The Big Board is sprucing up its garage, getting rid of that damned eyesore it hangs monitors off of and consolidating its coffee-delivery system, all in the name of winning back some of the 60% in market share it’s lost over the last 10 years. Unfortunately, it’s also getting some more of the last thing in the world it needs: Competition. And from Michael Lewis’ favorite stock-trading arena.
IEX Group Inc., the upstart private trading venue that launched less than a year ago, plans within a week to seek U.S. regulatory approval to become a full-fledged stock exchange, according to people familiar with the company’s plans.
On the bright side, if the whole owning-the-most-important-symbol-in-international-capitalism doesn’t work out, ICE can always just sell the thing to a company based in Atlanta or something.
If the overhaul doesn’t start to pay off quickly, Mr. Sprecher has left himself wiggle room to sell the New York Stock Exchange, many outsiders say.
Can the New York Stock Exchange Be Saved? [WSJ]
NYSE’s New Owners Want to Restore Old Look to Trading Floor [WSJ MoneyBeat blog]
IEX to Apply for Exchange Status [WSJ]
IEX Group raises $75 million in push to become a stock exchange [Reuters]