IEX is a fair, simple and transparent stock exchange dedicated to investor protection.

The Team

Mission of
The Investors 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

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

Ms. Furber 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. Ms. Furber 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.

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


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.

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

Chief Executive Officer, IEX

Rob Park

Chief Technology Officer, IEX

Ronan Ryan

President, IEX

John Schwall

Chief Operating Officer, IEX

Investors Exchange Board

The Investors Exchange Board of Directors (the "Exchange Board") represents a cross-section of executive leadership with backgrounds across industries, government and academia, and includes two Member Representative Directors representing Members of the Investors Exchange.

See our Exchange 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

Frequently Asked Questions

See our Frequently Asked Questions

Loading Press…

See more press articles