The Small Exchange, a new futures exchange offering smaller, simpler products aimed toward retail customers, has secured $4 million in investment from Interactive Brokers, an automated global electronic broker, and Phillip Capital Group, a global financial services firm.
The investments by Interactive Brokers and Phillip Capital add two world class brokerage firms that will provide access for their customers to the Small Exchange product offering.
Additionally, the Small Exchange will be able to invest in its operations and expand its offering including additional futures products and options to individual traders and small trading firms seeking to connect to these markets.
Don Roberts, the Small Exchange president and CEO, said: “As we launch our exchange, we are ecstatic to have Interactive Brokers and Phillip Capital as participants and strategic investors. The worldwide customer reach of these two firms combined with their knowledge of the brokerage space makes them a great fit for the Small Exchange.”
Roberts added: “Our product offering is tailored to the wide customer range of both firms. Having them as part of our already solid base of participants provides momentum as we build our liquidity and get ready for the next steps in our growth to offer expanded hours and option trading on our products.”
As of June 01, 2020, the Chicago-based Small Exchange has 18 partners and has launched three products including an equity index, dollar index, and metals index.
Elsewhere, the OCC recently welcomed the Small Exchange as a participant exchange following its successful launch.
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