Interactive Brokers submits SEC filing to register stock in connection with transfer of listing

Maria Nikolova

The broker submits a SEC filing to register the Class A common stock in connection with the transfer of its listing from the Nasdaq Global Select Market to IEX.

A followup to FinanceFeeds’ earlier article about the planned transfer of the listing of electronic trading major Interactive Brokers Group, Inc. (NASDAQ:IBKR)…

On Friday, September 28th, the broker submitted a document to the Securities and Exchange Commission in connection with the planned change of listing.

The Registration Statement on Form 8-A is being filed to register the Class A common stock, par value $0.01 per share of Interactive Brokers with reference to the transfer of the listing of the Common Stock from the Nasdaq Global Select Market of the NASDAQ Stock Market LLC to Investors Exchange LLC (IEX). The listing on IEX is expected to be effective as of the close of trading on Thursday, October 4, 2018.

The Company filed the description of its Common Stock to be registered. This description is set forth under the heading “Description of Capital Stock” in the Company’s Registration Statement on Form S-3 (File No. 333-219552) filed with the Securities and Exchange Commission on July 28, 2017, except that the disclosure under the subcaption “Listing” is now amended to read in full as follows: “Our Common Stock will be listed on the Investors Exchange LLC under the symbol IBKR, effective as of the close of trading on Thursday, October 4, 2018.”

When initially announcing its decision to move its shares listing to IEX, Interactive Brokers noted that 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.

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