IEX hires Morgan Stanley exec to lead listings unit

Brad Katsuyama, chief executive officer of IEX Group Inc., listens during an interview at the company's office in New York, U.S., on Friday, Feb. 5, 2016

Getty Images

IEX CEO Brad Katsuyama is targetting quality, not quantity, for his listings unit

New York-based IEX has hired Sarah Furber as its first head of listings, the company said in a statement on November 14.

Furber joins from Morgan Stanley, where she was a managing director and held senior roles including chief operating officer of its wealth management business. She was previously at Bank of America Merrill Lynch, where her roles included COO for global corporate and investment banking.

She will report to IEX’s chief executive Brad Katsuyama, who added IEX planned to establish a listings platform in 2017.

Katsuyama said in a statement that “listing on IEX is a differentiating way for companies to demonstrate alignment with their shareholders”.

Katsuyama and former colleagues from RBC Capital Markets founded IEX in 2012 to help level the playing field for long-only investors. The exchange, which gained attention in Michael Lewis’s 2014 book Flash Boys, launched as an alternative trading venue for US equities with several unique features. These included a flat fee for both sides of a trade and an inbuilt speed bump that slows down incoming orders to defeat the latency arbitrage strategies employed by some trading firms.

The group is backed solely by buyside and private equity firms and has achieved a market share of over 2% in the US.

In September 2016, it became a fully-fledged exchange group – the first new US exchange in more than six years. That status brought with it the ability to list companies and take on Nasdaq and NYSE in another of their core businesses.

Speaking at a London conference in September 2015, Katsuyama said “the goal for us is not the quantity of companies that list on IEX, it is the quality of companies that will list”.

More from Market Infrastructure

Let’s block ads! (Why?)

Trading & Technology – Financial News Online

You May Also Like

Leave a Reply

Your email address will not be published. Required fields are marked *