IEX is a fair, simple and transparent market center dedicated to investor protection. IEX is the first buyside owned venue, and IEX was the first Alternative Trading System ("ATS") to publicly publish its Form ATS, demonstrating its commitment to transparency. IEX is currently seeking SEC approval to become a registered national securities exchange.

Management Team

Paul Bauccio

Head of Market Operations

Paul has 15 years of experience in Exchange operations. He previously served as Senior Vice President of Operations at the New York Stock Exchange where he was responsible for overseeing day-to-day operations of the NYSE and NYSE cash equity businesses, including the trading floor. He also provided strategic leadership and direction for trading system technology upgrades, drove the development of operational policies and procedures, and served as a primary contact on the trading floor for NYSE customers.

Claudia Crowley

Chief Regulatory Officer

Claudia has over 30 years of regulatory and legal experience in the financial services industry, with extensive experience as a securities industry regulator and significant expertise in complex regulatory programs and market structure issues. She was previously the Chief Executive Officer of NYSE Regulation and the Chief Regulatory Officer of the New York Stock Exchange, NYSE ARCA, and NYSE MKT, with responsibility for management of all aspects of NYSE Regulation's operations. More recently she provided advisory services to exchanges and financial services firms, including IEX. She also served on the CBOE, C2 and CFE Business Conduct Committee with decision-making authority concerning enforcement matters and an advisory role on disciplinary procedures and regulatory policies. Earlier in her career, she held a variety of legal and regulatory positions with the American Stock Exchange, including Chief Regulatory Officer.

Adrian Facini

Head of Product Management

As Head of Product Management, Adrian leads product development from conception through implementation to delivery. Adrian has over 12 years of experience in front-office trading technology. Adrian was formerly the Head of Project Management for Electronic Services Technology at Bank of America Merrill Lynch. In this role, he was responsible for a global portfolio across the equities business, including delivery of BAML’s next generation electronic trading platform and the Merrill Lynch acquisition. Adrian's prior roles at Bank of America included technology project management for equity derivatives, portfolio trading, prime brokerage, and securities lending business lines. Adrian also spent 4 years as a software developer for Global Credit Technology at Citigroup.

Brad Katsuyama

President & Chief Executive Officer

Brad has over 13 years of experience in the securities trading industry. Brad was formerly the Global Head of Electronic Sales and Trading at RBC Capital Markets. In this role, he was responsible for multiple global teams including: electronic sales, electronic trading, algorithmic trading, market structure strategy, client implementation and product management. Brad's prior management roles at RBC were Head of US Cash Equity Trading, Head of US Hedge Fund Coverage, and Head of US Technology Trading.

Sophia Lee

General Counsel

Sophia has a combination of 18 years of legal experience in the financial services industry and private law firm practice. Sophia was previously deputy general counsel of block trading venue Liquidnet, where she served as liaison with global regulators regarding equity market structure issues, set up an ATS in each of the US, Canada and various countries in Asia Pacific and advised on strategic partnerships, acquisitions, financings, and intellectual property and technology matters. Between 2000 and 2004, Sophia served as associate general counsel at agency-only broker ITG. Sophia also spent 4 years as a mergers & acquisitions associate at Paul, Weiss, Rifkind, Wharton & Garrison.

Rob Park

Chief Technology Officer

Rob has over 12 years of experience in the field of quantitative and algorithmic trading. Rob was previously the Head of Global Algorithmic Trading for RBC Capital Markets, where his team was instrumental in the creation of client-facing algorithms and smart order routing strategies. Prior to working at RBC, Rob co-founded Quantera Financial Corp., a proprietary high frequency trading firm that specialized in statistical and machine learning algorithms.

Zoran Perkov

Head of Technology Operations

Zoran has over 15 years of experience in technology with a focus on electronic trading systems. Zoran was previously Global Head of Technical Operations at NASDAQ OMX where his teams were responsible for all trading, clearing, settlement and exchange technology systems. Prior to this role, Zoran was part of the INET team and led the US NASDAQ Operations Center through many system implementations including the transition to the NASDAQ Stock Market. He has also previously held various technical positions ranging from system administration to networking.

John Ramsay

Chief Market Policy Officer

John has 25 years experience in positions that concern the regulation and oversight of securities markets and intermediaries. While at the SEC since 2010, John led the staff's response to numerous significant market events, its participation in global regulatory initiatives, the development of new analytical tools for equity market oversight, and the proposal for Regulation SCI. He also led SEC efforts to implement significant elements of the Dodd-Frank Wall Street Reform and Consumer Protection Act, including the Volcker Rule and derivatives reform rules. From December 2012 to February 2014, John oversaw the Division of Trading and Markets, the group responsible for regulating broker-dealers and self-regulatory organizations, such as securities exchanges and FINRA. Previously, he worked in senior roles at the Commodity Futures Trading Commission and the National Association of Securities Dealers (now FINRA), as a partner at the law firm of Morgan Lewis & Bockius, and as a Deputy General Counsel at Citigroup Global Markets. As Chief Market Policy Officer at IEX, he oversees the development of market structure policy positions, the company’s engagement with governmental and regulatory authorities on these issues, and the company’s participation in various exchange committees.

Ronan Ryan

Chief Strategy Officer

Ronan has over 9 years of experience in the financial services industry and over 17 years of experience in networking infrastructure. Ronan previously was the Head of Electronic Trading Strategy at RBC Capital Markets, where he used his prior experience in network, hardware, and co-location technology to generate client-facing solutions. Prior to working at RBC, Ronan was the Head of Financial Services Development at Switch and Data and Head of DMA and Co-location solutions at BT Radianz where he serviced some of the largest trading firms in the financial industry.

John Schwall

Chief Operating Officer

John has over 19 years in financial services leadership roles in front-office trading, capital markets technology, and brokerage operations. From 2009 to 2011, John served as the Global Head of Product Management at RBC Capital Markets. Prior to working at RBC, John spent 9 years at Bank of America Merrill Lynch, which included various roles as Global Equities Head of New Products, Program Trading Product Manager, and Senior Technology Manager in Brokerage Operations. John also spent 2 years as a Supervising Consultant in Grant Thornton LLP's Financial Services Management Consulting practice and 3 years at the Pershing Division of DLJ. John is Six Sigma certified.

Ben Smith

Chief Information Security Officer

Ben has over 21 years of information security experience with the last 15 years exclusively in the financial sector. Ben was the first Chief Information Security Officer at BlackRock responsible globally for all information security and access management programs. Prior to BlackRock, Ben was the global Information Security Officer and Security Architect for FXall, a multi-bank FX trading portal. Ben spent the last half of the 1990s with Collective Technologies as a Senior Consultant, Security Officer and Security Practice Manager bringing information security solutions to telecom, manufacturing, healthcare, pharmaceutical, information security, banking, trading and co-location companies. He started his career with SAIC at the US Naval Air Warfare Center, China Lake where he selected their first firewall.

Buy-Side Trading Advisory Committee

The IEX Buy-Side Trading Advisory Committee ("TAC" or the "Committee") was established to bring together representatives of a diverse group of buy-side institutional investors and asset owners for the purpose of better informing IEX policy in terms of their impact on these stakeholders, and to evaluate the impact of potential or proposed regulatory changes.

In particular, matters considered by the Committee include the following:

  1. Consultation on proposed new order types, market rules, the introduction of new products and product enhancements, and pricing of services.
  2. Consideration of the impact of new regulatory requirements on buy-side participants and proposals for regulatory changes.
  3. Policies and programs to enhance the efficiency and effectiveness of the IEX market, consistent with the goals of fair access, market integrity, transparency, and avoidance of conflicts of interest.

Boston Company Asset Management LLC

David Brooks

Brandes Investment Partners LP

Joe Scafidi

The Capital Group Companies Inc

Peter Stutsman

Columbia Management Inv Advisers LLC

Matt Waldner

Fidelity Management & Research Co

Bill Baxter

Franklin Templeton Companies LLC

Bill Stephenson

Greenlight Capital LLC

Bruce Gutkin

Janus Capital Management LLC

Dan Royal

Maverick Capital Ltd

Don Devine

Pershing Square Capital Mgmt LP

Ramy Saad

Southeastern Asset Management Inc

Doug Schrank

T. Rowe Price Associates Inc

Mehmet Kinak

The Vanguard Group Inc

Michael Buek

Quality of Markets Committee

The IEX Sell-Side Quality of Markets Committee ("QMC" or the "Committee") provides guidance to IEX on policy, market structure, and product initiatives related to IEX, the national market system, the trading community, and investors.

View the QMC Charter.

Bank of America Merrill Lynch

Adam Inzirillo


Joseph Mecane

Cowen and Company

John Cosenza


Jamie Selway

J.P. Morgan Securities LLC

Daniel Ciment


Eric Stockland

Morgan Stanley & Co. LLC

Shaun Fallon

Russell Implementation Services Inc

Jason Lenzo

Sun Trading LLC

John Mangan

Themis Trading LLC

Joseph Saluzzi

UBS Securities LLC

Vlad Khandros

Virtu Financial LLC

Stephen Cavoli

Board of Directors

Dr. James H. Clark, Ph.D.

Co-Founder Silicon Graphics Inc. / Co-Founder Netscape

James (Jim) Clark has founded several successful and influential technology companies over the past three decades. Dr. Clark co-founded Silicon Graphics Inc. in 1982 which revolutionized desktop computing by building high-performance workstations that could create and display 3-D images in real time. The company's technology was eventually licensed to graphics chip manufacturers and is now used in practically every smart phone and computer made.

Jim also co-founded Netscape Communications Corp. in 1994. Netscape is credited with launching the rapid growth of the Internet in the mid-1990's as well as initiating the IPO and Internet stock-market boom during this period. Jim has also started several other successful Internet companies including Healtheon Corporation, which ultimately became WebMD, MyCFO, and Shutterfly.

Dr. Clark has served as Chairman of the Board of Directors for Silicon Graphics, Netscape Communications, Shutterfly, Healtheon, DNA Sciences and WebMD. Dr. Clark was an associate professor at Stanford University, received a Ph.D. in Computer Science from the University of Utah, and Master of Science and Bachelor of Science degrees in Physics from the University of New Orleans. In 1999, Dr. Clark donated the funds to create the James H. Clark Center for Engineering, Biology, and Computer Science (known as Bio-X) at Stanford, where he is presently a Consulting Professor. His main area of interest is Synthetic Biology.

Lloyd H. Feller

Counsel Morgan, Lewis & Bockius LLP / Former SEC Associate Director

Lloyd Feller is a Counsel at Morgan, Lewis & Bockius LLP, where he focuses on all aspects of securities regulation, with a particular focus on the regulation of broker-dealers, investment banks, and securities markets. Prior to rejoining Morgan Lewis in 2011, Mr. Feller served as Executive Vice President, General Counsel and Secretary of Jefferies Group Inc. and Senior Vice President, Secretary and General Counsel of SoundView Technology Group Inc. and its predecessor Wit Capital. Mr. Feller helped found Morgan Lewis's securities industry practice following his departure from the SEC.

While at the SEC, Lloyd served as an associate director of the SEC's Division of Market Regulation (now Trading and Markets), where he was in charge of the Office of Market Structure and Trading Practices, as well as chief counsel to the Chief Accountant and a legal assistant to two SEC Commissioners. Mr. Feller has served as a two time member of the Legal Advisory Board at the NASD (now FINRA). He has also served on the Market Operations Review Committee of the NASDAQ Stock Market and is a former member of the Nominating Committee for the NASDAQ exchanges. Mr. Feller earned his LL.B. from New York University School of Law and his B.S. in Economics from the University of Pennsylvania.

Alex Finkelstein

General Partner, Spark Capital

Alex Finkelstein is a General Partner at Spark Capital and joined Spark at its inception. He has led Spark's investments in 8D World, GetYourGuide, IEX, Linkwell, Mark43, Privlo, peerTransfer, and Wayfair. Alex also led Spark's previous investment in 5min Media (acquired by AOL). Prior to joining Spark, Alex was the creator and producer of a number of television shows that he sold to major networks, including FOX, E!, Discovery, ITV1 (U.K.) and Yahoo.Previously, Alex was a Principal at Seed Capital Partners, an early-stage venture capital firm that was formed in partnership with Softbank. Before joining Seed Capital Partners, Alex was an Associate at Grandbanks Capital, an early-stage venture capital firm that was also formed in partnership with Softbank. Alex also worked at Cambridge Associates, where he served as a Senior Venture Capital Research Associate and Senior Consulting Associate.

Alex is on the Board of Directors of the Brooke Charter Schools. Brooke is the largest public charter school network in Boston and works on a blind admissions basis. Brooke's students, who come from 78% low-income and 98% minority families, annually achieve the highest MCAS scores for any public school in Boston. Alex is also on the Board of Directors of Youth Cities, a program that introduces high school students to social entrepreneurship. Mr. Finkelstein holds a B.A. in political science from Middlebury College.

Brad Katsuyama

President & CEO, IEX

Rob Park

Chief Technology Officer, IEX

Ronan Ryan

Chief Strategy Officer, IEX

John Schwall

Chief Operating Officer, IEX

Frequently Asked Questions

What is IEX?

IEX is a FINRA registered broker-dealer (registered as "IEX Services LLC") that operates an Alternative Trading System ("ATS") supporting displayed and non-displayed trading. IEX also operates a Smart Order Router ("SOR") to route unfilled portions of orders to away trading centers displaying protected quotations.

An ATS is an electronic trading venue that matches orders to buy and sell securities. An ATS functions like an exchange but is subject to different regulations by the SEC and FINRA.

Additionally, IEX has filed with the SEC to become a registered national securities exchange on August 21, 2015. Pending SEC approval, IEX will cease operation of the ATS by IEX Services LLC and commence operation of the Exchange by Investors' Exchange LLC. For more information about becoming a Member of Investors Exchange, please see our Becoming a Member FAQ.

Who owns IEX?

IEX is owned by a collection of mutual funds, hedge funds and venture capital funds including Bain Capital Ventures, Belfer Management, Brandes Investment Partners, Capital Group, Cleveland Capital Management, Franklin Resources, Inc., Greenlight Capital, MassMutual Ventures, Maverick Capital, Pershing Square, Scoggin Capital Management, Senator Investment Group, Spark Capital, TDF Ventures, and Third Point Partners, as well as family offices, entrepreneurs Jim Clark and Steve Wynn, and IEX employees.

How can I invest in or support IEX?

Unfortunately, IEX is not a publicly-traded company, and we are currently not accepting outside investment.

Can buy-side firms connect directly to IEX's ATS?

No. IEX only allows broker Subscribers to the ATS.

Who can become a Subscriber to IEX's ATS?

IEX only allows registered broker dealers as Subscribers to the ATS. Details are available at

Who can become a Member of Investors Exchange?

US-registered broker dealers are eligible to become a Member of Investors Exchange. Broker-dealers must be registered with a Self-Regulatory Organization (SRO) and maintain an active clearing relationship with an NSCC-member clearing firm. For more information about becoming a Member of Investors Exchange, please see our Prospective Member FAQ.

What types of services does IEX offer while operating the ATS?

IEX offers matching and routing of Regulation NMS (equity) securities, with a continuous, automated matching function. IEX only supports trading in securities for which the NYSE TRF supports the reporting of transactions.

Will IEX's services change as a registered exchange?

No, however the legal structure of IEX will change. Pending SEC approval, Investors Exchange will offer matching of Regulation NMS (equity) securities, with a continuous, automated matching function. IEX Services will remain a broker-dealer that will be a facility of the Exchange, responsible for outbound routing only.

What is the IEX order book priority?

IEX order book priority is: Price - Display - Time, with Broker Priority for non-displayed orders only.

Pending SEC approval, Investors Exchange will no longer offer Broker Priority. IEX will communicate via a Trading Alert to Subscribers the target date for removing Broker Priority from its System.

What order types does IEX support?

IEX offers the following order types:

  • Market
  • Limit
  • Peg
    • Midpoint
    • Primary
    • Discretionary

More information about IEX's order types may be found in proposed Exchange Rule 11.190.

Does IEX have any broker-dealer affiliates or owners?


Does IEX have any proprietary trading or affiliated entities engaged in proprietary trading?


In what capacity does IEX interact with orders on the ATS?

IEX acts strictly in an Agency capacity, matching and routing Subscriber orders.

Is IEX a block trading venue?

IEX is not a block venue, but 8.46% of our volume is consistently executed in block-sized trades.

When did IEX launch the ATS?

IEX launched the ATS on October 25, 2013.

What are IEX's hours of operation?

8:00 a.m. - 5:00 p.m. Eastern Time. During this time, our Operations desks are available to assist you in answering your inquiries and address any trading, technological or other matters.

What fees does IEX charge?

For more details on pricing, please see IEX's Pricing.

Does IEX provide rebates?


Does IEX publish market data?

For more details on IEX market data, please see Market Data.

Does IEX have non-displayed liquidity?

IEX accepts displayed orders and publishes a displayed quote via TOPS. Additionally, IEX supports non-displayed orders, reserve orders, and minimum quantity functionality for non-displayed orders.

What is IEX's Market Participant Identifier (MPID)?


How does IEX calculate the NBBO and protect orders resting on its book from trading based on stale market data?

Read more about Discretionary Peg™ orders.

How do I learn more information about becoming a Subscriber of the IEX ATS?

All relevant documents are located on our Trading page, including the IEX Subscriber Application. Please call 646-343-2300 or email with any related questions.

What away trading centers are accessed by IEX's smart order router ("SOR")?

The IEX SOR routes orders to all away trading centers disseminating a protected quotation pursuant to Rule 600(b) of Regulation NMS under the Act. The current set of destinations are listed in proposed Exchange Rule 2.220(a)(7).

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