Interactive Brokers to move listing of its shares to IEX

Maria Nikolova

Interactive Brokers’ common stock, which is currently listed on the Nasdaq Stock Market, is expected to begin trading on IEX on Friday, October 5, 2018, and will continue to be listed under the IBKR ticker symbol.

Electronic trading major Interactive Brokers Group, Inc. (NASDAQ:IBKR) has earlier today announced its decision to move the listing of its shares, symbol IBKR, to IEX. IEX is a new stock exchange striving to provide better trade executions than any other exchange, by providing certain new order types and by delaying the processing of all orders by 350 microseconds, targeted at preventing faster traders from front running orders.

IEX typically charges between $0.0003 and $0.0009 per share for execution of marketable orders, which by comparison, is far less than any of the largest exchanges.

“We currently execute some of our customers’ marketable orders at IEX because at the moment of execution, IEX offers us the best price for those orders, right in the middle of the displayed best bid and offer,” said Thomas Peterffy, Chairman and Founder of Interactive Brokers.

“This percentage will rise quickly if other investors route more of their orders to IEX. Just like we have, IEX has relentlessly focused on building technology to provide superior executions. We are on the same quest: our efforts dovetail with each other,” he added.

“We at Interactive Brokers understand that being the first listing on a new exchange may entail certain risk, but we think that individual and institutional customers who own and trade our stock will receive better execution prices and that advantage will outweigh the risk,” Peterffy said.

“I would like to suggest to other listed companies that the savings they would derive by moving their listing to IEX and paying substantially lower listing fees, plus the savings their shareholders are likely to derive from transacting on IEX would be well worth the expense of moving their listing to IEX,” he said.

In its announcement on the matter, IEX stated that Interactive Brokers’ common stock, which is currently listed on the Nasdaq Stock Market, is expected to begin trading on IEX on Friday, October 5, 2018 and will continue to be listed under the IBKR ticker symbol.

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