The Trial Balance is CFO.com’s weekly preview of stories, stats and events to help you prepare.
Part 1 — TXSE goes live
The Texas Stock Exchange began trading on July 10, launching a new national securities exchange that plans to compete with the NYSE and Nasdaq. Corporate listings are expected to begin later this year as the Dallas-based exchange ramps up operations.
The launch follows nearly two years of building out the exchange’s leadership team and infrastructure. In May, the TXSE named Jaime Gow as its first CFO, internalizing finance after relying on an outsourced function during its startup phase. The exchange has also recruited executives from Nasdaq, the NYSE and other established leaders.
Texas has become an increasingly important battleground for exchanges. The NYSE launched NYSE Texas earlier this year, while both it and Nasdaq have expanded their presence in Dallas as an increasing number of companies continue to relocate headquarters and reincorporate in the state.
That momentum extends beyond geography, as TXSE’s board includes executives from Charles Schwab, Jefferies, Jane Street and Piper Sandler, along with a former SEC commissioner. The exchange has also proposed governance reforms, including changes to how uninstructed retail shares are voted in proxy contests.
TXSE has said it expects to begin accepting corporate listings later this year. If it succeeds in attracting issuers like its state has attracted businesses, the exchange would become a new national listings venue that can meaningfully compete with the NYSE and Nasdaq for the foreseeable future.
Part 2 — This week
Here’s a list of important market events slated for the week ahead.
Monday, July 13
Tuesday, July 14
- NFIB optimism index, June
- Consumer price index, June
- Core CPI, June
Wednesday, July 15
- Producer price index, June
- Core PPI, June
- Empire State manufacturing survey, July
- Fed Beige Book
Thursday, July 16
- Initial jobless claims, week ending July 11
- U.S. retail sales, June
- Philadelphia Fed manufacturing survey, July
Friday, July 17
- Import price index, June
- Industrial production and capacity utilization, June
- University of Michigan Consumer Sentiment, July preliminary
- Home builder confidence index, July
Part 3 — Quote of the week
“I’ve also learned the importance of listening before making changes. Every organization has its own culture, its own history and its own way of doing things. You have to spend time understanding that before you can figure out where you can add value.”
Darline Llamas Llopis
CFO, Baltimore Orioles
Baltimore Orioles CFO Darline Llamas Llopis discusses how she climbed from Big Four accounting to leading finance in the NFL, Formula 1 and now MLB, how she evaluates technology investments and the lessons she learned from running her own P&L.
