Speaker 1:

From the New York Stock Exchange at the corner of Wall and Broad Streets in New York City. Welcome inside the Ice House. Our podcast from Intercontinental Exchange is your go-to for the latest on markets, leadership, vision, and business. For over 230 years, the NYSE has been the beating heart of global growth. Each week we bring you inspiring stories of innovators, job creators, and the movers and shakers of capitalism here at the NYSE and ice's exchanges around the world. Now let's go inside the Ice House. Let's your host Lance Glinn.

Lance Glinn:

Welcome into another episode of the Inside the Ice House Podcast. Our guest today, Bryan Daniel is president of NYSE Texas, appointed to the role earlier this year. Bryan has extensive experience in public policy working for the state of Texas and possesses a long-standing commitment to the state's pro-business landscape. Bryan, thanks so much for joining us inside the Ice House. Really happy to have you here.

Bryan Daniel:

Oh man, thanks. This is a great opportunity for us to talk about some things about NYSE Texas and a lot of other stuff. I'm really looking forward to it.

Lance Glinn:

Absolutely. It'll be a long conversation. We'll get to a lot of different topics, but I want to start by giving our listeners a sense of what NYSE Texas is all about. When you think about this new exchange, not just as a financial platform, but as a concept, really, how would you describe it? What does it really represent?

Bryan Daniel:

What it really represents is the ... It's the natural sort of movement of business in Texas. Texas for 20 years now has really been focused on establishing a solid business community in the state, which is going to create a lot of jobs, I think is really the driver behind that. And NYSE Texas to me, really represents real progress in creating this business community that becomes very sustainable for the state. So businesses can come there, they can be successful, they can do expansions there all the while creating jobs for Texans, which that's what's going to grow the communities in the state.

Lance Glinn:

Absolutely. I think there's something sort of symbolic about launching an exchange in Texas. It feels like a statement about where innovation and growth are really happening in America. What do you think NYSE, Texas just says about the evolution as someone who's been in Texas pretty much all their life, what does it say about the evolution of financial markets in the region?

Bryan Daniel:

Yeah. I think for financial markets and for particularly the banking community to their point of view, it's a long time coming. I think your average Texan is very proud of how the state has grown and established itself as a real leader in the nation. So Texas has led the nation in job creation for several years now. And I think Texans are aware of that, but only to the extent that they have a good job, they're providing for their family, they're doing the things that they want to do. The ability to see NYSE Texas on the ground and operating, I think signals to a lot of Texans there's still more growth. We can still do more with what we've done. And I think for a lot of people, their goals are starting to be completed. And it's hard to not feel good about a situation when you've completed your goal.

Lance Glinn:

And for you, as someone who went to Texas Tech, live in Texas, correct me if I'm wrong, raised in Texas, what does it mean to you personally to obviously have this now financial institution, the biggest stock exchange in the world really call Texas one of its homes?

Bryan Daniel:

Yeah, there's no question. Having NYSE Texas as part of this very proud group of companies anchored by this 230 plus year old institution. Look, that's just cool. Who doesn't know about the New York Stock Exchange? Everybody does. And I think in Texas knowing that NYSE Texas is now part of the driver in the economy, I think even people not necessarily in our business space, I think they understand the history of that. I think they understand the possibilities of that for the future. Look, you mentioned being raised in Texas. I was born in a border town way down south in Texas, and we didn't even contemplate these things. The New York Stock Exchange was something you saw on TV. The idea that Dallas would have its own stock exchange, anyway, NYSE Texas, that didn't even exist. Dallas was an oil town back then. And we tended to think about Texas that way.

But I grew up with the state, went to school in state. I spent 25 years of my career building various things in Texas and doing some work in the government. And even though in 1977 when I was seven years old, I couldn't contemplate this, I see clearly in hindsight how one thing led to another and how just some people that were really focused on building success could get it done. Now, if I went back to the town I was born in today, I'd say 80% of the people would be impressed that NYSE Texas was operating in Dallas. They might not see the connection to themselves, but I think in a lot of ways it's a marker of success for the state. And it gives people really something to tangibly to see how far we've come in the economy. And I think it gives some indicators about how far we can really take it because now with this, the way I see it, the sky's the limit now and it gives us a real opportunity to understand the future, own part of our own future and really be able to drive toward that future that we want to see for the state.

Lance Glinn:

And I'm sure for you, obviously being a born and raised Texan, that celebration in August at AT&T Stadium, when you have the likes of obviously our NYSE president, Lynn Martin, you have Governor Abbott, you have Jerry Jones, you have all these companies represented. That must have just been a really cool, really exciting experience for you to have seen what the NYSE Texas or NYSE brand now in Texas and what NYSE Texas could really become for the community.

Bryan Daniel:

Yeah. That day at AT&T Stadium and just thinking about Jerry Jones' enthusiasm, the governor's enthusiasm, these are people with a lot of things going on and they got a lot on their plate. They're doing a lot of things. One guy's running America's team, the other guy's running the whole state of Texas. These are very serious folks. Lynn was there and part of the celebration. And what was interesting to me is we had real leaders from companies that everybody knows, AT&T and others. And they were as excited to be there as if it were a Dallas Cowboys football game. And in a lot of ways, that enthusiasm, that excitement, that desire to see things succeed that really drives the Texas spirit.

And so what we saw on the field that day, what we saw in the building that day, and what all those CEOs ... And I've talked to several of them since then. What they're talking about is it is, it's exciting. It's like a win for the state of Texas, but there's more to play. There's more things to do. So I view that as a kickoff event. We'll celebrate many other milestones with NYSE Texas. And I think we will celebrate those with the same level of enthusiasm we saw that day. But that's that old saying, if we could have captured that and put it in a bottle, we could have sold that to everybody. That kind of enthusiasm is infectious. It really gets you excited for what you could do and it really I think in a lot of ways helps drive things down the road. It's just a good way to celebrate.

Lance Glinn:

What kinds of advantages and what has just the momentum been like for NYSE Texas to get these dual listings and just in its current standing as we get close to entering 2026?

Bryan Daniel:

We started late March, call it early April. There was a real push before the AT&T event to establish several companies as founding members of NYSE Texas. But honestly, I think there were boards that met and approved this. There were CEOs that decided they wanted to do this after the event. So we see this steady number of additions coming through this fall. We see big things. We're not just going to be a dual listing entity. At some point soon we'll have the ability to do primary listings. We'll be able to really have this marketplace in the state. So everything we're doing's strategic, but we're the growth along the way. Just because we meet one of our strategic milestones doesn't mean we check a box off the clipboard and we just go on about it. No, we want to celebrate this.

Lance Glinn:

Yeah. The work's not done just because we reach a milestone.

Bryan Daniel:

No. The work's not done. Look, Texas is of the 50 states, so there's more NYSE listed companies in Texas than in Texas than any other state. What is that? Almost four trillion in market value. And so we know there's this core group of companies. Now, look, I'd tell you the best goal we could have is to get every one of those companies to dual list.

Lance Glinn:

Of course.

Bryan Daniel:

And we're working toward that. And that'll happen when it happens. But there will be other companies that want to join this. If we can build the right kind of business and we are, if we can maintain our level of enthusiasm and we are, then we'll start growing that beyond what seems obvious. Once that starts to happen, then I think you'll really start to see companies who are doing business in Texas want to continue to be a part of this. So I'm celebrating these milestones, not just because it makes me feel good, certainly does. It is gratifying to see that people are interested in the thing you're working on.

Lance Glinn:

Of course.

Bryan Daniel:

But I think these milestones indicate that the strategy we laid out's actually working. People are interested. Not only are they interested, it's useful and valuable to them. And at this point we're starting to get ... What would you call that? Customer recommendations. People are telling us what would work better for them. I take those very seriously too.

Lance Glinn:

Absolutely. Some of those companies obviously include AT&T, which you mentioned Halliburton, for example, Intercontinental Exchange obviously too. And so as we discussed earlier, and we'll talk further later in our conversation, Texas really has become this financial hub, not just because of NYSE Texas, but just because of the pure level of entrepreneurship that the state houses as well. You mentioned it, Texas houses the largest number of listed companies here on the NYSE. What distinct advantages do you believe though in the region NYSE, Texas has over potentially other exchanges that may decide to call it home?

Bryan Daniel:

So our advantage is going to be, let's say threefold. There's probably more than that, but let's zero in on what's really going on. So we're first on the ground. First exchange that's operational in Texas. We're actually the first and only stock exchange that's incorporated in Texas. Our headquarters is coming along nicely in Dallas. And so we really would view ourselves as very much part of the Texas business community. There's a lot of companies in business in Texas that employ a lot of Texans who are right at that point when they need to grow. Now, Texas has been very successful. Energy markets, financial markets, a lot of technology marketplaces, so there's just a lot of investor money. But these companies, it's time. It's time for them to go public to do the things that they want to do. Now, whether or not you want to do that in New York or Texas, that's going to be up to a company, but a Texas company who's doing business in the region says Texas might be the place for that. So we've got to be able to position ourselves to do that. Now we've got the infrastructure in place and that's because of the third thing. So man, we're a Texas company.

We're here for other Texas companies. But you don't have to build these things from scratch. You've got this opportunity to turn 30 plus years of experience some technology that's ... We're not testing this anymore. This technology works every day for a whole lot of people around the world. We get to bank off of that. We get to take these things that have worked and we get to put our particular Texas ... I don't know. Flavor. Barbecue flavor.

Lance Glinn:

Texas flavor.

Bryan Daniel:

Put this Texas ... Make it Texan. And then that gives us a real opportunity to position ourselves for what's going to come next. Being part of Texas gives us that advantage. Being first on the ground gives us that advantage, but I'll also tell you our association with other very successful parts of this company, that definitely gives us an advantage as well.

Lance Glinn:

Absolutely. Having those resources already at your disposal and you say you don't need to start from scratch, you don't need to build something new. You have resources that have already been proven that obviously work with what we do here at the NYSE. I want to pivot the conversation to partnerships. And earlier this year, NYSE Texas partnered with the National Cricket League, a move that in my opinion, connects NYSE Texas brand with a growing global audience. What was just first the strategic rationale behind the partnership and what made the NCL the right fit for NYSE Texas?

Bryan Daniel:

National Cricket League is such an interesting concept. So cricket's fairly new to Texas, but it's not unknown.

Lance Glinn:

No. Of course.

Bryan Daniel:

So there's this whole other professional league there. National Cricket League though is essentially call it a 10-day all-star game. So cricketers from around the world, parts of the world where they play a lot, cricket, South Africa, Australia, India, England, they have their circuits that they play in, but they realize this, I don't know, this new demand for cricket in the United States. So this other professional league stood up, it's doing well. There's a team in Dallas, some Texans on that team. And a different group of Texans are like, "Okay. That's really cool." Because we got our team, we can go to the games. But what if we just did a 10-day tournament and all these teams come here and they just play cricket every night for 10 days?" Which is what they do. I went last year for the first time. I happen to know one of the organizers, just a tremendous business leader in Texas. His company has done really well. Texas has been I think part of his success and he invited me to come out Last year I went, it was pretty cool, right.

Lance Glinn:

Did you know anything about cricket before going?

Bryan Daniel:

I knew nothing about cricket. That's not entirely true. I went to India in 2018 and I watched it on TV, so I knew enough to know it was actually pretty cool. But the problem is particularly in the Indian games, because they play a very traditional brand of cricket, a game can take days. So what National Cricket League did was they shortened the game to a set number of goals per side. You just bat your side and then whoever wins-

Lance Glinn:

Just makes it go quicker.

Bryan Daniel:

They completely fill the stadium. So they approached us this year. I knew they had full stadiums last year. They approached us, they said, "We'd really like to do a partnership with you. We're relatively new in Texas, but we stand for a really powerful brand. You're relatively new in Texas, but you stand for a really powerful brand. And the thing we're really interested in is getting global attention for Texas," says the NCL. And I'm like, "What a coincidence. We're interested in global recognition for Texas as well." So they were actually really generous with us. We got one of the Jersey's sponsorships. We were able to put our logo on the jersey. Of course it was all over the stadium. Now the games are played at the University of Texas at Dallas, which is a world-class institution and their new president there absolute go-getter. He's so excited to host. I'm excited to have my name on the jersey. I went to opening night. Thousands of people there. They have a ESPN deal, so there's thousands of more people watching at home. And there's NYSE Texas.

At the end of the day I still know as much about cricket as I knew last month. But the fact of the matter is it's an exciting game to a lot of people. I'll just tell on myself, don't watch a lot of soccer either. But the games I have watched are pretty exciting. I don't particularly watch a lot of hockey, but the games I have watched are pretty exciting. And the fans of those things, they're fans of other things too. NCL is part of the Texas landscape. We wanted to be part of that Texas landscape. I don't think it in any way gave us any pause that much of the audience might be outside of Texas. Because first of all, if you look at the rate people have been moving to Texas some of them may be Texans very soon. But more importantly, we're doing business in Texas with people from around the world.

Lance Glinn:

Absolutely.

Bryan Daniel:

And being part of these communities that are interested in something, I think that's important for a company. You need to be part of the landscape that you're creating. And so great opportunity for us, a lot of visibility. The president of the league and one of their main sponsors who's a very famous cricket player in India and has built a worldwide following came up-

Lance Glinn:

Yeah, they rang the bell not that long ago.

Bryan Daniel:

They went all in on what we're doing. We did the best we could to go all in on what they're doing. Look, it ended up being a great 10 days there in Dallas I think. A lot of new friendships were made support for the community, support for the university. This is what businesses in Texas do. So we were doing our part.

Lance Glinn:

Absolutely. Now, Bryan, before stepping into the world of financial markets, you spent years serving the state of Texas in a variety of different roles from rural development workforce to economic development. Walk us through that journey. What first just initially drew you to public service and wanting to work and benefit the state of Texas?

Bryan Daniel:

Man, how long is this podcast?

Lance Glinn:

I know it could be a long story. I know it. Especially someone born and raised in Texas.

Bryan Daniel:

Well, I'll talk about Texas all day. I don't really like to talk about me, but I'll tell you.

Lance Glinn:

Got to get a little snippet. You got to give me little bit.

Bryan Daniel:

You got to do what you got to do. Hey, listen, I don't think anybody really sets out to get into public service. It's an interesting journey. So when I finished school, I finished my master's degree I went to work for the university where I ... At Texas Tech for the agriculture college. Both of my degrees are in agriculture. And went to work for the college. I was head of student recruiting. I was doing some stuff in the scholarship office just like I needed a job. But great people, they took good care of me, enjoyed that a lot. And then one of the administrators there at the university said, "Hey, my brother runs a in Washington looking for somebody who does what you do and you can make a lot more money there than you can at this university." And that was true, and I got the job. So I moved up to Washington D.C, my wife and I.

She really wanted a job in something that was from Texas relate. She's from Texas as well. And so she got a job in a Texas congressman's office. And I was working for this nonprofit and I had a three-year contract with them. And I finished that. I don't remember what the circumstance was, but we were with at some social event, the congressman my wife worked for and he said, "Hey, you know about agriculture, right?" And I said, "Yeah." He says, "Hey, so they're getting a new chairman of the house of Agriculture committee and he needs some good Texas guys to work here. Do you mind if I put your name forward?" Oh, that sounds great. I didn't know how the world worked. I was 20-something years old. The next thing I know, I'm a policy staff person for the house of agriculture committee.

Well, we had a baby and it's oldest daughter and my wife says, "I really like it here, but I don't want to raise my kids in Washington D.C. Can we move back to Texas?" That sounds great. So we moved back .didn't really have a job lined up. Had this thing that was temporary, and somebody said, "We need a presidential appointee at the U.S. Department of Agriculture in Texas. And we think based on your experience with the House Ag Committee, we think that should be you." So I go through this whole presidential appointment process. We'd just gotten a new president, start to work for them, ended up being there nearly seven years. That is when I was running USDA rural development for the state. I left there and went in the private sector. I was in the insurance business for a number of years. I chalked that all up to good experience.

Lance Glinn:

Absolutely.

Bryan Daniel:

Now I'm in the private sector. I like this. I enjoy this. I like business. And then I was minding my own business in about 2012 and a good friend of mine was the Commissioner of Agriculture in Texas, and he had gotten these economic development programs assigned to his agency and he's like, "I don't know what to do with this," and he said, "But I know a guy that does." And he coaxed me out of the private sector and he said, "Come back and do this for me. It's like two years. You won't regret it." And in my mind I'm like, "I probably will regret this, but I like you, so I'm going to do this thing." And so I got that all stood up. And then right about that time is when Governor Abbott was elected, he was looking for an economic development guy. The guy I was working for was actually leaving office. He was going to go do something else and apparently tells the governor, Hey, I got an economic development guy for you and I know you need one. And so they called and they said, "Hey, you want to do this?" I said, "Actually, I need a job. So yes, that sounds great to me."

Did that for a few years, five and a half, nearly six. And then the governor calls me up one day and he says, "I've been having a hard time finding a workforce commissioner. You have really recruited all these businesses to come to Texas and they've created one and a half million jobs during the time you've been here, so you obviously know about jobs, so why don't you go be a workforce commissioner?" So they did that. Three weeks later, the chairman of that agency left to go be Secretary of State, and so they made me chairman of the commission. I did that for a little over six years and then here I am. Look, there's a lot to be gained from working in that.

So I have a real parallel track to the way NYSE Texas is going to grow in the state because we grew the state using the same methods. The methods are the same. Who you're working for, who's paying your salary, who's doing all that? There's a lot of ways to get at it. But I've got great contacts inside government. I've got tremendous contacts in business. What you learn, I think the longer you do this is everything's a people business. And the people, they're the same, but people all want the same things. And so figuring out how to work with people, figuring out how will help people be successful with what they're doing. If every individual's successful with their goal, well then the whole state of Texas is going to win. That's the way I looked at it when I was in government service. If every company on NYSE Texas is successful with its goals, NYSE Texas is going to succeed. Those strategies are true. I did not set out to be a public servant. I ended up, I guess arguably you could say that's what I've done for the last 20 years. But it was purely accidental, but it was really rewarding. I don't like to do jobs that are boring. I've tried that. It doesn't work for me. Never a dull day in the government and never a dull day at NYSE Texas. So I'm enjoying that parallel as well too.

Lance Glinn:

Absolutely. You never know what path life is going to lead you down.

Bryan Daniel:

No.

Lance Glinn:

And you could have one vision and it could be something totally different. And I think all of your experiences provide you with a really unique vantage point, seeing how Texas obviously presents itself to the world. What did you learn through these experiences that maybe you didn't know obviously growing up about the state's real strengths, it's global reputation and the kinds of businesses that are really drawn to the Lone Star State?

Bryan Daniel:

Yeah. That's actually a really good question. Give me just a second to think about that. Because when you think about the Texas of my childhood, everything changed in the middle '80s. Oil prices sagged, we had an extreme banking crisis in Texas in the middle '80s. I graduated from high school in 1988. If you weren't college-bound, you were going to have a hard time finding a job and really going to college, delayed your trouble finding a job by four or five years and that's all that really did for you. By the time I graduated from Tech in '92, the job market had improved. So there was basically one job for every graduate. 10 years later in 2002, there was three jobs for every graduate. And part of it was Texas understanding like, okay, so everybody wants to be J. R. Ewing from Dallas or Tommy from Landman, but that's like 10% of the jobs in the state. It's a lot of the revenue, but it's like 10% of the jobs in the state.

And so in the '90s into the 2000s, we really learned to understand we got to have all the jobs. We got to have banking, we got to have technology, whatever. Manufacturing. When you look at the Texas economy of today, we build Toyota Tundras, we build Chevy Tahos, we've got opportunities to have world-class products. We've got computing companies that are huge. We've got cutting-edge technology. We've got every bank the United States has probably has some kind of branch or interest in Texas. And so I think the business community diversified, the government, diversified the economy, and what we end up with is this much better economy for the state. Man, 1985, no one would've predicted that. Some people call it the Texas miracle. It was no miracle. It was just 25 years of just grinding it out and making sure that the state's policies were good for people and businesses, that there were jobs for people and that we were educating people for those jobs.

Lance Glinn:

Absolutely.

Bryan Daniel:

You can have companies create all the jobs you want, but if you don't have the workforce, they're not going to be-

Lance Glinn:

Yeah. People aren't ready for them, then they're not going to be filled.

Bryan Daniel:

So the state did its part, the businesses understood the state was willing to do its part, and that came together really nicely.

Lance Glinn:

And so I think economic development, it isn't just about numbers, it's really about building systems, building communities, building opportunities to a certain extent as well. So with that being said, how does the state of Texas really approach that development and just what really overall makes the state unique in its attractiveness to enterprise and its attractiveness to entrepreneurship?

Bryan Daniel:

Yeah. Now Texas understands a couple of things. A lot of states in the United States do this top-down approach for economic development. So company A calls the governor and says, "Hey, we think your state's attractive. We want to really be there." And the governor then decides which city is going to get to bid on that. And Texas does it completely the other way around. In other words, every city in Texas is open for business. You should scout around and see what cities or city you want to be in. And when you get it narrowed down to your one finalist, this is the one place in Texas we think we could be successful that's when the state really gets involved. Because you may need some transportation infrastructure, or you may need to offset your tax burden in the beginning and defer those taxes to the end. And there's all kinds of tools the state has to make it make financial sense. And what's interesting is a lot of states, a lot of states will rebate their income tax back to the company as an attractor to that state.

Well, in Texas, we would've to create a tax in order to rebate a tax because we don't charge that tax in the first place. Well, there's so many CFOs that are set up to understand the tax rebate system that we don't have. So we had to get creative. It's about providing value through other tools, same as we do at NYSE Texas. We create value through a lot of different paths. The state's done the same thing. Companies decide to locate there, that's when community spring into action. You got to have good schools for the kids. You got to be producing the workforce that they're going to need. You got to have really stable ... Here let me give away the state secret. I'm not supposed to do, but I'll do it for you. The real secret of the state of Texas is we have a common sense, easily understandable, set of rules and regulations for businesses. It does not change rapidly. It will change with the times slowly. It makes it very constant, very understandable, and there's no volatility to that whatsoever.

Lance Glinn:

You brought up, obviously ... You've obviously worked in government, you brought up all the effort that the governor does to bring business obviously into the state. Having worked in both government and the private sector, how do you see the relationship between public policy and economic growth in Texas? What does successful collaboration between the two entities look like when they work together?

Bryan Daniel:

So look, I'm astounded at how much business really needs to learn about government. And I'm equally astounded about how much a lot of government officials don't even try to understand about business. Now, I've always been at this juncture, so I've always understood the need, but companies that succeed ... Let me just talk about Lynn Martin for a second. Her understanding of the decisions government makes and how that influences the decisions we make, look, it's spot on. She clearly understands that. Obviously I understand that. And so we collaborate well on that. And when I look at the successful companies in Texas, they understand that there's always a juncture there. You will always have to work with the government. Companies that take the government for granted, companies that try to exploit the government, companies that try to ignore the government I think you do that at your own peril to your success because you're going to have to work with this government. But likewise, I think governments can make the same mistake.

Companies are not there for us to tax them to pay for our pet projects. They're part of the community. You shouldn't want to tax them anymore that you want to tax your neighbor. Taxes are what we use to pay for things. So you're going to pay those. And I think when people really will take the time to understand a lot of the same issues that the state faces, so do businesses in that state and frankly, so do the residents of that state. Government's not really ... This is going to be like the controversial part of the podcast. This will be the most replayed part right here. Governments are not set up to lead the people. Governments are set up to be led by the people. And the Texas state government is one that really believes that. Most of our boards and commissions, many of them are volunteer, if not most of them. The majority are volunteer. Our state legislators are part-time. Governor's full-time, lieutenant Governor's full-time and a few others because you got to run the state. But it's like we want Texans to be in charge of that and that includes a lot of the business leaders in the state.

So when I think about my colleagues here, the people I get to work with, our understanding level here is very high. And it shows. That's part why our companies have been successful. We're not antagonistic to the government, but we're not overly reliant on the government. We do our part, we do it right. We as they say in Texas, we cross all the T's, dot all the I's, and we meet our regulatory obligations and we do our job. And I think when both of us are doing our job in that way, in a lot of ways, we stay out of each other's way, and then the success of one will almost always lead to the success of the other.

Lance Glinn:

Absolutely. So Bryan, as we begin to wrap up our conversation, I think growth can mean a lot of things, right? More listings, deeper engagement, stronger regional ties are obviously just some examples of how NYSE Texas can grow. I also think also, excuse me, when it comes to success, obviously numbers tell a story, but it's also about influence, trust, relevancy. How do you define growth and success for NYSE Texas as it continues to take off?

Bryan Daniel:

Well, I think growth's going to be defined two ways. You're going to be able to observe how many companies list on NYSE Texas. So the more companies that list, the more successful we are.

Lance Glinn:

Makes sense.

Bryan Daniel:

But it's never only quantity. There has to be a quality. So I think success will also be read as these Texas companies, these iconic Texas brands want to be a part of this brand. They want to align themselves with this thing. And so that qualitative part, that quality of the companies that want to list, I think that's going to be pretty important too. And then I think just becoming a real part of the community. So we're new right now. Everybody wants to talk to us. I get invited to a lot of things. If I'm still getting invited to all those things two years from now, then you'll know we've really succeeded because we've become a critical part of the state, a critical part of the economy, and people realize the value that we bring to what we're all trying to do, and they'll continue to include us in things. So I think we can look at raw numbers, we can look at the quality of the companies that we're associated with. And then I think when you look at both the quantity and quality of our involvement in the community, I think that's when you'll get a true picture of how successful we've really been.

Lance Glinn:

When you think about the long-term vision for it, when we're looking five, 10 years down the line, what do you see? What role will NYSC Texas play in the broader financial ecosystem?

Bryan Daniel:

Yeah. And that is a great question because here's where we need to be in five years. We need to be an established marketplace where a founder can confidently take their company public. Really realize the opportunities from the public markets. Have that access to liquidity, have the trading volume that shows the strength of their company. And the reason why we need to provide that is because then all that venture money that stood that company up and got it to that point, that can all be pushed to the next round of founders and the next inventors, the innovators, because the Texas economy really has to continue to drive on this innovation. Our part in that will be to establish this very sound marketplace where people can access the money they need to grow and expand their business. And if we're doing that, if we're doing just that one thing along the way, we'll do a lot of more things. But if we're doing just that one thing, then ultimately we will have been a net positive on the state's economy, and that's really where we want to position ourselves. So we'll do the things, we'll create the value for companies that are listening with us, but at the end of the day, we need to be this robust marketplace where people find the success that they're looking for.

Lance Glinn:

Well, Bryan, we look forward to seeing everything NYSE Texas has in its future. Thank you so much for joining us Inside the ICE House.

Bryan Daniel:

Thanks for having me. It's great.

Speaker 1:

That's our conversation for this week. Remember to rate, review, and subscribe wherever you listen and follow us on X at Ice House podcast. From the New York Stock Exchange we'll talk to you again next week Inside the ICE House.

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