IEX the Investors Exchange

If you’re a fan of IEX (I am, after reading about them in Flash Boys), then you might be disappointed to hear that they’ve had to give up on one part of their business - listing shares.

The stock exchange that shot to prominence in Michael Lewis’s 2014 book Flash Boys never attempted to compete for the high-profile business of initial public offerings. Instead, it targeted existing public companies looking to shift their listing from NYSE or Nasdaq. These companies each pay hundreds of thousands of dollars annually to the two exchanges, a fee pool IEX had hoped to tap.

IEX suffers blow as it shuts down listings business - FT

But they do have other arms of their business that they’re planning to develop so hopefully this isn’t the beginning of the end for the exchange.

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IEX have a new podcast, it sounds like they’ll be sharing more of the technical details behind their exchange and probably some of the reasons why it’s needed e.g. to prevent bad behaviour from high frequency traders.