IEX Gets A-OK for Listings Business
All systems are “Go” for liftoff of the exchange’s plans to listing new companies.
IEX has received the final approvals for its plan to compete with the NYSE and Nasdaq in hosting corporate listings. According to sources, the newest US exchange plans to wait until early 2018 to launch its first listings to give the industry time to adapt to the new IEX opening and closing auction mechanism.
According to ITG commentary, the expectation is for approximately a half dozen companies to list on IEX in the initial stages.
According to Business Insider, the SEC posted the amendment to Rule 146 Tuesday, but an “operative delay” mandates the exchange to wait an additional 30 days to open shop. Since that lands near the holiday season, the exchange is waiting until after the New Year to list its first company.
IEX filed its petition for the amendment in September 2016.
“We’re thrilled that the SEC has taken this step,” Sara Furber, the head of listings for the exchange, said to BI. “We look forward to bringing companies a differentiated listings option that aligns the interests of companies and their shareholders.”
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