Racz said she will relocate to Dallas-Fort Worth and build out a “more substantial” team to connect with local stakeholders. “It will be my team’s home base,” she said. “Texas is — I’ve said this over and over — a powerhouse for innovation and business. … This is where we are going to be connecting with the community more deeply. We think that this is a great hub for business in Texas. So, it’s the right spot for us to be at.” Thursday’s announcement comes months after Texan James Lee announced he had raised approximately $120 million to start the Texas Stock Exchange in Dallas with investments from BlackRock and Citadel Securities. A veteran of the oil and gas industry, Racz previously oversaw Nasdaq’s listings franchise in Texas before leaving the organization in 2019. Nasdaq will also form East and West Coast divisions as part of the move. The new regional structure is designed to allow clients to better leverage Nasdaq’s “enterprise-wide capabilities” while allowing Nasdaq greater connectivity with its client base.