The Texas Stock Exchange (TXSE) has announced its board of directors as part of its strategic plan to launch next year, positioning itself to compete with established exchanges in New York.

Among the notable board members are Rick Roberts, a former SEC commissioner, and Rick Perry, the former governor of Texas and U.S. energy secretary.

Jeff Brown, previously the acting general counsel at Charles Schwab, will take on the roles of general counsel and chief regulatory officer for TXSE Group Inc.

To bolster its operations, TXSE has recruited staff from major trading platforms, including Nasdaq and the New York Stock Exchange.

Cam Smith has been appointed as the global head of trading and co-president of TXSE, bringing experience from his previous role as president of Quantlab.

TXSE plans to register with the U.S. Securities and Exchange Commission and has successfully raised approximately $120 million, with significant backing from BlackRock and Citadel Securities.