IEX continuously conducts data-driven research and analysis, both examining the execution quality on the exchange and developing new solutions to drive high-quality trading and level the playing field for investors and companies.

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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