Leading US brokers have agreed to help clients automatically send a percentage of their orders to IEX Group, which is a strong sign of the market backing the year-old equities trading venue.
Goldman Sachs, Deutsche Bank, JP Morgan, UBS, Morgan Stanley, Citigroup, Barclays and Bank of America are among at least 17 brokers that have adapted their algorithms to allow automatic routing to IEX, which was set up a year ago as a venue for investors who feared predatory trading techniques. The list was part of marketing materials sent to at least 600 buyside firms this month, according to people familiar with the matter and documents seen by Financial News.