

Then an upstart alternative trading system, IEX Group was portrayed as an anti-establishment disrupter in Michael Lewis's 2014 best-seller Flash Boys. Now it is a full-fledged exchange business — IEX obtained Securities and Exchange Commission approval last June for the Investors Exchange, which went live in August. It's still taking potshots from the equity market establishment as its market share hovers around 2 percent. A distinguishing feature, built into the infrastructure overseen by chief technology officer Rob Park, is a 350-microsecond speed bump designed to enforce the IEX ideal of a "fair, simple, and transparent stock exchange" protective of long-term investors' interests. In practice the bump prevents high frequency traders from taking advantage of fleeting delays in exchanges' price updates — known as latency arbitrage, which Park, 38, calls "an invisible tax on the investment process."
A member of the IEX founding team, led by CEO Brad Katsuyama, that came out of RBC Capital Markets, Park was previously co-founder of Quantera Financial Corp., a proprietary high frequency trading firm that specialized in statistical and machine learning algorithms. He and Katsuyama are board members of TradeWind Markets, an IEX technology spin-off that raised $9 million in funding last year to develop a blockchain-based gold marketplace.
![]() 2. Chris Isaacson Bats Global Markets ![]() 3. Bradley Peterson Nasdaq ![]() 4. Brad Levy MarkitSERV ![]() 5. Dan Keegan Citi |
![]() 6. Glenn Lesko Bloomberg Tradebook ![]() 7. Bryan Durkin CME Group ![]() 8. Mayur Kapani Intercontinental Exchange ![]() 9. Mike Blum KCG Holdings ![]() 10. Raj Mahajan Goldman Sachs Group |
![]() 11. Ronald DePoalo Fidelity Institutional ![]() 12. Nick Themelis MarketAxess Holdings ![]() 13. Jenny Knott NEX Optimisation ![]() 14. Billy Hult Tradeweb Markets ![]() 15. Rob Park IEX Group |
![]() 16. Bill Chow & Richard Leung Hong Kong Exchanges and Clearing ![]() 17. John Mackay (Mack) Gill MillenniumIT ![]() 18. Paul Hamill Citadel Securities ![]() 19. Eric Noll Convergex ![]() 20. Veronica Augustsson Cinnober Financial Technology |
![]() 21. Tyler Moeller & Joshua Walsky Broadway Technology ![]() 22. Alasdair Haynes Aquis Exchange ![]() 23. Gaurav Suri Arcesium ![]() 24. Manoj Narang Mana Partners ![]() 25. Michael Chin & Neill Penney Thomson Reuters |
![]() 26. Robert Sloan S3 Partners ![]() 27. Anton Katz & Stephen Mock AQR Capital Management ![]() 28. Donal Byrne Corvil ![]() 29. Stu Taylor Algomi ![]() 30. Alfred Eskandar Portware |
![]() 31. Steven Randich Financial Industry Regulatory Authority ![]() 32. R. Cromwell Coulson OTC Markets Group ![]() 33. Peter Maragos Dash Financial ![]() 34. John Fawcett Quantopian ![]() 35. Donald Ross III PDQ Enterprises |
![]() 36. Jennifer Nayar Vela Trading Technologies ![]() 37. Dan Raju Tradier ![]() 38. Susan Estes OpenDoor Trading ![]() 39. David Mercer LMAX Exchange ![]() 40. Oki Matsumoto Monex Group |