Billionaire Who Once Built Robots to Trade Goes to War With Them
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Interactive Brokers is first to move its stock listing to IEX
- Chairman Peterffy says investors to get ‘better executions’
Thomas Peterffy helped launch the electronic-trading revolution that transformed the U.S. stock market. And while the billionaire hasn’t soured on automation, he’s taking a lead role fighting back against the speediest traders.
Interactive Brokers Group Inc. announced Wednesday that it will list its shares on an exchange run by IEX Group Inc., which was made famous by Michael Lewis in “Flash Boys.” The 2014 book documented the market’s efforts to use a 350-microsecond speed bump to eliminate advantages IEX believed the fastest traders had in U.S. stocks. When shares of Interactive Brokers move over from Nasdaq Inc., it will be IEX’s first win in its delayed plan to list corporations…
Billionaire Who Once Built Robots to Trade Goes to War With Them
