Upstart IEX exchange, of ‘Flash Boys’ fame, wins its first listing
Upstart stock exchange IEX Group Inc. won its first listing, a victory in its efforts to enter a key business of the New York Stock Exchange and Nasdaq Inc.
Online brokerage Interactive Brokers Group Inc. IBKR, -2.13% said Wednesday it would switch its listing to IEX, becoming the first company to jump ship for the new exchange, which was made famous by Michael Lewis’s 2014 book “Flash Boys.” The Greenwich, Conn.-based brokerage is currently listed on Nasdaq.
The U.S. corporate-listings business, in which companies pay fees to an exchange for services tied to being the primary venue for the company’s stock trading, has for years been an effective duopoly of Intercontinental Exchange Inc.’s ICE, -1.98% NYSE and Nasdaq NDAQ, -2.39% . A third big exchange group, Cboe Global Markets Inc. CBOE, -0.52% , lists exchange-traded funds and its own shares, but hasn’t made a bid to attract other companies.
IEX has struggled to convince corporate executives to switch over from the Big Board and Nasdaq, and its timetable for the launch of listings had slipped repeatedly. One of its obstacles was that many companies were reluctant to be the first to switch — a hurdle that may be easier to clear now that IEX will be home to one listing.
An expanded version of this report appears on WSJ.com.
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