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Comment by peterbonney | Hacker News Reader

I'd say IEX has done remarkably well - it's not likely to displace NASDAQ or NYSE but it has solidified its place as the #3 US exchange by any reasonable measure. If TXSE achieves comparable market share I'd call that a wild success.

You're not wrong to say that most participants don't care about what IEX offers, but enough do to make a meaningful dent in trading volume.

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It’s definitely not 3rd place. That’s cboe and it’s not close. It’s hanging around with ~2% of the trade volume.

https://www.cboe.com/us/equities/market_statistics/

I don’t know if that is “remarkably well” but it certainly isn’t some market paradigm shift.

If you were to tell me in 10 years the Texas exchange would have 2% of the market I’d believe you. But I’d still not be terribly impressed.

IEX is "3rd place" in their mind only because the other 12 exchanges are owned by two companies. IEX is 13/13 for volume, and the main reason they have any volume is because IEX sometimes has the NBBO so you have to trade there per reg NMS.

You're right, my view is way out of date. I didn't realize CBOE had grown so much in straight equities trading. IEX is the best of the rest, but it's NYSE, NASDAQ and (to my surprise) CBOE as the clear top 3.

> #3 US exchange by any reasonable measure

According to their stats, they are usually around 3% of the market:

https://iextrading.com/stats/

Cboe miax and memx are all doing better than IEX

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