Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:
Summary: Interactive Brokers Group Inc filed a Form S-1 with the SEC for an IPO on Nasdaq that could reach $500 million, with most of the proceeds going to its current owners. Interactive Brokers is a global market maker and broker that provides specialized trading services for more than 60 electronic exchanges and trading venues. Post-IPO it will become a holding company with a 5% equity stake in IBG LLC (the current holding company for its businesses). It will use an OpenIPO process with share price and allocation determined by auction, underwritten by WR Hambrecht & Co. and E*Trade Securities. The WSJ reports IBG is the 16th largest securities firm in the U.S. based on consolidated capital. It will trade under proposed ticker: IBKR.
Related links: Press Release. Interactive Brokers' S-1 Filing. Media coverage: WSJ. Commentary: Nomura's Agreement to Buy Instinet from Silver Lake a Win-Win.
Potentially impacted stocks and ETFs: Competitor: Investment Technology Group (NYSE:ITG) • ETF: streetTRACKS KBW Capital Markets (NYSEARCA:KCE)
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