IEX Group, the stock trading venue at the center of Michael Lewis’ book “Flash Boys”, has just received the backing of a slew of big-name investors.
filed with the Securities and Exchange Commission to become a stock exchange in September. The filing was published on the SEC website.
Now, Southeastern Asset Management, a $US26 billion fund manager, and The Capital Group, an investor in IEX which manages $US1.4 trillion, have filed letters to the SEC supporting the application.
The Southeastern Asset Management letter is also signed by some of the best known fund managers in the business, including Franklin Templeton Investments, Greenlight Capital, Oaktree Capital Management, Pershing Square Capital Management and Teacher Retirement System of Texas.
“Approving IEX’s exchange application will further the Commission’s long-held goals of increasing market competition and improving the end investor’s market experience. IEX offers market participants a differentiated choice with regard to how to trade their orders as they pursue the best execution possible. The equity market’s structure and all participants will fully realise the benefits of this choice when IEX begins operating as an exchange.”
In a separate letter, The Capital Group said it too supported the the exchange application: