There's been an executive shakeup at upstart stock exchange IEX as it struggles to attract a listing

REUTERS/Eduardo Munoz

Brad Katsuyama, chief executive of IEX Group

• There's been an executive shakeup at upstart stock exchange IEX.
• IEX hired Dan Cummings as Head of Corporate Advisory, which includes IEX's listings business, to replace Sara Furber who is taking on the CFO role.

There's been an executive shakeup at upstart stock exchange IEX as it continues to try to lure a listing from one of its rivals.

IEX has hired Dan Cummings as Head of Corporate Advisory, which includes IEX's listings business, from Bank of America Merrill Lynch. He replaces Sara Furber, a former Morgan Stanley executive who is taking on the CFO role.

The company, which said it would have its listings business up and running in early 2018, has failed to attract a company to list its share on its exchange. That's despite the firm giving companies big incentives to list shares on the venue.

IEX was willing to cover the listings cost of companies which announce their intent to switch over to their exchange within 120 days of the first IEX listing, according to a filing with the Securities and Exchange Commission. Such firms will get at least $250,000 in fee credits.

Many market observers thought the first switch would by Wynn Resorts, but the ouster of chief executive Steve Wynn for sexual assault accusations may have pumped the brakes on a switch.