IEX Raises $75 Million; Set To Bid For US Stock Exchange Status

IEX Group announced Wednesday that it has raised $75 million from firms such as Bain Capital Ventures and Spark Capital, and the funds would facilitate its efforts to become registered on a U.S. stock exchange besides exploring other opportunities.

Currently there are 11 exchanges and over 50 private trading venues and dark pools in the U.S.

IEX to seek regulatory approval within a week

IEX, an upstart stock-trading platform, had the starring role in the Lewis book Flash Boys. The book exposed the fact that high frequency traders can identify a trader’s order intention and then trade in the blink of an eye ahead of the trader to skim fractions of pennies off each trade. Dark Pools are generally opaque...