(Bloomberg) — Retail trading platform Interactive Brokers Group Inc. will be added to the S&P 500 index later this week, replacing Walgreens Boots Alliance Inc. on the closely watched gauge of US stocks.
The changes will take place prior to the opening of trading on Aug. 28, according to a press release from S&P Dow Jones Indices. Shares of Interactive Brokers fell 0.1% to $62.70 at 11:46 a.m. in New York. Inclusion in the equity benchmark can elevate a company’s profile and boost demand for its shares from passive investment funds that track the index.
Retail investors have flocked to Interactive Brokers as the Greenwich, Connecticut-based firm has built out its financial-services products in recent years. Following the success of its prediction markets trading services around the 2024 US presidential election, the firm expanded them into Canada earlier this year. It’s also bolstered its cryptocurrency offerings by adding more tokens to the investing platform.
As of the end of July, the company, founded by billionaire Thomas Peterffy, reported 3.96 million client accounts — a 32% increase from a year earlier.
“Several people have contacted me to congratulate, but I said, considering that I have been working at this for the past 48 years, it is not such a remarkable achievement,” Peterffy said in an emailed statement.
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Walgreens was acquired by Sycamore Partners for $10 billion earlier this year in one of the largest leveraged buyouts since the global financial crisis.
Talen Energy Corp. will replace Interactive Brokers in the S&P MidCap 400, according to the S&P statement.
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