, Columnist
NYSE Goes From Fan to Critic of IEX, Bashes `Unfair' Plan
- With a `Seinfeld' reference, exchange joins other detractors
- Contrasts with Sprecher's prior praise for IEX and its CEO
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The New York Stock Exchange blasted IEX Group Inc.’s proposal to convert into a full-fledged exchange, calling it unfair and insufficiently documented.
“Like the ‘non-fat yogurt’ shop on Seinfeld, which actually serves tastier, full-fat yogurt to increase its sales, IEX advertises that it is ‘A Fair, Simple, Transparent Market,’ whereas it proposes rules that would make IEX an unfair, complex, and opaque exchange,” according to a NYSE letter dated Nov. 12 on the U.S. Securities and Exchange Commission’s website.