IEX to exit listings business, set to launch three new tech ventures
IEX will focus on its exchange trading business, as well as the launch of three new technology ventures.
IEX has announced that it is exiting the corporate listings business in order to focus on its exchange trading business, as well as the launch of three new technology ventures. The announcement by IEX was made concurrently with Interactive Brokers’ announcement that it is moving back its common stock listing to Nasdaq.
IEX stresses that exiting listings has no impact on the types or number of securities that IEX can trade – IEX already trades over 6,000 National Market System (NMS) stocks and ETFs daily, and has grown to 3% market share, transacting more in notional value than the London Stock Exchange and the Toronto Stock Exchange.
Brad Katsuyama, Co-Founder and CEO of IEX Group commented:
“Interactive Brokers (IEX: IBKR) Founder and CEO Thomas Peterffy is an industry icon who I have great respect for. And after discussions with him about the future of listings, we jointly made the decision to announce IEX’s exit from the listings business and IBKR’s switch back to Nasdaq. We are extremely grateful that IBKR was our first listing as they were the first retail broker to trade on IEX and will continue to be a leading Member of our exchange.”
IEX plans to focus more resources on its trading product pipeline where the company expects to launch multiple new products in the next twelve months. These new offerings leverage the IEX Signal – patented machine-learning technology which has already benefited over 113 billion shares traded on IEX – and are designed to increase the types of participants and situations protected from predatory trading.
IEX is launching three new businesses that leverage its proprietary technology:
- IEX Cloud: a developer platform designed to democratize access to financial data.
- IEX Astral: a data platform built in collaboration with the world’s largest asset managers to help them store, protect and use their complex trading data.
- IEX Event Stream: a data messaging platform that utilizes IEX’s core technology in areas outside of finance.
“The exchange trading landscape is on the precipice of major change and IEX stands to benefit as investors, brokers and regulators are more focused than ever on performance and transparency. And our team continues to expand with many key hires on both the technology and business side which gives us the talent to take our company to the next level and expand beyond capital markets,” said Mr. Katsuyama. “Our goal is to never become complacent but to disrupt from a position of strength, and IEX has never been in a stronger position both strategically and financially.”
IEX will remain the primary listings exchange for Interactive Brokers (IEX:IBKR) until they switch to Nasdaq on October 7, 2019.