A billionaire trading pioneer is switching his company’s listing to a new stock market

The billionaire founder of Interactive Brokers is switching his company’s stock from the Nasdaq to IEX, making it the upstart exchange’s first listing.

The online brokerage company’s defection to IEX is notable because US listings have been dominated by a duopoly—the New York Stock Exchange and Nasdaq—for more than a decade. Interactive Brokers, founded by Thomas Peterffy, has been listed on Nasdaq since 2007. He says the switch will save the company money on listing fees, and...

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