The Dallas-based Texas Stock Exchange is expected to fully launch in 2026 and will seek to challenge the New York-dominated trading industry.

The hiring announcement comes a few months after the Texas Stock Exchange was introduced as a more ‘CEO-friendly’ alternative.

Founders say they have raised more than $135 million and will submit a registration to the U.S. Securities and Exchange Commission in the coming months.

The Texas Stock Exchange, which is planning to launch next year, announced a board of directors on Monday in its latest step toward building a national exchange to rival long-established platforms in New York.

The Texas Stock Exchange, which is planning to start operations next year, has hired executives from Nasdaq (NASDAQ:NDAQ), Charles Schwab (NYSE:SCHW) and Intercontinental Exchange's (NYSE:ICE) New York Stock Exchange,

The Texas Stock Exchange aims to begin trading as soon as next year if it can get approval when it registers with the SEC as a rival to the NYSE.

Trader bets, as per the CME Group’s FedWatch tool, initially favored a larger Fed move at its upcoming November meeting, after Governor Christopher Waller on Friday flagged that upcoming inflation data could undershoot the Fed’s 2% target.

The upstart Texas Stock Exchange said it had hired executives from Charles Schwab Corp., Nasdaq Inc. and the New York Stock Exchange as it builds up a leadership team ahead of plans to begin operations next year.