Besieged IEX Adds Lobbying Muscle in Fight for Exchange Status
- Douglas Nappi was chief counsel to Senate Banking Committee
- SEC may decide on firm's exchange application as soon as March
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Facing a barrage of criticism from rival exchanges and hostile high-frequency traders, IEX Group Inc. is adding lobbying reinforcements as it prepares for a fight in Washington in its bid to become a full-fledged stock exchange.
The firm made famous by Michael Lewis’s 2014 book, “Flash Boys,” said Tuesday it hired Republican lobbyist Douglas Nappi, a former chief counsel to the Senate Banking Committee. Both sides are scouring Capitol Hill for allies as they seek to influence the Securities and Exchange Commission’s decision on IEX’s application expected as soon as next month.