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Idex Corp

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It's all about listings and liquidity. If they can build a brand and attract new listings and keep market makers highly subsidized, then they can put a dent. NYSE, NASDAQ, and CBOE are the top three equities exchanges by volume, MEMX AND IEX are chipping away share but are still lagging. TSX has poached talent from BATS/CBOE and they are serious on listings. Equities business is a challenging one, and there isn't much room for innovation, so the real differentiator is purely based on pricing. If they have deep pockets, then they can make something out of it.
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