Irish trader 'winning war' on Wall Street
The Dublin-born businessman behind America's newest securities market has said he is winning a "war" against Wall Street giants NYSE and NASDAQ.
Ronan Ryan, a former flash trader and millionaire founder of Investors Exchange (IEX), has turned up the heat in his row with the New York Stock Exchange after filing a complaint with a US federal watchdog over unfair pricing for brokers.
Ryan's complaint is the latest twist in a battle that has pitted IEX against the NYSE and NASDAQ, as well as major high-frequency trading firms.
Backed by Capital Group - a $1.4tn asset manager - IEX aims to "break the 46-year-old duopoly" of the two big exchanges.
"This has been a good war so far," said Ryan. "We like a good scrap. We consider ourselves disruptors. Disruption done the right way is disruption for good. We're going to disrupt things further."
After six months with exchange status, IEX has 2pc of the US securities market.
"We only charge when you trade, which works out as less than one-tenth of a penny per share. You only pay to play."
Sunday Indo Business