IEX has been given the green light by the SEC, following its successful petition to amend the Securities Act.
The amendment, which applies to Rule 146 of the Securities Act, grants IEX exemptions that mean issuers won’t have to register in each state or jurisdiction where they plan to offer or sell securities. This puts IEX on an equal footing with Nasdaq and the NYSE.
IEX must wait a further 30 days from when the decision is posted to the Federal Register. The exchange plans to list its first company in early 2018, after the holiday season ends.
‘We’re thrilled the SEC has taken this step,’ says Sara Furber, head of listings at IEX. ‘We look forward to bringing companies a differentiated listings option that aligns the interests of companies and their shareholders.’
IEX gained notoriety when it was featured in Michael Lewis’ non-fiction book Flash Boys.
