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Insights

Data-driven research and analysis are a key component of IEX’s commitment to raising the bar for transparency.

IEX Academic Research Conference

IEX is hosting an academic conference this fall to highlight breakthrough equity market structure research around a variety of topics. The conference aims to bring together market structure researchers and market participants in order to foster greater discourse and collaboration between industry and academia.

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Unlocking Capital Markets to Finance the SDGs

By Laurence Latimer and Matthew Blake (Head of Financial and Monetary Systems, World Economic Forum)

With more than $5-7 trillion required annually in additional capital to achieve the UN’s Sustainable Development Goals, a focus on accelerating progress among institutional asset owners and managers – who collectively hold ~$200T of investable AUM – could drive dramatic increases in financing the SDGs. This white paper summarizes insights generated by a diverse group of institutional asset owners and managers as we explored the evolving capital markets landscape of investing in businesses that support the SDGs. The key takeaway is a startlingly simple framework: harnessing the digitalization of finance requires the right Data that drives Decisions to deploy Dollars.

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The Cost of Exchange Services

IEX was the first and only national stock exchange to publicly disclose its costs to provide market data and connectivity. The report provides critical evidence to support long-held industry concerns that legacy exchanges are charging excessive markups on products necessary for brokers to stay competitive in today’s markets.

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Gone in Sixty Seconds: The Cost of Trading in Long Queues

by Elaine Wah and Stan Feldman

We analyze Daily TAQ data to estimate the costs of trading near or at the end of a long queue. By using aggregate quoted size at trade time as a proxy for queue priority, we find that trading in long lines on maker-taker exchanges may impose significant costs on investors.

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Incentivizing Trading Behavior Through Market Design

by Daniel Aisen

This paper provides an overview of the broad range of trading practices by various participants in the U.S. equity market. It explores the benefit and harm to the overall market of various types of behaviors and discusses specific ways in which IEX has attempted to promote productive trading strategies and discourage harmful practices through thoughtful pricing, system architecture, and market design.

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A Comparison of Execution Quality across U.S. Stock Exchanges

by Elaine Wah, Stan Feldman, Francis Chung, Allison Bishop, and Daniel Aisen

Uses a publicly-available dataset to examine market quality along four dimensions: liquidity, execution costs, price discovery, and market stability. Observations include a consistent trend in venue stratification by fee structures, suggesting that access fees and rebates perpetuate economic incentives misaligned with the tenets of best execution, and may promote activity detrimental to market quality.

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The Evolution of the Crumbling Quote Signal

by Allison Bishop

Examines the origins and ongoing evolution of IEX’s crumbling quote signal and provides analyses of its performance.

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Policy insights

IEX offers a simplified and transparent market designed to eliminate conflicts currently present in the equity markets.

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