29 September 2017


Justin Schack

Managing Director    

Anish Puaar

Vice President    

Rosenblatt Securities Inc.    
New York +1 212 607 3100    

Rosenblatt's Market Structure News Digest

IEX Forced To Offer Huge Concessions To Win NYSE, Nasdaq Listings
—Bloomberg News

IEX Group Inc., acknowledging how hard it will be to battle the New York Stock Exchange and Nasdaq Stock Market’s listing duopoly, is offering … the first stock to shift from NYSE or Nasdaq, and anyone who announces their own move within 120 days, … at least $250,000 in fee credits.

Our Take: This article raised more than a few eyebrows on the Street, with IEX offering “fee credits” to jump-start its fledgling listings effort even as it continues to denounce customer rebates in the trade-execution business. There are of course differences between the two, but it’s far from a stretch to argue that listings-fee credits…

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