Interactive Brokers to move listing of its shares back to Nasdaq
The brokerage expects its common stock to begin trading on the Nasdaq Global Select Market on October 7, 2019.
Online trading major Interactive Brokers Group, Inc. has announced that it will move the listing of its shares to Nasdaq. The brokerage expects its common stock to commence trading on the Nasdaq Global Select Market on October 7, 2019, and that its shares will continue to trade under the ticker symbol “IBKR”.
The decision is announced about a year after the brokerage said it would shift its listing to IEX.
“Last year, we switched to IEX because we believed that their advanced exchange model, including their mid-price orders and crumbling order algorithms, provided the opportunity for substantially better execution prices for orders routed there. We hoped that we would be followed by other listings and, as the exchange gained greater volume, the public investing in those shares would benefit,” said Thomas Peterffy, Chairman and Founder of Interactive Brokers. “Unfortunately, IEX exchange could not gain more listings and there were fewer market-makers trading our stock on IEX than on Nasdaq. We gave it a year and we tried our best, but we now have to accept that, in spite of our good intentions, returning to Nasdaq will be best for our shareholders.”
“We are proud to welcome Interactive Brokers back to Nasdaq’s family of the world’s largest and most innovative companies,” said Adena Friedman, President and CEO of Nasdaq. “Rejoining Nasdaq will give Interactive Brokers exposure to the leading indexes in the investment community, insights from our proprietary Market Intelligence Desk, and access to our unparalleled marketing assets. We look forward to working with and supporting Interactive Brokers as it continues to grow.”
“We appreciated Interactive Brokers being our first listed company. I have great respect for Thomas and Interactive Brokers,” said Brad Katsuyama, Co-Founder and CEO of IEX. “In discussions with Thomas, I came to the conclusion that listings is not a core part of IEX’s business and we will exit listings after IBKR leaves to focus on higher growth opportunities.”
