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Amid the LTSE buzz today, I want to bring up an insightful article from @aosipovich on just how hard it is to break into the exchange business.
More thoughts below:
https://www.wsj.com/amp/articles/iex-exchange-to-exit-listings-business-11569205413 …
IEX tried to break into the listings business after launching in 2013. Their pitch was simple - lower prices and better services & value for listed companies. It took 5 years to get 1 listing - Interactive Brokers:https://iextrading.com/about/press/2018/04/ …
Their first listing was also their last. IEX had less market makers and lower trading volume than competitors, and IBKR leadership decided it was best to go back to Nasdaq:pic.twitter.com/vs1512OAKg
My point is that while competition is a good thing and this time may be different, by personal bet is that LTSE will have an extremely tough time getting traction, if it's even possible. IEX, a sophisticated team with a Michael Lewis novel at its back, couldn't do it.
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