IEX, an equity trading venue that sought to equalize the Wall Street playing field, announced Monday that it was shutting down its listing business.
The development comes after IEX failed to lure high-profile IPOs.
“The legacy exchanges have a strong hold on this market and to succeed we would need to compete in a way that does not align with our mission to build fairer markets,” Brad Katsuyama, IEX co-founder and CEO, told the Financial Times.
The exchange suffered the blow after Wynn Resorts, Limited WYNN, a hotel group, chose not to list last year after its executive stepped down due to sexual misconduct allegations.
Now, Interactive Brokers, the first company to switch, will return to Nasdaq due problems not limited to the lower number of market-makers trading on IEX.
In response to the development, IEX said it will reshift its focus and improve on its U.S. stock trading and cloud data business.
If you want to see dozens of companies looking to take over the fintech space, be sure to check out the Benzinga Global Fintech Awards in New York City on Nov. 19.
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