The pros and cons of it are secondary, given that IEX has 95% of the market most of the price discovery would have in any case happened on IEX, as of now it is not clear what logic will be used but we are investors not policy makers.
What is clear is that if this is done IEX would lose its pole position as market maker and would become a market taker of sorts. As price would be the same i would also render it vulnerable to price competition from other exchanges and kills the main competitive advantage , namely of pretty much being a monopoly player.
Volumes would continue to increase in power trading and it may even command a majority of the same but the logic of being a business with a huge moat is totally lost if this is implemented, as is the premium multiple it would have commanded, essentially it may become a commodity business and the brilliant return ratios it currently has may or may not sustain.
Disclosure – had a large position, sold when the news came out.
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