IEX has struggled to grow market share in equities for years, having languished in the 2-3% range since 2015. Yet the exchange says it's been profitable since early in its history. How? Let's do some math and find out:
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in 2019, the SIP made ~$260 million (!) in fees. Each exchange gets a % of this money according to their equity market share. IEX had ~3% share, so they get 3% of the fees. 3% x $260 million = ~$7 million in SIP revenue per year.
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If IEX says they're profitable, they're saying they can support their exchange technology & staff costs on less than ~$50 - $60 million in revenue per year. https://www.bloomberg.com/news/articles/2016-07-19/iex-makes-money-but-lack-of-rebates-may-slow-growth-ceo-says …pic.twitter.com/dGVVKBHwzi
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