(Reuters) -The New York Stock Exchange on Monday named Bryan Daniel as the president of NYSE Texas, adding political experience to its leadership ranks as it seeks to expand in the state and counter rivals.
His background in public policy could be key as NYSE works to strengthen its presence in a state that hosts the largest number of companies listed on the exchange.
Daniel is the chair of the Texas Workforce Commission, which oversees and provides workforce development services to employers and job seekers of the Lone Star State.
Prior to that, he was also part of Texas Governor Greg Abbott’s senior staff.
Daniel will report to Lynn Martin, president of the NYSE Group, the company said.
Intercontinental Exchange-owned NYSE has scored some key wins recently, with AT&T and Trump Media & Technology Group opting to dual list on NYSE Texas.
Its biggest rival Nasdaq, however, is also sharpening focus on the state, with plans to open a regional headquarters there.
Besides, a new venture backed by heavyweights such as BlackRock and Citadel Securities, called the Texas Stock Exchange, is gearing up for a launch next year.
The fierce competition highlights the growth of the state as a financial hub and a challenger to New York. Corporate giants, including Elon Musk’s Tesla and SpaceX, have moved their headquarters to Texas in recent years, drawn by what they view as a more business-friendly legal and regulatory climate.
(Reporting by Niket Nishant in Bengaluru; Editing by Shilpi Majumdar)
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