NEW YORK (Reuters) - IEX Group, operator of the newest U.S. stock exchange, plans to list its first company in October as it tries to break into a business dominated by the New York Stock Exchange and Nasdaq Inc NDAQ.O, according to a trading alert sent out on Wednesday.
The New York-based company, which was featured in Michael Lewis’ book “Flash Boys: A Wall Street Revolt,” started courting potential “founding issuers” in September, Reuters reported.
Casino magnate Steve Wynn, an investor in IEX, has said he would consider moving Wynn Resorts Ltd WYNN.O stock to IEX.
Company shares can trade on any of the 13 U.S. exchanges, regardless of where they are listed, but listings fees and services provided to listed companies offer a steady stream of revenue to host exchanges.
NYSE, which is owned by Intercontinental Exchange Inc ICE.N, and Nasdaq compete fiercely for corporate listings, from courting initial public offerings to luring companies already listed on their rival exchanges, both of which can be public relations windfalls.
Exchange operator Bats lists its parent company, CBOE Holdings Inc CBOE.O, but otherwise focuses on listing exchange-traded funds.
IEX launched The Investors Exchange on Aug. 19 after operating an off-exchange trading platform for more than 2-1/2 years, and has gained a market share of just over 2 percent.
The exchange needs regulatory approval before it can begin listing stocks.
Reporting by John McCrank; Editing by Jonathan Oatis
Our Standards: The Thomson Reuters Trust Principles.