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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

As Chief Regulatory Officer, Claudia oversees the Investors Exchange regulatory and compliance programs. She 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. 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.

Sara Furber

Head of Listings

Sara brings tremendous experience and leadership to IEX with nearly 20 years in financial services across wealth management, investment management and investment banking. Prior to joining IEX, she was a member of Morgan Stanley's Management Committee and responsible for driving digital innovation within Wealth Management. During her tenure at Morgan Stanley, she served in a number of senior executive roles including Chief Operating Officer of Morgan Stanley Wealth Management and Chief Operating Officer of Morgan Stanley Investment Management's long-only business. Sara started her career as an investment banker at Merrill Lynch and was Head of Investor Relations for Merrill during the credit crisis in 2007-2008 and through its merger with Bank of America. Post-merger, she served as Chief Operating Officer for Global Corporate and Investment Banking at Bank of America Merrill Lynch.

Brad Katsuyama

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.

Joe Kondel

Head of System Reliability Engineering

Joe has over 19 years of experience in the technology space, with a focus on the design, building, and operation of large complex distributed systems. Prior to joining IEX in 2013, he worked on the credential sharing detection program at HBO, where he also managed the team responsible for the data infrastructure behind HBO GO during a critical period of growth. Over the course of his career, Joe has contributed to enterprise-level solutions across the government, financial, entertainment, and e-commerce sectors, including at NASDAQ and NASA.

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.

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


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.

Eric Stockland

Chief Strategy Officer

As Chief Strategy Officer, Eric represents IEX in industry and regulatory policy discussions, guides product strategy, and serves on several internal management committees. Eric has more than 15 years of experience in trading, capital markets technology, and exchange operations. Prior to joining IEX, Eric served as an execution consultant at KCG, where he advised clients on strategy selection and tactical order management to minimize market impact and execution costs. Eric joined KCG’s predecessor company, GETCO in 2007 as an exchange relationship manager before transitioning into a quantitative trader role where he built valuation models and exchange execution logic for equities & futures. Eric began his career at Archipelago in 2001 (now NYSE Euronext) as a Quality Assurance Engineer where he was responsible for testing trading & routing algorithms. While at Archipelago and NYSE Euronext Eric held various positions in market data and the equity options division.

Investors Exchange Board

Brad Katsuyama

IEX Group, Inc. – Co-Founder and CEO

Investors Exchange – Chairman and CEO

Brad Katsuyama is the Co-Founder and Chief Executive Officer of IEX Group, Inc. and has over 15 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.

Jeff Charney

Progressive - Chief Marketing Officer

Jeff Charney joined Progressive as Chief Marketing Officer in 2010 and drives the strategic, integrated marketing efforts for the $20 billion company. His range of responsibilities includes: marketing strategy, national advertising, internal/external communications, broad market insights, new/social media content initiatives, and retention marketing and consumer insights/research. In addition to driving the company’s external advertising, marketing and PR Agency roster, he also leads the company’s award-winning internal creative agency—96 Octane. His team also provides marketing field support and drives the communications efforts for Progressive’s 35,000-agent sales force.

Previously, he was with insurance company, Aflac, where he was Senior Vice President and Chief Marketing Officer. He previously held CMO posts at multimedia retailer QVC and (now and was President of Fringe Ventures, an experiential digital/marketing and consulting company he founded.

Since joining Progressive, he has been named “Brand Genius: Marketer of the Year” by Adweek, was honored as one of the nation’s “Top 100 Creative People in Business” by Fast Company and was named to the “Creativity 50” by Advertising Age.

Jeff holds a bachelor’s degree in journalism with a focus on advertising and public relations from the University of South Carolina and a master’s degree in journalism from The Ohio State University.

William H. Donaldson

Donaldson Enterprises – Chairman and CEO

27th Chair of the Securities and Exchange Commission

William H. Donaldson is the Chairman and CEO of Donaldson Enterprises. He served as Chairman of the U.S. Securities and Exchange Commission during 2003-2005. He previously served as Chairman and CEO of the investment banking firm Donaldson, Lufkin & Jenrette and Alliance Capital, both of which he co-founded; Chairman and CEO of the New York Stock Exchange;  and Chairman, President and CEO of Aetna. William co-founded the Yale University School of Management and served as its first dean and tenured professor. His government service spans five Presidential administrations, and includes service as U.S. Under Secretary of State and as a first lieutenant in the U.S. Marine Corps (Far Eastern Theatre, Japan-Korea).

Brian T. Levine

Goldman Sachs - Partner and Co-Head Global Equities Trading and Execution Services

Brian Levine is co-head of Goldman Sachs’ Global Equities Trading and Execution Services. He serves on the Firmwide Risk Committee, Firmwide Technology Risk Committee, Securities Division Executive Committee and Securities Division Americas Operating Committee. Before returning to New York from London in 2014, he served on the European Regulatory Reform Committee, was co-chair of the EMEA Senior Diversity Council, and represented Goldman Sachs on the Equities Division Board of the Association of Financial Markets in Europe (AFME).

Brian joined Goldman Sachs as a Shares trader in 1994 and was responsible for the Internet sector, participating in the trading of more than 100 Goldman Sachs-led IPOs. He became head of the US Program Trading desk in 2005 and co-head of US One Delta Trading in 2007. In 2010, Brian relocated to London as co-chief operating officer of Global One Delta Trading and in 2012 he became co-head of Global Equities One Delta Trading and EMEA Equities Trading. He was named managing director in 2002 and partner in 2006.

Brian earned a BSBA from the University of Florida in 1992 and an MBA in Finance from Emory University in 1994. Brian serves on the New York City Board of Directors of Success Academy Charter Schools.

Jonathan Mariner

TaxDay - Founder and President

Former Executives VP and CFO, Major League Baseball

Jonathan Mariner recently retired from Major League Baseball, Office of the Commissioner, effective May 31, 2016, having previously served as Executive VP and CFO from March 2002 to December 2014; and, as Chief Investment Officer, from January 2015 until May 2016.

The Office of the Commissioner is primarily engaged with overseeing all aspects of Major League Baseball, including baseball operations, labor relations, broadcasting and sponsorships, licensing, and financial oversight. MLB is a private, 501(c)6 (trade association), and has no affiliation with the Company.

Jonathan currently serves on the following boards of directors, none of which is listed on a national securities exchange, or is required to file periodic reports to the SEC: McGraw Hill Education (Audit Committee, Chair), FM Global Insurance Company (Audit Committee, Chair), MPOWERD (Compensation Committee), Technology Frontiers (private, based in Chennal, India), Little League International (Audit Committee, Chair; Investment Committee, Co-chair).

Wade I. Massad

Cleveland Capital Management L.L.C. - Co-Founder and Co-Managing Member

Wade Massad is the Co-Founder and Co-Managing Member of Cleveland Capital Management L.L.C., a registered investment advisor and General Partner of Cleveland Capital L.P., a private investment fund focused on micro-cap public and private equity securities. Previously, Wade was an investment banker with Keybanc Capital Markets and RBC Capital Markets where he was the head of U.S equity institutional sales from 1997 to 1998 and the head of U.S Capital Markets business from 1999 to 2003. He also served on the firm’s executive committee at RBC. Wade has served on multiple public and private company boards and currently serves as a special advisor to the board of Matador Resources.

Wade received a Bachelor of Arts in business management from Baldwin-Wallace College in 1989 and currently serves on its Board of Trustees.

Joseph Scafidi

Brandes Investment Partners, L.P. – Director of Trading and Member of Board of Directors

Joseph Scafidi serves as the Director of Trading at Brandes Investment Partners, L.P. Mr. Scafidi is responsible for managing the day-to-day operations of the global trading desk. In addition, Joseph oversees the global trading strategy, including the execution of all institutional, private client and sub-advisory wrap portfolios, as well as program trading. He served as Co-Head of U S Equity Trading - Bank of America Securities of Bank of America Corporation since April 2003. He was also responsible for the financials, utilities and energy sectors and the ADR product.

He joined Bank of America from Lehman Brothers, where he headed telecom trading and was also the New York head of U.K. and European trading. He has a vast experience on the sell side, as the Head of the International Trading Desk for a New York-based global financial services firm.

Joseph has extensive product knowledge in both foreign and domestic equity markets as well as 12 years of experience managing trading professionals and building positive relationships with institutional clients. He has worked on Wall Street since 1986 and has been a senior position trader for 13 years. He serves as Member of Board of Directors of Brandes Investment Partners, L.P. Joseph earned his bachelor’s degree in economics from Montclair State University.

Helen S. Scott

New York University School of Law – Professor of Law and Co-Director, Jacobson Leadership Program in Law and Business

Helen S. Scott is Professor of Law and the founder and Co-Director of the Mitchell Jacobson Leadership Program in Law and Business at the New York University School of Law. In that capacity, she has participated in the development of innovative Law and Business courses, including Investing in Microfinance, Law and Business of Corporate Governance, and Professional Responsibility in Law and Business. The Program also coordinates programming with the Stern School of Business, including the JD/MBA Program. Professor Scott oversees the competitive Leadership Scholars program, and runs the capstone seminar for the Program, Law and Business Projects. She has been a member of the NYU School of Law faculty since 1982 and teaches a wide variety of business law courses, including the basic Contracts and Corporations courses.

From 1999-2004, Professor Scott co-chaired the Listing and Hearing Review Council of the NASDAQ Stock Market, Inc., an independent advisory committee to the Board of Directors, with primary responsibility for formulating and recommending corporate governance and quantitative listing standards for that market. Professor Scott speaks regularly on corporate governance topics. In 1997, Professor Scott received the Legal Advocate of the Year award from the U.S. Small Business Administration in recognition of her participation in the development of the Angel Capital Electronic Network (ACE-Net) project to increase financing available to early-stage entrepreneurial enterprises. Before joining the law faculty, Professor Scott practiced law in Washington D.C. and New York.

Jeffrey Sonnenfeld

Yale School of Management - Senior Associate Dean for Leadership Programs and Lester Crown Professor in the Practice of Management

Jeffrey Sonnenfeld served as full tenured professor at Emory's Goizueta Business School for a decade and a professor at the Harvard Business School for a decade, and is currently the senior associate dean of leadership programs as well as the Lester Crown Professor in the Practice of Management for the Yale School of Management, as well as founder and president of the Chief Executive Leadership Institute, a nonprofit educational and research institute focused on CEO leadership and corporate governance.

Professor Sonnenfeld's related research has been published in 100 scholarly articles which appeared in the leading academic journals in management such as Administrative Sciences Quarterly, the Academy of Management Journal, the Academy of Management Review, the Journal of Organizational Behavior, Social Forces, Human Relations, and Human Resource Management. He has also authored eight books, including The Hero's Farewell, an award-winning study of CEO succession, and another best seller, Firing Back, a study on leadership resilience in the face of adversity.

At the same time, his work is regularly cited by the general media in such outlets as: BusinessWeek, Fortune, Forbes, the Wall Street Journal, the New York Times, Newsweek, Time, the Economist, the Financial Times, the Washington Post, CBS (60 Minutes), NBC (The Today Show), ABC (Nightline, Good Morning America), CNN, and Fox News, as well as PBS, where he is a regular commentator, and CNBC, where he is a regular commentator. BusinessWeek listed Sonnenfeld as one of the world’s 10 most influential business school professors and Directorship magazine has listed him among the 100 most influential figures in corporate governance. He is the first academician to have rung the opening bells of both the New York Stock Exchange and the Nasdaq Stock Exchange.

Jatin Suryawanshi

Jefferies LLC - Managing Director and Head of Global Quantitative Strategy

Jatin Suryawanshi is the Head of Global Quantitative Strategy at Jefferies. He has been with Jefferies in this capacity for almost six years and is responsible for the Global Algorithmic Trading product. During this time, Jatin has been at the forefront of market structure developments and has leveraged his expertise to build dynamic institutional trading algorithms for Jefferies’ clients. He has also published multiple white papers reflecting his research on the topic.

His prior experience in the field of Electronic Trading includes being the Head Strategist of the Goldman Sachs Algorithmic Trading (GSAT) team of which he was a member of from the year 2000 to 2006 and also the Head of Algorithmic Trading, North Americas at UBS from 2006 to 2009. Jatin has also held the position of FX trader at BNP Paribas for a period of five years from 1994 to 1999. Jatin holds an MBA (Finance) from the Indian Institute of Management and an MS (Financial Markets and Trading) from the Illinois Institute of Technology, Chicago.

Lead Director

Joseph Scafidi is the Lead Director among the Board’s Independent Directors.

The Lead Director may be contacted at:

Tel: 858-523-3496

IEX Group Board

These are the members of the Board of Directors of IEX Group, Inc., the parent company of the Investors Exchange.

See our IEX Group Board members

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.

See our Buy-Side TAC members

Sell-Side 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.

See our Sell-Side QMC members