(Bloomberg) — The New York Stock Exchange criticized IEX Group Inc.s proposal to convert into a full-fledged exchange, saying the upstart trading venues rules make it unfair, complex and opaque.
NYSE also complained that IEX, which was made famous by author Michael Lewis, for failing to give complete details on how it operates, which makes it impossible to fully ascertain how it proposes to operate as an exchange, according to a letter posted Thursday on the U.S. Securities and Exchange Commissions website.
IEXs founders argue their company is an antidote to unfair practices in the U.S. stock market, including purported advantages enjoyed by the fastest traders. Created as a so- called alternative trading system, the New York-based company wants to become an exchange — which carries a series of competitive advantages and obligations. IEXs key feature is a speed bump designed to thwart allegedly predatory practices by traders.
The NYSE critique contrasts with public praise from Jeff Sprecher, the chief executive officer of NYSEs owner, Intercontinental Exchange Inc. I admire what theyve done, Sprecher told attendees of a conference in June 2014.
