Despite IEX's failed listings experiment, other parts of its business are prospering
robbed stock exchanges of their theatrics. Opening days are an exception. Blue-chip firms listing on Nasdaq, America’s second-biggest exchange, get an hour of exclusive advertising on its tower in Times Square. On the New York Stock Exchange , the biggest, they earn the right to be deafened by a bell above a 116-year-old trading floor.
Yet behind the pageant, competition for listings is cut-throat. Last year Nasdaq snatched 18 listings from; six went the other way. Now Investors Exchange , an independent upstart created in 2012, is giving up the fight. On September 23rd it said it would shut its listings unit to focus on trading and new services. “We’ve spent many, many, many hours flying around the world trying to educate companies,” says Brad Katsuyama, its boss. “The return on our efforts was not where it needed to be.
Listings were not originally part of its plans. All exchanges can trade any stock, wherever it is listed; indeed few do listings at all. But “Flash Boys”, a bestseller on high-frequency trading published in 2014, cast Mr Katsuyama andas champions of ordinary investors against rigged markets. The publicity piqued companies’ interest. Listings can be lucrative: Nasdaq earned $290m in listings fees last year. And winning listings from the giants would have been a pleasing endorsement.
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