Pursuant to the Exchange’s Limited Liability Company Agreement (“LLCA”), certain positions on the Board of Directors (the “Board”) may only be held by officers, directors, employees, or agents of an Exchange Member. The individuals holding these positions on the Board are known as “Member Representative Directors.” Capitalized terms used but not defined herein shall have the meanings given to them in the Exchange’s LLCA.
The Exchange’s annual meeting of shareholders, to be held for the purpose of electing Directors, has been scheduled for May 28, 2026. Three (3) Member Representative Directors will be elected at the meeting. Pursuant to Article III, Section 3(c) of the TXSE LLCA, the Member Nominating Committee has submitted the names of the following individuals as the nominees to be elected to the Member Representative Director positions:
Darren Mullholland: Mr. Mullholland is the Global Head of Business Development at HRT, overseeing the team that interfaces with regulators, markets, and clients worldwide. Mr. Mulholland first joined HRT in 2009 as Head of Strategic Initiatives, where he was responsible for strategizing, spearheading, and growing the business globally. Before joining HRT, Mr. Mulholland was Head of Technology at NASDAQ and has 30 years of experience in financial markets. Mr. Mulholland studied Economics at the University of Texas at Austin.
Rich Steiner: Mr. Steiner is Managing Director and Head of Market Structure at Piper Sandler where he manages the electronic trading desk and leads equity market structure efforts. He promotes the firm’s thought leadership by educating and informing clients on timely and relevant market structure topics and is focused on improving trading performance by incorporating micro-market structure nuances across the trading platform. Rich has a thorough understanding of equity market structure and the regulatory environment. He has regularly advocated for more transparent and efficient markets for all industry participants and is also recognized for his contributions to industry committees including SIFMA, Security Trader’s Association, and the National Organization of Investment Professionals. Rich currently serves on a number of industry groups, including the SIFMA Equity Markets & Trading Committee and is a board member of NOIP. Prior to joining Piper Sandler, Rich held electronic and program trading positions at RBC Capital Markets, BNP Paribas, ITG and Goldman Sachs. Rich holds a bachelor's degree from West Chester University.
Andrew Upward: Mr. Upward is a Market Structure Strategist within Jane Street’s Institutional Sales & Trading team. In this role, Andrew analyzes market structure and trading developments, and he produces market studies for institutional clients including global asset managers, pension funds, insurance companies, and wealth platforms. Andrew also uses these insights to make regular contributions to market structure and regulatory discussions. Prior to joining Jane Street, Andrew was Head of Market Structure at Weeden & Co. Before Weeden & Co., he was a VP and Market Structure Analyst at Rosenblatt Securities. His experience in sales, trading, and analysis stretches back to 2003. Outside of Jane Street, Andrew enjoys spending time with his wife, three children, and their dog Copper. Andrew graduated from Kalamazoo College in 2003 with a Bachelor’s Degree in Economics.
In accordance with the LLCA, with this Notice, Exchange Members and prospective Exchange Members are being notified of these nominees. Exchange Members may petition to have other candidates considered for election to the Exchange’s Board.
TXSE hereby invites its Exchange Members to submit petitions recommending candidates for the three (3) Member Representative Director positions for consideration by the Exchange’s Member Nominating Committee. For a petition to be considered valid under the TXSE LLCA, it must be accompanied by a questionnaire that provides information regarding the potential candidate – blank questionnaires may be obtained from the Exchange’s Membership team (contact information below). The petition and questionnaire must be received by the Exchange’s Secretary no later than Thursday, April 23, 2026 (the “Record Date”). Such a petition must be signed by Executive Representatives of ten percent (10%) or more of the Exchange Members. No Exchange Member, together with its Affiliates, may account for more than fifty percent (50%) of the signatures endorsing a particular candidate. If one or more valid petitions are received, Exchange Members will be notified by the Secretary of all candidates, including both the petition candidates and the above-listed nominees. Exchange Members shall be entitled to vote on such candidates in an election held prior to the annual meeting of the Exchange’s shareholders. If no such petitions are received by the Record Date, the nominees listed above will be nominated as TXSE Member Representative Directors by the TXSE Member Nominating Committee.