America’s newest stock exchange just got the green light to go after Nasdaq and NYSE’s marquee business

business news

  • IEX, the stock exchange made famous in Michael Lewis’ “Flash Boys,” just got the green light to go after the marquee business of its rivals New York Stock Exchange and Nasdaq. 
  • The Securities and Exchange Commission amended Rule 146, the final regulatory hurdle for IEX to start listing companies on its exchange. 
  • The exchange, which was originally hoping to have its listings business up and running in October, plans to list its first company in early 2018. 


America’s newest exchange just got the green light from regulators to start up its listings business, but it doesn’t plan to list its first company until early 2018.

IEX, the startup made famous in Michael Lewis’ popular book “Flash Boys,” was originally hoping to snag a listing from one of its competitors in October, but that was delayed because the Securities and Exchange Commission had yet to amend the necessary rule to allow IEX to operate its listings business. 

The SEC posted the amendment to rule 146 Tuesday, but an “operative delay” mandates the exchange to wait an additional 30 days to open shop. Since that lands near the holiday season, the exchange is waiting until after the New Year to list its first company. 

The company filed its petition for the amendment in September 2016. 

“We’re thrilled that the SEC has taken this step,” Sara Furber, the head of listings for the exchange, said.”We look forward to bringing companies a differentiated listings option that aligns the interests of companies and their shareholders.”

There’s a lot riding on IEX getting a listing. A boost in the number of companies listed on its exchange will likely translate into a boost in the amount of trading that takes place on the exchange, as stocks are more likely to trade on the exchange they are listed on, particularly when the market opens and closes. This could help boost IEX’s 2% market share. In addition, having a well-known company switch would represent an endorsement of IEX’s market model, and help further boost its visibility.  

SEE ALSO: America’s newest stock exchange is gunning for NYSE and Nasdaq’s marquee business

Join the conversation about this story »

NOW WATCH: I spent a day trying to pay for things with bitcoin and a bar of gold

Комментариев нет

Добавить комментарий

Этот сайт использует Akismet для борьбы со спамом. Узнайте как обрабатываются ваши данные комментариев.

business news
Trump’s trade fight and the unwinding of a $3 billion bet are clobbering copper

Copper prices on the London Metal Exchange slipped below $6,000 for the first time in a year Thursday. Analysts say trade escalations are weighing on a market already under pressure. An unwinding of a $3 billion long position put pressure on prices earlier this month.  Follow copper in real time …

business news
Trump threatens to slam a massive tariff on European cars, which could cause economic chaos

President Donald Trump on Friday threatened to impose a 20% tariff on imports of cars from the European Union. The move would be a huge escalation of Trump’s ongoing trade conflict with the EU. Trump already hit Europe with steel and aluminum tariffs, angering EU leaders and triggering retaliation. President …

business news
Bitcoin’s rough patch looks like the Nasdaq during the tech bubble — except it’s moving 15 times faster

Bitcoin fell as much as 70% from its mid-December high through its recent early-February low. The cryptocurrency’s price chart mirrors that of the Nasdaq Composite Index during the dotcom bubble era, but there’s a catch. Historical fluctuations in the Nasdaq should provide a template for how bitcoin will trade going …