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Though New York based IEX, a six year old startup, handles around 2.4% of daily U.S. trading volume, it has so far failed to attract any listings. Companies are loath to switch exchanges, leaving the startup with few options on incentives it can offer for its own listings. The NYSE and Nasdaq have an effective duopoly on corporate listings, while the CBOE has a listings business focused on ETFs.
But so far, IEX has failed to list any companies, despite approaching hundreds over the past several years, including household names such as Amazon.com Inc., AMZN -1.93% Starbucks Corp. SBUX -0.30% and air carrier United Continental Holdings Inc., UAL +0.69% people familiar with the listings effort said. Now, IEX must either offer companies greater incentives to win listings or find other ways to grow, said James Angel, a finance professor at Georgetown University. “Starting a listings business is really hard, because most companies don’t want to bother changing their listing exchange,” he said. Now, IEX must either offer companies greater incentives to win listings or find other ways to grow, said James Angel, a finance professor at Georgetown University. “Starting a listings business is really hard, because most companies don’t want to bother changing their listing exchange,” he said.
https://www.wsj.com/articles/startup-exchange-iex-still-has-no-listings-1532865600
