IEX is the first equity trading venue owned exclusively by a consortium of buy-side investors, including mutual funds, hedge funds, and family offices. Dedicated to institutionalizing fairness in the markets, IEX provides a more balanced marketplace via simplified market structure design and cutting-edge technology. IEX offers a fair-access platform to any qualified broker dealer. IEX is driven by a team of cross-industry experts with backgrounds spanning market venues, electronic trading, and broker-dealers.


Professional Development

IEX provides an opportunity to learn and gain experience, both inside and outside your domain of expertise. Our team represents a cross-section of the electronic trading industry and IEX has created a learning environment where team members are encouraged to cross boundaries and contribute to the company both in their core role as well as in other functions. By encouraging our team to seek knowledge and expand their expertise, our company will continue to push new boundaries based on our ability to attract and unlock talent. In fact, many of our discoveries and innovations are the result of combining our diverse ideas, knowledge and skills.


We pay competitive base salaries and bonuses based on the performance of the company. Also, an opportunity to participate in the growth of IEX through an equity stake has become a unique selling point which allows us to attract high caliber talent.

Sense of Purpose

For many people in the capital markets, IEX is a place to leverage their unique skill set to perform fulfilling and meaningful work. At IEX, you can have a positive impact on the industry and society as a whole.

Personal Development

IEX emphasizes helping employees further their long-term interests, quality of life, and health.

Job Opportunities


IEX provides medical, dental and vision plans and covers 100% of premiums for you and your dependents. We also offer flexible spending accounts, 401K and pre-tax commuter benefits.

100% Medical, Dental and Vision

Paid Vacation


Pre-Tax Commuter Benefits

Short & Long-Term Disability

Life Insurance


Executive Team

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.

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.

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

Mr. Ramsay has 25 years experience in positions that concern the regulation and oversight of securities markets and intermediaries. While at the SEC since 2010, Mr. Ramsay 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, Mr. Ramsay oversaw the Division of Trading and Markets, the group responsible for regulating broker-dealers and self-regulatory organizations, such as securities exchanges and FINRA.

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.

Senior Management

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.

Donald Bollerman

Head of Markets & Sales

Donald has over 18 years of experience in the financial services industry. Prior to joining IEX Donald was a Managing Director in NASDAQ's Transaction Services group where he was most recently responsible for market structure initiatives, including Single Stock Circuit Breakers and Market Maker Quote Requirements, in addition to his role facing regulators with respect to rule filings and comment letters. From 2004 to 2010 Donald was responsible for NASDAQ's Post Trade business including Trade Reporting, Risk Management and Clearing. Donald has also held product, trade support and sales positions at BRUT ECN, MarketXT, Bloomberg and Instinet.

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.

Matt Trudeau

Head of Product

Matt has over 14 years of experience in financial services and electronic securities trading spanning product, strategy, market structure and operations. Matt was previously Global Head of Product at Chi-X Global, where he was instrumental in building and launching new equities markets and products in Brazil, Japan, Australia, and Singapore and Chief Operating Officer at Chi-X Canada where he was responsible for launching a new alternative trading system (ATS) managing market and technical operations, product and strategy. Prior to Chi-X Matt held strategic development, product, and operations positions at Instinet and CyberTrader, a subsidiary of Charles Schwab.

Buy-Side Trading Advisory Committee

The IEX Buy-Side Trading Advisory Committee has been 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 may 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

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

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

Lloyd Feller is a senior 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, peerTransferand 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 as a non-displayed Alternative Trading System (ATS).

An ATS is an electronic trading venue that matches buyers and sellers of securities. An ATS functions like an exchange but is subject to different regulations by the SEC and FINRA. For more detail visit

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.

Investing in IEX

Please note: IEX is not a publicly-traded company, and we are currently not accepting outside investment. Please help support our mission by liking us on Facebook, following us on Twitter (@IEXTrading), and visiting

Do buy side firms connect directly to IEX?


Who can become a Subscriber to IEX?

IEX only allows registered broker dealers as Subscribers.

Does IEX allow HFT firms as Subscribers?

IEX is a fair access venue and allows any registered broker dealer that satisfies the IEX application process as a Subscriber.

What types of services does IEX offer?

IEX offers matching and routing of all Regulation NMS (equity) securities.

What is the IEX order book priority?

IEX order book priority is: Price - Display - Time, with Broker Priority for Non-Displayed Orders only.

What order types does IEX support?

IEX offers the following order types:

  1. Market
  2. Limit
  3. Peg
    1. Midpoint
    2. Primary
    3. Discretionary

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 ECN/ATS?

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

Are you a block trading venue?

IEX is not a block venue, but 12-13% of our volume is consistently executed in block-sized trades - higher than the majority of continuous market centers.

When did IEX launch?

IEX launched on October 25, 2013

What are IEX's hours of operation?

8:00 a.m. - 5:30 p.m. During this time, our Operations desk will be available to assist you in answering your inquiries and address any trading, technological or other matters.

What fees does IEX charge?

IEX offers free Subscribership, free connectivity, free internalization (and Broker Priority), and free market data. Subscribers will only pay fees for shares traded and orders routed. Contact us for more details on our trading fees.

Does IEX provide rebates?


Does IEX publish a quote feed?

IEX publishes a displayed quotation via an aggregated top of book quote feed called TOPS.

Does IEX have non-displayed liquidity?

While IEX publishes a displayed quote via TOPS and accepts displayed liquidity, IEX also supports fully hidden orders, reserve orders, and minimum quantity functionality for fully hidden orders.

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


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

IEX's trading system is architected to ensure our Matching Engine calculates the latest NBBO before any participant can independently calculate and act upon the same NBBO change on IEX.

Specifically, IEX consumes direct market data feeds of all 11 of the registered stock exchanges*. Most importantly, the (patent pending) IEX POP architecture introduces 350 microseconds of latency for any order action taken by a participant (enter, cancel, revise an order), which ensures the IEX Matching Engine has sufficient time to receive and process changes to the NBBO before a fast participant can receive and act upon the change on IEX.

IEX offers a variation on the pegged order type designed for participants seeking further protection for pegged orders from certain structural inefficiencies that can lead to adverse trading conditions.  The Discretionary Peg Order responds to calculations generated by the System indicating that the NBBO quote may be unstable.  During conditions indicative of quote instability, Discretionary Peg Orders remain booked at the primary quote (NBB/NBO for buy/sell orders) and do not exercise discretion to more aggressive prices; this has the aim of reducing negative selection resulting from pegged orders trading at potentially stale prices during inefficient NBBO transitions or "crumbling quotes." Read more about Discretionary Peg Orders in the Order Types section of our website.

* IEX uses direct proprietary market data feeds for all of the 11 registered exchanges.
** The IEX POP adds 350 microseconds to order and trade communications including e.g. new orders, order cancellations/modifications and trade execution reports.

  • SIP: IEX uses the SIP to read the Consolidated Last Sale, Limit Up-Limit Down Reference and Band Prices, and Administrative messages including Halts, Pauses, Resumes and, additionally, as redundancy for the direct proprietary feeds.

What is IEX's plan for addressing contingency events?

Please refer to IEX's Business Continuity Disclosure Statement

How do I learn more information about becoming an IEX Subscriber?

All relevant documents can be found on our Services page, including the IEX Subscriber Application. Please call 646-568-2345 or contact us at with any related questions.

What away destinations are accessed by IEX's smart order router (SOR)?

The IEX SOR is connected to the eleven (11) national exchanges currently operating.


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