IEX hires ex-banking executive to take on NYSE, Nasdaq for listings
Reuters
Published Nov 14, 2016 11:34AM ET
IEX hires ex-banking executive to take on NYSE, Nasdaq for listings
NEW YORK (Reuters) - IEX Group, operator of the newest U.S. stock exchange, on Monday said it hired former Morgan Stanley (NYSE:MS) executive Sara Furber to help it challenge Nasdaq Inc (O:NDAQ) and Intercontinental Exchange Inc's (N:ICE) New York Stock Exchange for corporate listings.
The New York-based company, which was featured in Michael Lewis' book "Flash Boys: A Wall Street Revolt," has been courting potential "founding issuers," offering them significant incentives to list their shares on IEX, Reuters reported in September.
As head of listings, Furber, who has held senior positions in wealth management, investment management and investment banking at Morgan Stanley and Bank of America Merrill Lynch (NYSE:BAC), aims to begin bringing companies on board beginning in 2017.
Furber will report to IEX Chief Executive Officer Brad Katsuyama.
"Flash Boys" detailed the efforts of the exchange's founders to build a more investor-focused market that included a "speed bump" to remove what they saw as unfair advantages of high-speed traders.
IEX launched The Investors Exchange on Aug. 19 after operating an off-exchange trading platform for more than 2-1/2 years.
NYSE and Nasdaq compete fiercely for corporate listings, from courting initial public offerings to luring companies already listed on their rival exchanges, both of which add to revenues and can be public relations windfalls.
NYSE offers listing companies the chance to ring the opening or closing bell on the floor of the New York Stock Exchange, giving them exposure to the TV news channels that broadcast from the iconic location.
Nasdaq puts listing companies' names on an electronic billboard at its Times Square (NYSE:SQ) location in New York.
Bats Global Markets (Z:BATS), operator of the second-largest U.S. exchange, lists its own stock, but has focused on listing exchange-traded funds rather than companies.
Company shares can trade on all 13 U.S. exchanges, regardless of where they are listed.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.