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FLASHBACK FRIDAY GALLERY: Traders Magazine Tours the New IEX Trading Floor

Traders Magazine Online News, July 21, 2017

John D'Antona Jr.

I E X.

Those three letters have symbolized what could be described as the best and longest lasting dialogue in the exchange part of the stock market. Starting life as an ATS designed to thwart predatory traders and backed by the buy-side, it has gone from dark venue to light, making the tumultuous and long journey into a full-fledged public stock exchange. Brad Katsuyama and Co. have certainly run the gauntlet of SEC hearings, public criticisms, governmental scrutiny and television programs and have seen their one-time dream finally become a reality.

IEX still draws active debate as some in the marketplace question its statistics, routing technology, market share numbers and value to the marketplace. It has influenced its older exchange cousins, forcing several to consider employing their own speed bump processes in sort of Ďif you canít beat em, join em,í phenomenon. Whether one trades on the exchange or not, one has to admire the perseverance of its founders and the great market structure debate it generates.

The following Gallery first appeared in 2015.

On The Floor: Traders Tours the New IEX Trading Floor

By Phil Albinus

It was just one year ago that IEX, then still an ATS, was on the verge of becoming the nationís newest public stock exchange. Back then, the firm opened its doors for a Traders Magazine photo feature and advocated how its speed bump methodology could possibly revolutionize trading. But has it? One year later the ATS is indeed now a full-fledged exchange but has it met its goals of making trading safer, cheaper and more transparent?

IEX has done more than virtually anyone to highlight the challenges of the institutional investor. It has brought a critical eye to the encroaching fragmentation, automation, and other challenges of trading in the US equities market. While its alternative model was novel, however, the way IEX is architected may limit its upside. As IEX turns one-year old as an exchange, Larry Tabb looks at what it has done right, and where it still faces challenges.

Please click here for the gallery and tour of its trading floor

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