The debate over rebates tearing apart Wall Street has gotten even more heated.
In a new letter, NYSE is blasting IEX’s accusations that it is misleading listed companies.
Just when we thought the war tearing apart Wall Street couldn’t get any more heated, it just did.
The New York Stock Exchange has submitted a brutal letter to the US Securities and Exchange Commission, responding to accusations made by IEX in its own comment letter about a pilot that would shake up US stock trading.
The so-called transaction fee pilot would ban exchanges in certain instances from using rebates, which are incentives to lure traders to their venues. Upstart exchange IEX has long-called for the elimination of rebates, but most recently it blasted rival NYSE for calling on its listed companies to urge the SEC to pump the brakes on the pilot.
IEX criticized NYSE’s actions, noting that many of NYSE’s listed companies have shareholders that publicly support the pilot. IEX says this is tantamount to NYSE urging listed companies to act against the interest of shareholders. Notably, a string of large asset managers and pension firms from Fidelity to the Ontario Teachers Pension Plan have sided with IEX on the pilot.
“We …read more
Source:: Businessinsider – Technology