Billionaire Kelcy Warren Holds Big Stake in Texas Stock Exchange

The parent company of the Texas Stock Exchange revealed pipeline billionaire Kelcy Warren as its largest backer as it pushes for registration with the US Securities and Exchange Commission.

An entity tied to Warren, the executive chairman of Dallas-based Energy Transfer LP, holds 28% of TXSE Group Inc., according to a federal filing. TXSE Chief Executive Officer James Lee holds 10% while Franklin Mountain Investments, which is led by oil-refining billionaire Paul Foster, owns 6.9%.

The upstart TXSE is seeking to join a handful of smaller exchanges that are trying to bite off market share from ...