The Signal – also known as the Crumbling Quote Indicator, or CQI – is a mathematical model that powers some of IEX’s signature order types, including Discretionary Peg (D-Peg). But what exactly is it designed to “signal” and what’s the benefit for market participants?

In this episode of Behind the Trade, Ronan Ryan and Brad Katsuyama talk about how prices change in today’s equity markets and how IEX’s Signal is designed to give market participants a tool to trade better during some of the most critical moments of the day.

What’s the difference between volume and liquidity anyway?

In this episode of Behind the Trade, Ronan Ryan and Brad Katsuyama discuss the differences between volume (the number of shares traded) and liquidity (the real interest from natural buyers and sellers) and how that distinction impacts trading quality.

Would you use an algo that offered 20% participation with minimal slippage? Of course!

In this episode of Behind the Trade, Ronan Ryan and Brad Katsuyama discuss the dynamics of participation rates and how resting orders dictate where trading happens and make the market come to them.

Trading on more venues translates to more liquidity, right? Well, no - not necessarily.

In this episode of Behind the Trade, Brad Katsuyama and Ronan Ryan explain how sending an order to multiple venues can translate to information leakage and price slippage. But when you rest your order on a venue designed to protect your order, you can let the market - and its liquidity - come to you.

Rest your next order on IEX, the U.S. equities exchange setting a new standard for performance.