Haynes Boone Partner Greg Samuel and Associate Logan Weissler spoke with The Texas Lawbook on how the Texas Stock Exchange (TXSE) was launched, the hurdles ahead and the downstream effects of a national exchange in Dallas for the Texas legal market.
Read an excerpt of their conversation below:
How long has TXSE been in the works? When did things really pick up? Why now?
Greg Samuel: The idea for a Texas-based national stock exchange has actually been around since at least the 1960s. Now, it’s finally coming to fruition. We first met with Jim Lee about this project in our offices here in Dallas in the early summer of 2023, where he shared his long-held vision with us, and we sketched out a preliminary legal structure and capital raising plan. We have been working with Jim since that time on formation, capital raising, negotiations and other corporate and exchange matters, but have been in a full-on sprint since the fall on the raise and rollout of the exchange. The project required a very tight working group dedicated to working rapidly in an intensely discreet manner. The TXSE team believes now is the time for a new market entrant to create competition and drive innovation, and the rapid economic expansion in Texas and other states throughout the southeast quadrant of the U.S., particularly in the financial services industry, has created natural momentum to leverage in the launch.
How did Haynes Boone get the nod to lead the legal work for TXSE?
Logan Weissler: While we had many pre-existing relationships with Jim and TXSE’s stakeholders through a number of our partners, Jim was looking for the quintessential “Dallas” law firm with deep securities expertise and roots in the community to lead the effort. As the largest law firm presence in Dallas with a reputation of handling the most sophisticated corporate matters in the area for over 50 years, we were a natural partner for Jim. It also helped that the individuals on the deal team were personally deeply connected in DFW and had a wealth of resources and experience to offer Jim and TXSE. Greg has had a Dallas-based practice in corporate securities at Haynes Boone for nearly 40 years, and I am an area native and have worked heavily in both the Dallas and Houston markets for the past six years at national law firms. Haynes Boone routinely gets the “first call” for new clients looking to start or expand their operations in Dallas and TXSE was no different.
Read the full conversation with The Texas Lawbook here.
