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    About IEX Exchange

    • The Speed Bump
    • The Signal
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    About IEX Exchange

    IEX Exchange is a registered U.S. stock exchange, facilitating the trading of U.S. equities.
    We are focused on client performance: driving superior execution quality for broker-dealers and investors through innovative technology and design.

    The Speed Bump

    The IEX Speed Bump is the Exchange’s fundamental innovation: a 38-mile cable that is designed to create a level playing field for trading on the exchange. 

    The Speed Bump imposes a 350-microsecond delay on all orders and other messages entering the exchange. This delay gives the exchange time to gather the most up-to-date pricing information—which is not delayed—from the broader market, so trades aren’t executed based on stale information.

    Learn more


    The Signal

    The IEX Signal – also known as the Crumbling Quote Indicator, or CQI – is a mathematical formula that powers some of IEX Exchange’s signature order types, including Discretionary Peg (D-Peg) and Discretionary Limit (D-Limit).

    The Signal detects when a price is “unstable,” or likely about to change to a better price for the resting order. It then “signals” certain order types to behave more conservatively based on this information.

    Learn more


    Industry Collaboration

    We've built strong relationships across the financial services industry, partnering with brokers and investors to help them achieve their performance goals and address trading challenges.

    We also look to our clients and other industry stakeholders to partner with us to build a stronger, more aligned financial system. Our advisory committees convene a diverse set of partners from across the investing ecosystem to inform our priorities and thinking around industry topics.

    Retail Trading Advisory Committee

    Buyside Trading Advisory Committee

    Asset Owner Market Structure Committee


    Market Policy

    IEX Exchange is committed to building a system that aligns the interests of the entire trading ecosystem, from investors to brokers to public companies. We are known for our advocacy and transparency on key market structure issues, from market data to exchange rebates.

    IEX Exchange Leadership

    Ronan Ryan

    President

    Stan Feldman

    Chief Operating Officer

    Claudia Crowley

    Chief Regulatory Officer

    John Ramsay

    Chief Market Policy Officer

    Tom Reina

    Head of Technology

    Matt Weinberg

    Head of Business Development

    IEX Exchange Board

    Brad Katsuyama

    Founder, Chief Executive Officer

    Jeff Charney

    Progressive - Chief Marketing Officer

    John Cosenza

    Goldman Sachs - Managing Director and Head of Electronic Trading in the Americas and Global Head of Electronic Product

    Jonathan Mariner

    TaxDay - Founder and President

    Wade I. Massad

    Cleveland Capital Management L.L.C. - Co-Founder and Co-Managing Member

    Joseph Scafidi

    Brandes Investment Partners, L.P. – Director of Trading and Member of Board of Directors

    Helen S. Scott

    New York University School of Law – Professor of Law and Co-Director, Jacobson Leadership Program in Law and Business

    Jeffrey Sonnenfeld

    Yale School of Management - Senior Associate Dean for Leadership Programs and Lester Crown Professor in the Practice of Management

    Jatin Suryawanshi

    Jefferies LLC - Managing Director and Head of Global Quantitative Strategy

    Brian Levine

    Senior Advisor & Co-Founder, The Public Health Company


    Technology that moves the stock market forward.

    3 World Trade Center 58th Floor New York, NY 10007
    646.343.2000
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