Haynes Boone Partner Greg Samuel spoke with El Financiero about the upcoming launch of the of the Texas Stock Exchange (TXSE), which will benefit companies globally, including in Mexico. Samuel and Haynes Boone have been advising TXSE since the summer of 2023, working to develop a legal structure and capital-raising plan that has already acquired over $270 million in funds. Samuel spoke about how TXSE is will offer expanded dual-listing options in Mexico and other countries, and how many big-name companies in the financial space are reaching out to Haynes Boone and TXSE, excited for the opportunity to engage with the new exchange.
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The Texas Stock Exchange is betting on Mexico to expand dual listings in the U.S. and to energize the initial public offering market.
“Of the 139 companies listed in Mexico, less than 12 percent manage the dual-listing process in the United States. We would like to increase that association,” said Nicole Chambers, Global Managing Director of Listings at the Texas Stock Exchange. In an interview with El Financiero, she shared that, “Texas and Mexico have a long history. For us, it is more than simply complementary; it is an intertwined relationship. We would like to be able to give Mexican companies, and companies from other countries, access to public markets in the United States in the most friendly way possible. This is a major part of our plan and our strategy.”
To achieve this, she said, it is necessary to revitalize the anemic Initial Public Offering (IPO) market, where companies choose to go public at a faster pace, and considering the number of companies that have remained private over time, there is a significant opportunity. “There is a need to create access to public markets. But beyond those companies that have been waiting for such a long time, we would like these companies that are growing in a garage, in their home, or in a new office space, to have the opportunity of choice—raising public capital, raising private capital, with the same opportunity cost. We hope to be able to change the perception of becoming a public company,” she added.
Additionally, she emphasized that the exchanges currently available have become regulators of companies, adding time and costs that corporations must spend to go public, whereas the Texas Stock Exchange (TXSE, for its initials in English), which is set to begin operations later in 2026, is being built by investors for investors.
“We are taking into account what it looks like to do business today and in the future, instead of having these outdated rules. Our corporates are our clients. The real difference is that we do not want to get in their way. We want to allow them to run their business, manage their employees, and enable the board of directors to take control of what they need to make their business successful and innovative. Instead, our role will be to ensure that we are offering them a better quality of life,” she said.
“We are building our technology from the ground up with the most seasoned team of technologists, as well as a set of rules that is new for today’s companies, always thinking about what execution will look like for companies in the future, whether through digital assets, tokenization, or whatever comes next. That predictability is really what gives companies the opportunity to focus on their business and not feel that things could change at any moment and prevent them from remaining in public markets,” she elaborated.
For his part, Greg Samuel, partner at Haynes Boone, commented that after a long-term process, TXSE is already registered with the U.S. Securities and Exchange Commission (SEC, for its initials in English), and among the participants backing this project are Citadel, BlackRock, and Charles Schwab, as well as some of the largest U.S. banks and family offices.
“Some of these participants, including some of the big names, called us—not the other way around—because they are excited about what we are doing. I represented the company in this capital raise and negotiated the capital terms that came out of it. It was one of the easiest projects I have ever done. I have been on this side of the business for 40 years and I have never seen anything like this in the private arena,” he noted.
