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<li id="toc-Founding_and_first_trading" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Founding_and_first_trading"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1</span> <span>Founding and first trading</span> </div> </a> <ul id="toc-Founding_and_first_trading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Federal_approvals" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Federal_approvals"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.2</span> <span>Federal approvals</span> </div> </a> <ul id="toc-Federal_approvals-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Exchange_features" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Exchange_features"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Exchange features</span> </div> </a> <button aria-controls="toc-Exchange_features-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Exchange features subsection</span> </button> <ul id="toc-Exchange_features-sublist" class="vector-toc-list"> <li id="toc-Operating_principles" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Operating_principles"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Operating principles</span> </div> </a> <ul id="toc-Operating_principles-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Market_share_(in_percent)" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Market_share_(in_percent)"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Market share (in percent)</span> </div> </a> <ul id="toc-Market_share_(in_percent)-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Broker_priority" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Broker_priority"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>Broker priority</span> </div> </a> <ul id="toc-Broker_priority-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Liquidity" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Liquidity"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.4</span> <span>Liquidity</span> </div> </a> <ul id="toc-Liquidity-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-IEX_Cloud" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#IEX_Cloud"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>IEX Cloud</span> </div> </a> <ul id="toc-IEX_Cloud-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Key_people" 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.hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">For other uses, see <a href="/wiki/IEX_(disambiguation)" class="mw-disambig" title="IEX (disambiguation)">IEX (disambiguation)</a>.</div> <p class="mw-empty-elt"> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Not to be confused with <a href="/wiki/Indian_Energy_Exchange" title="Indian Energy Exchange">Indian Energy Exchange</a>.</div> <style data-mw-deduplicate="TemplateStyles:r1257001546">.mw-parser-output .infobox-subbox{padding:0;border:none;margin:-3px;width:auto;min-width:100%;font-size:100%;clear:none;float:none;background-color:transparent}.mw-parser-output .infobox-3cols-child{margin:auto}.mw-parser-output .infobox .navbar{font-size:100%}@media screen{html.skin-theme-clientpref-night .mw-parser-output .infobox-full-data:not(.notheme)>div:not(.notheme)[style]{background:#1f1f23!important;color:#f8f9fa}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .infobox-full-data:not(.notheme) div:not(.notheme){background:#1f1f23!important;color:#f8f9fa}}@media(min-width:640px){body.skin--responsive .mw-parser-output .infobox-table{display:table!important}body.skin--responsive .mw-parser-output .infobox-table>caption{display:table-caption!important}body.skin--responsive .mw-parser-output .infobox-table>tbody{display:table-row-group}body.skin--responsive .mw-parser-output .infobox-table tr{display:table-row!important}body.skin--responsive .mw-parser-output .infobox-table th,body.skin--responsive .mw-parser-output .infobox-table td{padding-left:inherit;padding-right:inherit}}</style><table class="infobox vcard"><caption class="infobox-title fn org">Investors Exchange</caption><tbody><tr><td colspan="2" class="infobox-image"><figure class="mw-default-size mw-halign-center" typeof="mw:File/Frameless"><a href="/wiki/File:IEX_Group_Logo.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5d/IEX_Group_Logo.svg/150px-IEX_Group_Logo.svg.png" decoding="async" width="150" height="98" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5d/IEX_Group_Logo.svg/225px-IEX_Group_Logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5d/IEX_Group_Logo.svg/300px-IEX_Group_Logo.svg.png 2x" data-file-width="60" data-file-height="39" /></a><figcaption></figcaption></figure></td></tr><tr><th scope="row" class="infobox-label">Type</th><td class="infobox-data note"><a href="/wiki/Stock_exchange" title="Stock exchange">Stock exchange</a></td></tr><tr><th scope="row" class="infobox-label">Location</th><td class="infobox-data note"><a href="/wiki/New_York,_New_York" class="mw-redirect" title="New York, New York">New York, New York</a> (office),<br /><a href="/wiki/Weehawken,_New_Jersey" title="Weehawken, New Jersey">Weehawken, New Jersey</a> (matching engine), United States</td></tr><tr><th scope="row" class="infobox-label">Founded</th><td class="infobox-data">2012</td></tr><tr><th scope="row" class="infobox-label">Owner</th><td class="infobox-data agent">IEX Group, Inc.</td></tr><tr><th scope="row" class="infobox-label">Key people</th><td class="infobox-data"><a href="/wiki/Brad_Katsuyama" title="Brad Katsuyama">Brad Katsuyama</a> <small>(<a href="/wiki/Chief_Executive_Officer" class="mw-redirect" title="Chief Executive Officer">CEO</a>)</small><br /><a href="/wiki/Ronan_Ryan" title="Ronan Ryan">Ronan Ryan</a> <small>(<a href="/wiki/President_(corporate_title)" title="President (corporate title)">president</a>)</small></td></tr><tr><th scope="row" class="infobox-label">Currency</th><td class="infobox-data"><a href="/wiki/United_States_dollar" title="United States dollar">USD</a></td></tr><tr><th scope="row" class="infobox-label">Volume</th><td class="infobox-data">334 million shares/day, market share 2.4% <small>(February 24, 2021)</small></td></tr><tr><th scope="row" class="infobox-label">Website</th><td class="infobox-data"><span class="url"><a rel="nofollow" class="external text" href="https://iexexchange.io">iexexchange<wbr />.io</a></span></td></tr></tbody></table> <p><b>Investors Exchange</b> (<b>IEX</b>) is a <a href="/wiki/Stock_exchange" title="Stock exchange">stock exchange</a> in the United States. It was founded in 2012 in order to mitigate the effects of <a href="/wiki/High-frequency_trading" title="High-frequency trading">high-frequency trading</a>.<sup id="cite_ref-navy_seals_1-0" class="reference"><a href="#cite_note-navy_seals-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> IEX was launched as a national securities exchange in September 2016. On October 24, 2017, it received regulatory approval from the <a href="/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission">U.S. Securities and Exchange Commission</a> (SEC) to list companies. IEX listed its first public company, <a href="/wiki/Interactive_Brokers" title="Interactive Brokers">Interactive Brokers</a>, on October 5, 2018. The exchange said that companies would be able to list for free for the first five years, before a flat annual rate of $50,000.<sup id="cite_ref-wsj-new_2-0" class="reference"><a href="#cite_note-wsj-new-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> On September 23, 2019, it announced it was leaving its listing business.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>In September 2019, IEX announced that its co-founder and COO, John Schwall, would retire from the company by the end of 2019.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>The genesis and early days of the exchange are chronicled in the 2014 book <i><a href="/wiki/Flash_Boys:_A_Wall_Street_Revolt" class="mw-redirect" title="Flash Boys: A Wall Street Revolt">Flash Boys: A Wall Street Revolt</a></i> by <a href="/wiki/Michael_Lewis" title="Michael Lewis">Michael Lewis</a>.<sup id="cite_ref-flash_5-0" class="reference"><a href="#cite_note-flash-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=IEX&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Founding_and_first_trading">Founding and first trading</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=IEX&action=edit&section=2" title="Edit section: Founding and first trading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Founded in 2012<sup id="cite_ref-wsj-new_2-1" class="reference"><a href="#cite_note-wsj-new-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> and started by <a href="/wiki/Brad_Katsuyama" title="Brad Katsuyama">Brad Katsuyama</a> and <a href="/wiki/Ronan_Ryan" title="Ronan Ryan">Ronan Ryan</a>, IEX opened for trading on October 25, 2013. The company’s offices are located at <a href="/wiki/3_World_Trade_Center" title="3 World Trade Center">3 World Trade Center</a> in <a href="/wiki/New_York_City" title="New York City">New York City</a>. The matching engine is located across the <a href="/wiki/Hudson_River" title="Hudson River">Hudson River</a> in <a href="/wiki/Weehawken,_New_Jersey" title="Weehawken, New Jersey">Weehawken, New Jersey</a>, and the initial <a href="/wiki/Point_of_presence" title="Point of presence">point of presence</a> is located in a data center in <a href="/wiki/Secaucus,_New_Jersey" title="Secaucus, New Jersey">Secaucus, New Jersey</a>.<sup id="cite_ref-navy_seals_1-1" class="reference"><a href="#cite_note-navy_seals-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> IEX's main innovation is a 38-mile (61 km) coil of <a href="/wiki/Optical_fiber" title="Optical fiber">optical fiber</a> placed in front of its trading engine. This additional length of cable results in a 350 microsecond delay, referred to as a "speed bump".<sup id="cite_ref-NYSE_A_6-0" class="reference"><a href="#cite_note-NYSE_A-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> The round-trip delay of 0.0007 seconds is designed to negate the certain speed advantages utilized by some high-frequency traders.<sup id="cite_ref-wolf-hunters_7-0" class="reference"><a href="#cite_note-wolf-hunters-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> This method was subsequently implemented by competing stock exchange <a href="/wiki/NYSE_American" title="NYSE American">NYSE American</a> in response to the SEC approval of IEX.<sup id="cite_ref-NYSE_A_6-1" class="reference"><a href="#cite_note-NYSE_A-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-upstart_8-0" class="reference"><a href="#cite_note-upstart-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-crush_9-0" class="reference"><a href="#cite_note-crush-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>In 2020, Caisse de dépôt et placement du Québec made a strategic investment in IEX Group.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Federal_approvals">Federal approvals</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=IEX&action=edit&section=3" title="Edit section: Federal approvals"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The SEC approved IEX to be an official exchange on June 17, 2016.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> In late 2016, IEX hired Sara Furber to lead its listing effort. A former managing director at <a href="/wiki/Morgan_Stanley" title="Morgan Stanley">Morgan Stanley</a>,<sup id="cite_ref-wsj-new_2-2" class="reference"><a href="#cite_note-wsj-new-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-wsj-iex_12-0" class="reference"><a href="#cite_note-wsj-iex-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> she reported to Katsuyama. The company aimed to start listing companies in 2017.<sup id="cite_ref-wsj-iex_12-1" class="reference"><a href="#cite_note-wsj-iex-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>After a 13-month wait, on October 24, 2017, IEX Group Inc. received regulatory approval from the SEC to list companies. IEX said it would begin listings in early 2018, with a focus on having companies switch over from other stock exchanges by undercutting the listing fees of rivals. The exchange said that companies would be able to list for free for the first five years, before a flat annual rate of $50,000. In comparison, <a href="/wiki/NYSE" class="mw-redirect" title="NYSE">NYSE</a> had annual listing fees as high as $500,000 and <a href="/wiki/Nasdaq" title="Nasdaq">Nasdaq</a> up to $155,000.<sup id="cite_ref-wsj-new_2-3" class="reference"><a href="#cite_note-wsj-new-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> The <i>Wall Street Journal</i> wrote that the approval paved "the way for the first competition to the New York Stock Exchange and Nasdaq Inc. in nearly a decade... Companies seeking to list their shares on a U.S. exchange haven’t had a choice besides NYSE or Nasdaq since 2008, when the <a href="/wiki/American_Stock_Exchange" class="mw-redirect" title="American Stock Exchange">American Stock Exchange</a> was acquired by NYSE." Only <a href="/wiki/Wynn_Resorts" title="Wynn Resorts">Wynn Resorts</a> Ltd. said publicly that it was considering a listing on IEX at the time of the approval announcement, with IEX not releasing more details on listings.<sup id="cite_ref-wsj-new_2-4" class="reference"><a href="#cite_note-wsj-new-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Exchange_features">Exchange features</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=IEX&action=edit&section=4" title="Edit section: Exchange features"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Operating_principles">Operating principles</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=IEX&action=edit&section=5" title="Edit section: Operating principles"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>IEX was created in response to questionable trading practices that had become widely used across traditional public <a href="/wiki/Wall_Street" title="Wall Street">Wall Street</a> exchanges as well as <a href="/wiki/Dark_pool" title="Dark pool">dark pools</a> and other <a href="/wiki/Alternative_trading_system" title="Alternative trading system">alternative trading systems</a>. The IEX exchange aims to attract investors by promising to "play fair" by operating in a transparent and straightforward manner, while also helping to level the playing field for traders. Strategies to achieve those goals include:<sup id="cite_ref-Picardo2014_13-0" class="reference"><a href="#cite_note-Picardo2014-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p> <ul><li>Publishing the matching rules used in the exchange's computerized <a href="/wiki/Order_matching_system" title="Order matching system">order matching</a> engine.</li> <li>Offering a limited number of simple and familiar <a href="/wiki/Order_(exchange)" title="Order (exchange)">order types</a>.</li> <li>Charging fixed fees on most orders (or a flat percentage rate on small orders).</li> <li>Ensuring market pricing data arrives at external <a href="/wiki/Points_of_presence" class="mw-redirect" title="Points of presence">points of presence</a> simultaneously.</li> <li>Slightly delaying market pricing data to all customers (no <a href="/wiki/Colocation_centre" title="Colocation centre">colocation</a>).</li> <li>Refusing to pay for <a href="/wiki/Payment_for_order_flow" title="Payment for order flow">order flow</a>.</li></ul> <p>These strategies are intended to ensure the trustworthiness of the exchange. A few dark pools are owned by trading companies that pay for certain types of orders to allow them to fill orders within the pool, rather than routing orders to public exchanges. IEX offers no rebates for orders,<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> and only charges a flat fee of $0.0009 per share on trades executed within the dark pool (or 0.30% with shares worth less than $1.00). Trades forwarded to other <a href="/wiki/Trading_venue" class="mw-redirect" title="Trading venue">trading venues</a> are charged a lower rate.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p>IEX has five <a href="/wiki/Order_(exchange)" title="Order (exchange)">order types</a>: market, limit, primary peg (pegged to <a href="/wiki/National_best_bid_and_offer" title="National best bid and offer">national best bid/offer</a>), midpoint peg and patent-pending discretionary peg.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> IEX discretionary peg is a primary peg that may execute at up to midpoint price when the quote is stable.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> A few optional parameters can be attached to the orders, leaving IEX with many fewer order types than most other exchanges.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p><p>IEX delays the flow of data from the exchange and ensures that it arrives simultaneously at two points of presence in New Jersey. Traders are not allowed to co-locate equipment adjacent to IEX's own servers, unlike many other trading platforms. IEX has its own low-latency links to other trading venues in the New York region, which it can use to execute trades for customers in under 320 microseconds. The point-of-presence links for traders to gain access to IEX have a built-in, round-trip delay of 700 microseconds from a 38-mile coil of fiber, so traders cannot beat IEX's own computers as orders propagate outward.<sup id="cite_ref-wolf-hunters_7-1" class="reference"><a href="#cite_note-wolf-hunters-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> The data delay prevents many predatory behaviors.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> It deters the practice of liquidity fading, where they peer into various trading venues and try to detect orders as they propagate from a broker's order router, and use this information to withdraw liquidity ahead of toxic order flow.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Market_share_(in_percent)"><span id="Market_share_.28in_percent.29"></span>Market share (in percent)</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=IEX&action=edit&section=6" title="Edit section: Market share (in percent)"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><br /> </p> <div style="padding-top:10px;margin-top:1em;max-width:1000px;" class="chart noresize"> <div style="position:relative;min-height:350px;min-width:1000px;max-width:1000px;"> <div style="float:right;position:relative;min-height:270px;min-width:900px;max-width:900px;border-left:1px black solid;border-bottom:1px black solid;"> <div style="position:absolute;left:1.5px;top:258px;height:11px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 0.131%"></div> <div style="position:absolute;left:13.5px;top:251px;height:18px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 0.211%"></div> <div style="position:absolute;left:25.5px;top:245px;height:24px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 0.274%"></div> <div style="position:absolute;left:37.5px;top:231px;height:38px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 0.438%"></div> <div style="position:absolute;left:49.5px;top:221px;height:48px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 0.543%"></div> <div style="position:absolute;left:61.5px;top:212px;height:57px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 0.64%"></div> <div style="position:absolute;left:73.5px;top:202px;height:67px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 0.756%"></div> <div style="position:absolute;left:85.5px;top:198px;height:71px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 0.802%"></div> <div style="position:absolute;left:97.5px;top:198px;height:71px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 0.805%"></div> <div style="position:absolute;left:109.5px;top:201px;height:68px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 0.764%"></div> <div style="position:absolute;left:121.5px;top:189px;height:80px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 0.905%"></div> <div style="position:absolute;left:133.5px;top:193px;height:76px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 0.85%"></div> <div style="position:absolute;left:145.5px;top:188px;height:81px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 0.914%"></div> <div style="position:absolute;left:157.5px;top:185px;height:84px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 0.941%"></div> <div style="position:absolute;left:169.5px;top:187px;height:82px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 0.925%"></div> <div style="position:absolute;left:181.5px;top:169px;height:100px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 1.117%"></div> <div style="position:absolute;left:193.5px;top:171px;height:98px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 1.098%"></div> <div style="position:absolute;left:205.5px;top:165px;height:104px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 1.17%"></div> <div style="position:absolute;left:217.5px;top:143px;height:126px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 1.406%"></div> <div style="position:absolute;left:229.5px;top:141px;height:128px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 1.436%"></div> <div style="position:absolute;left:241.5px;top:139px;height:130px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 1.454%"></div> <div style="position:absolute;left:253.5px;top:123px;height:146px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 1.638%"></div> <div style="position:absolute;left:265.5px;top:124px;height:145px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 1.624%"></div> <div style="position:absolute;left:277.5px;top:133px;height:136px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 1.518%"></div> <div style="position:absolute;left:289.5px;top:117px;height:152px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 1.705%"></div> <div style="position:absolute;left:301.5px;top:110px;height:159px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 1.783%"></div> <div style="position:absolute;left:313.5px;top:122px;height:147px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 1.643%"></div> <div style="position:absolute;left:325.5px;top:124px;height:145px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 1.62%"></div> <div style="position:absolute;left:337.5px;top:126px;height:143px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 1.597%"></div> <div style="position:absolute;left:349.5px;top:126px;height:143px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 1.605%"></div> <div style="position:absolute;left:361.5px;top:128px;height:141px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 1.58%"></div> <div style="position:absolute;left:373.5px;top:142px;height:127px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 1.42%"></div> <div style="position:absolute;left:385.5px;top:134px;height:135px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 1.515%"></div> <div style="position:absolute;left:397.5px;top:107px;height:162px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 1.808%"></div> <div style="position:absolute;left:409.5px;top:112px;height:157px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 1.754%"></div> <div style="position:absolute;left:421.5px;top:119px;height:150px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 1.681%"></div> <div style="position:absolute;left:433.5px;top:99px;height:170px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 1.898%"></div> <div style="position:absolute;left:445.5px;top:82px;height:187px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.084%"></div> <div style="position:absolute;left:457.5px;top:86px;height:183px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.044%"></div> <div style="position:absolute;left:469.5px;top:81px;height:188px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.098%"></div> <div style="position:absolute;left:481.5px;top:71px;height:198px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.216%"></div> <div style="position:absolute;left:493.5px;top:75px;height:194px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.162%"></div> <div style="position:absolute;left:505.5px;top:71px;height:198px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.214%"></div> <div style="position:absolute;left:517.5px;top:70px;height:199px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.219%"></div> <div style="position:absolute;left:529.5px;top:67px;height:202px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.26%"></div> <div style="position:absolute;left:541.5px;top:55px;height:214px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.391%"></div> <div style="position:absolute;left:553.5px;top:38px;height:231px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.575%"></div> <div style="position:absolute;left:565.5px;top:62px;height:207px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.31%"></div> <div style="position:absolute;left:577.5px;top:64px;height:205px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.284%"></div> <div style="position:absolute;left:589.5px;top:63px;height:206px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.304%"></div> <div style="position:absolute;left:601.5px;top:66px;height:203px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.265%"></div> <div style="position:absolute;left:613.5px;top:59px;height:210px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.342%"></div> <div style="position:absolute;left:625.5px;top:50px;height:219px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.448%"></div> <div style="position:absolute;left:637.5px;top:57px;height:212px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.369%"></div> <div style="position:absolute;left:649.5px;top:51px;height:218px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.435%"></div> <div style="position:absolute;left:661.5px;top:45px;height:224px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.503%"></div> <div style="position:absolute;left:673.5px;top:42px;height:227px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.531%"></div> <div style="position:absolute;left:685.5px;top:41px;height:228px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.542%"></div> <div style="position:absolute;left:697.5px;top:12px;height:257px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.863%"></div> <div style="position:absolute;left:709.5px;top:48px;height:221px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.462%"></div> <div style="position:absolute;left:721.5px;top:30px;height:239px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.663%"></div> <div style="position:absolute;left:733.5px;top:29px;height:240px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.673%"></div> <div style="position:absolute;left:745.5px;top:36px;height:233px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.597%"></div> <div style="position:absolute;left:757.5px;top:24px;height:245px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.731%"></div> <div style="position:absolute;left:769.5px;top:15px;height:254px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.836%"></div> <div style="position:absolute;left:781.5px;top:23px;height:246px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.74%"></div> <div style="position:absolute;left:793.5px;top:18px;height:251px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.803%"></div> <div style="position:absolute;left:805.5px;top:5px;height:264px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.949%"></div> <div style="position:absolute;left:817.5px;top:19px;height:250px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.787%"></div> <div style="position:absolute;left:829.5px;top:30px;height:239px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.666%"></div> <div style="position:absolute;left:841.5px;top:20px;height:249px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.781%"></div> <div style="position:absolute;left:853.5px;top:48px;height:221px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.47%"></div> <div style="position:absolute;left:865.5px;top:41px;height:228px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.549%"></div> <div style="position:absolute;left:877.5px;top:39px;height:230px;min-width:7px;max-width:7px;background-color:#44f;-webkit-print-color-adjust:exact;border:1px solid #44f;border-bottom:none;overflow:hidden;" title="Market share: 2.57%"></div> </div> <div style="position:absolute;height:270px;min-width:100px;max-width:100px;"> <div style="position:absolute;height=20px;text-align:right;vertical-align:middle;width:90px;top:215px;padding:0 2px">0.5</div> <div style="position:absolute;height=1px;min-width:5px;top:225px;left:96px;border:1px solid black;"></div> <div style="position:absolute;height=20px;text-align:right;vertical-align:middle;width:90px;top:170px;padding:0 2px">1</div> <div style="position:absolute;height=1px;min-width:5px;top:180px;left:96px;border:1px solid black;"></div> <div style="position:absolute;height=20px;text-align:right;vertical-align:middle;width:90px;top:125px;padding:0 2px">1.5</div> <div style="position:absolute;height=1px;min-width:5px;top:135px;left:96px;border:1px solid black;"></div> <div style="position:absolute;height=20px;text-align:right;vertical-align:middle;width:90px;top:80px;padding:0 2px">2</div> <div style="position:absolute;height=1px;min-width:5px;top:90px;left:96px;border:1px solid black;"></div> <div style="position:absolute;height=20px;text-align:right;vertical-align:middle;width:90px;top:35px;padding:0 2px">2.5</div> <div style="position:absolute;height=1px;min-width:5px;top:45px;left:96px;border:1px solid black;"></div> <div style="position:absolute;height=20px;text-align:right;vertical-align:middle;width:90px;top:-10px;padding:0 2px">3</div> <div style="position:absolute;height=1px;min-width:5px;top:0px;left:96px;border:1px solid black;"></div> </div> <div style="position:absolute;top:270px;left:100px;width:900px;"> <div style="position:absolute;left:1px;top:10px;min-width:10px;max-width:10px;text-align:center;vertical-align:top;"><b><big>2014</big></b></div> <div style="position:absolute;left:6px;height:10px;width:1px;border-left:1px solid black;"></div> <div style="position:absolute;left:37px;top:10px;min-width:10px;max-width:10px;text-align:center;vertical-align:top;">Apr</div> <div style="position:absolute;left:42px;height:10px;width:1px;border-left:1px solid black;"></div> <div style="position:absolute;left:73px;top:10px;min-width:10px;max-width:10px;text-align:center;vertical-align:top;">Jul</div> <div style="position:absolute;left:78px;height:10px;width:1px;border-left:1px solid black;"></div> <div style="position:absolute;left:109px;top:10px;min-width:10px;max-width:10px;text-align:center;vertical-align:top;">Oct</div> <div style="position:absolute;left:114px;height:10px;width:1px;border-left:1px solid black;"></div> <div style="position:absolute;left:145px;top:10px;min-width:10px;max-width:10px;text-align:center;vertical-align:top;"><b><big>2015</big></b></div> <div style="position:absolute;left:150px;height:10px;width:1px;border-left:1px solid black;"></div> <div style="position:absolute;left:181px;top:10px;min-width:10px;max-width:10px;text-align:center;vertical-align:top;">Apr</div> <div style="position:absolute;left:186px;height:10px;width:1px;border-left:1px solid black;"></div> <div style="position:absolute;left:217px;top:10px;min-width:10px;max-width:10px;text-align:center;vertical-align:top;">Jul</div> <div style="position:absolute;left:222px;height:10px;width:1px;border-left:1px solid black;"></div> <div style="position:absolute;left:253px;top:10px;min-width:10px;max-width:10px;text-align:center;vertical-align:top;">Oct</div> <div style="position:absolute;left:258px;height:10px;width:1px;border-left:1px solid black;"></div> <div style="position:absolute;left:289px;top:10px;min-width:10px;max-width:10px;text-align:center;vertical-align:top;"><b><big>2016</big></b></div> <div style="position:absolute;left:294px;height:10px;width:1px;border-left:1px solid black;"></div> <div style="position:absolute;left:325px;top:10px;min-width:10px;max-width:10px;text-align:center;vertical-align:top;">Apr</div> <div style="position:absolute;left:330px;height:10px;width:1px;border-left:1px solid black;"></div> <div style="position:absolute;left:361px;top:10px;min-width:10px;max-width:10px;text-align:center;vertical-align:top;">Jul</div> <div style="position:absolute;left:366px;height:10px;width:1px;border-left:1px solid black;"></div> <div style="position:absolute;left:397px;top:10px;min-width:10px;max-width:10px;text-align:center;vertical-align:top;">Oct</div> <div style="position:absolute;left:402px;height:10px;width:1px;border-left:1px solid black;"></div> <div style="position:absolute;left:433px;top:10px;min-width:10px;max-width:10px;text-align:center;vertical-align:top;"><b><big>2017</big></b></div> <div style="position:absolute;left:438px;height:10px;width:1px;border-left:1px solid black;"></div> <div style="position:absolute;left:469px;top:10px;min-width:10px;max-width:10px;text-align:center;vertical-align:top;">Apr</div> <div style="position:absolute;left:474px;height:10px;width:1px;border-left:1px solid black;"></div> <div style="position:absolute;left:505px;top:10px;min-width:10px;max-width:10px;text-align:center;vertical-align:top;">Jul</div> <div style="position:absolute;left:510px;height:10px;width:1px;border-left:1px solid black;"></div> <div style="position:absolute;left:541px;top:10px;min-width:10px;max-width:10px;text-align:center;vertical-align:top;">Oct</div> <div style="position:absolute;left:546px;height:10px;width:1px;border-left:1px solid black;"></div> <div style="position:absolute;left:577px;top:10px;min-width:10px;max-width:10px;text-align:center;vertical-align:top;"><b><big>2018</big></b></div> <div style="position:absolute;left:582px;height:10px;width:1px;border-left:1px solid black;"></div> <div style="position:absolute;left:613px;top:10px;min-width:10px;max-width:10px;text-align:center;vertical-align:top;">Apr</div> <div style="position:absolute;left:618px;height:10px;width:1px;border-left:1px solid black;"></div> <div style="position:absolute;left:649px;top:10px;min-width:10px;max-width:10px;text-align:center;vertical-align:top;">Jul</div> <div style="position:absolute;left:654px;height:10px;width:1px;border-left:1px solid black;"></div> <div style="position:absolute;left:685px;top:10px;min-width:10px;max-width:10px;text-align:center;vertical-align:top;">Oct</div> <div style="position:absolute;left:690px;height:10px;width:1px;border-left:1px solid black;"></div> <div style="position:absolute;left:721px;top:10px;min-width:10px;max-width:10px;text-align:center;vertical-align:top;"><b><big>2019</big></b></div> <div style="position:absolute;left:726px;height:10px;width:1px;border-left:1px solid black;"></div> <div style="position:absolute;left:757px;top:10px;min-width:10px;max-width:10px;text-align:center;vertical-align:top;">Apr</div> <div style="position:absolute;left:762px;height:10px;width:1px;border-left:1px solid black;"></div> <div style="position:absolute;left:793px;top:10px;min-width:10px;max-width:10px;text-align:center;vertical-align:top;">Jul</div> <div style="position:absolute;left:798px;height:10px;width:1px;border-left:1px solid black;"></div> <div style="position:absolute;left:829px;top:10px;min-width:10px;max-width:10px;text-align:center;vertical-align:top;">Oct</div> <div style="position:absolute;left:834px;height:10px;width:1px;border-left:1px solid black;"></div> <div style="position:absolute;left:853px;top:10px;min-width:10px;max-width:10px;text-align:center;vertical-align:top;"><b><big>2020</big></b></div> <div style="position:absolute;left:858px;height:10px;width:1px;border-left:1px solid black;"></div> </div> </div> </div> <p>(Source: <a rel="nofollow" class="external text" href="https://iextrading.com/stats/">IEX</a>) </p> <div class="mw-heading mw-heading3"><h3 id="Broker_priority">Broker priority</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=IEX&action=edit&section=7" title="Edit section: Broker priority"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Before becoming an exchange, IEX operated a dark pool which did not adhere entirely to priority by price then time, unlike other U.S. trading venues. Instead, the IEX prioritized orders by price, followed by broker and, lastly, time. Katsuyama argues that this arrangement advantages regular investors contrarily to high frequency trading (HFT) firms, by preventing, for instance, HFT firms from jumping to the top of the order queue and <a href="/wiki/Front_running" title="Front running">front running</a> normal investors.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p><p>When IEX applied for exchange status, it dropped the broker-based priority mechanism and as an exchange it gives priority to the best price first followed by the time of order submittal (as do other exchanges). </p> <div class="mw-heading mw-heading3"><h3 id="Liquidity">Liquidity</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=IEX&action=edit&section=8" title="Edit section: Liquidity"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Michael Lewis' book, <i>Flash Boys</i>,<sup id="cite_ref-flash_5-1" class="reference"><a href="#cite_note-flash-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> focused on the new trading platform, arguing that it was better than other dark pools since it created an equal playing field for investors by slowing down trading and preventing HFT firms from front running orders. An advocacy group for high-frequency traders countered that liquidity-provider firms need speed and direct market connectivity to manage risk,<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> and a market that limits speed, such as IEX, would be illiquid and expensive for <a href="/wiki/Price_discovery" title="Price discovery">price discovery</a>.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="IEX_Cloud">IEX Cloud</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=IEX&action=edit&section=9" title="Edit section: IEX Cloud"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>IEX also offers an API service, allowing developers to query US and Canadian stock data.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Key_people">Key people</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=IEX&action=edit&section=10" title="Edit section: Key people"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Brad_Katsuyama" title="Brad Katsuyama">Brad Katsuyama</a> <small>(<a href="/wiki/Chief_Executive_Officer" class="mw-redirect" title="Chief Executive Officer">CEO</a>)</small><sup id="cite_ref-iex-leadership_25-0" class="reference"><a href="#cite_note-iex-leadership-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Ronan_Ryan" title="Ronan Ryan">Ronan Ryan</a> <small>(<a href="/wiki/President_(corporate_title)" title="President (corporate title)">president</a>)</small><sup id="cite_ref-iex-leadership_25-1" class="reference"><a href="#cite_note-iex-leadership-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=IEX&action=edit&section=11" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/List_of_stock_exchanges" class="mw-redirect" title="List of stock exchanges">List of stock exchanges</a></li> <li><a href="/wiki/List_of_stock_exchanges_in_the_Americas" title="List of stock exchanges in the Americas">List of stock exchanges in the Americas</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=IEX&action=edit&section=12" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-navy_seals-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-navy_seals_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-navy_seals_1-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFFoxman2013" class="citation news cs1">Foxman, Simone (October 25, 2013). <a rel="nofollow" class="external text" href="http://qz.com/138388/how-the-navy-seals-of-trading-are-taking-on-wall-streets-predatory-robots/">"How the 'Navy SEALs' of Trading Are Taking on Wall Street's Predatory Robots"</a>. <i>Quartz</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Quartz&rft.atitle=How+the+%27Navy+SEALs%27+of+Trading+Are+Taking+on+Wall+Street%27s+Predatory+Robots&rft.date=2013-10-25&rft.aulast=Foxman&rft.aufirst=Simone&rft_id=http%3A%2F%2Fqz.com%2F138388%2Fhow-the-navy-seals-of-trading-are-taking-on-wall-streets-predatory-robots%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AIEX" class="Z3988"></span></span> </li> <li id="cite_note-wsj-new-2"><span class="mw-cite-backlink">^ <a href="#cite_ref-wsj-new_2-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-wsj-new_2-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-wsj-new_2-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-wsj-new_2-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-wsj-new_2-4"><sup><i><b>e</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFOsipovich2017" class="citation news cs1">Osipovich, Alexander (October 26, 2017). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.wsj.com/articles/startup-exchange-cleared-to-take-on-nyse-nasdaq-for-stock-listings-1509010200">"Startup Exchange Cleared to Take on NYSE, Nasdaq for Stock Listings"</a></span>. <i><a href="/wiki/Wall_Street_Journal" class="mw-redirect" title="Wall Street Journal">Wall Street Journal</a></i>. New York<span class="reference-accessdate">. Retrieved <span class="nowrap">October 26,</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Wall+Street+Journal&rft.atitle=Startup+Exchange+Cleared+to+Take+on+NYSE%2C+Nasdaq+for+Stock+Listings&rft.date=2017-10-26&rft.aulast=Osipovich&rft.aufirst=Alexander&rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fstartup-exchange-cleared-to-take-on-nyse-nasdaq-for-stock-listings-1509010200&rfr_id=info%3Asid%2Fen.wikipedia.org%3AIEX" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="https://iex.io/news/why-we-chose-to-exit-the-corporate-listings-business/">"Why we chose to exit the corporate listings business"</a> (Press release). IEX. September 23, 2019<span class="reference-accessdate">. Retrieved <span class="nowrap">September 9,</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Why+we+chose+to+exit+the+corporate+listings+business&rft.pub=IEX&rft.date=2019-09-23&rft_id=https%3A%2F%2Fiex.io%2Fnews%2Fwhy-we-chose-to-exit-the-corporate-listings-business%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AIEX" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.bloomberg.com/press-releases/2019-09-12/iex-co-founder-and-chief-operating-officer-john-schwall-to-retire">"IEX Co-Founder and Chief Operating Officer John Schwall to Retire"</a>. <i>Bloomberg</i>. September 12, 2019<span class="reference-accessdate">. Retrieved <span class="nowrap">March 26,</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Bloomberg&rft.atitle=IEX+Co-Founder+and+Chief+Operating+Officer+John+Schwall+to+Retire&rft.date=2019-09-12&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fpress-releases%2F2019-09-12%2Fiex-co-founder-and-chief-operating-officer-john-schwall-to-retire&rfr_id=info%3Asid%2Fen.wikipedia.org%3AIEX" class="Z3988"></span></span> </li> <li id="cite_note-flash-5"><span class="mw-cite-backlink">^ <a href="#cite_ref-flash_5-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-flash_5-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLewis2014" class="citation book cs1"><a href="/wiki/Michael_Lewis" title="Michael Lewis">Lewis, Michael M.</a> (2014). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/isbn_9780393244663"><i>Flash Boys: A Wall Street Revolt</i></a></span> (First ed.). New York: <a href="/wiki/W.W._Norton_%26_Company" class="mw-redirect" title="W.W. Norton & Company">W.W. Norton & Company</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780393244663" title="Special:BookSources/9780393244663"><bdi>9780393244663</bdi></a>. <a href="/wiki/LCCN_(identifier)" class="mw-redirect" title="LCCN (identifier)">LCCN</a> <a rel="nofollow" class="external text" href="https://lccn.loc.gov/2014003208">2014003208</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Flash+Boys%3A+A+Wall+Street+Revolt&rft.place=New+York&rft.edition=First&rft.pub=W.W.+Norton+%26+Company&rft.date=2014&rft_id=info%3Alccn%2F2014003208&rft.isbn=9780393244663&rft.aulast=Lewis&rft.aufirst=Michael+M.&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fisbn_9780393244663&rfr_id=info%3Asid%2Fen.wikipedia.org%3AIEX" class="Z3988"></span></span> </li> <li id="cite_note-NYSE_A-6"><span class="mw-cite-backlink">^ <a href="#cite_ref-NYSE_A_6-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-NYSE_A_6-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMatt2017" class="citation news cs1">Matt, Turner (January 25, 2017). <a rel="nofollow" class="external text" href="http://www.businessinsider.com/nyse-is-slowing-down-trading-for-a-key-market-2017-1">"The New York Stock Exchange Is Slowing Down Trading for a Key Market"</a>. <i><a href="/wiki/Business_Insider" title="Business Insider">Business Insider</a></i>. <a href="/wiki/Axel_Springer_SE" title="Axel Springer SE">Axel Springer SE</a><span class="reference-accessdate">. Retrieved <span class="nowrap">November 2,</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Business+Insider&rft.atitle=The+New+York+Stock+Exchange+Is+Slowing+Down+Trading+for+a+Key+Market&rft.date=2017-01-25&rft.aulast=Matt&rft.aufirst=Turner&rft_id=http%3A%2F%2Fwww.businessinsider.com%2Fnyse-is-slowing-down-trading-for-a-key-market-2017-1&rfr_id=info%3Asid%2Fen.wikipedia.org%3AIEX" class="Z3988"></span></span> </li> <li id="cite_note-wolf-hunters-7"><span class="mw-cite-backlink">^ <a href="#cite_ref-wolf-hunters_7-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-wolf-hunters_7-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLewis2014" class="citation news cs1">Lewis, Michael (March 31, 2014). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.nytimes.com/2014/04/06/magazine/flash-boys-michael-lewis.html">"The Wolf Hunters of Wall Street"</a></span>. <i>The New York Times</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=The+Wolf+Hunters+of+Wall+Street&rft.date=2014-03-31&rft.aulast=Lewis&rft.aufirst=Michael&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2014%2F04%2F06%2Fmagazine%2Fflash-boys-michael-lewis.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AIEX" class="Z3988"></span></span> </li> <li id="cite_note-upstart-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-upstart_8-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMassa2017" class="citation news cs1">Massa, Annie (July 24, 2017). <a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/articles/2017-07-24/nyse-american-opens-as-retort-to-exchange-rabble-rouser-iex">"NYSE American Opens to Take on Upstart Exchange IEX"</a>. <i><a href="/wiki/Bloomberg_News" title="Bloomberg News">Bloomberg News</a></i>. <a href="/wiki/Bloomberg_L.P." title="Bloomberg L.P.">Bloomberg L.P.</a><span class="reference-accessdate"> Retrieved <span class="nowrap">November 2,</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Bloomberg+News&rft.atitle=NYSE+American+Opens+to+Take+on+Upstart+Exchange+IEX&rft.date=2017-07-24&rft.aulast=Massa&rft.aufirst=Annie&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2017-07-24%2Fnyse-american-opens-as-retort-to-exchange-rabble-rouser-iex&rfr_id=info%3Asid%2Fen.wikipedia.org%3AIEX" class="Z3988"></span></span> </li> <li id="cite_note-crush-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-crush_9-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFrank2017" class="citation news cs1">Frank, Chaparro (July 25, 2017). <a rel="nofollow" class="external text" href="http://www.businessinsider.com/nyse-american-versus-iex-2017-7">"The New York Stock Exchange is out to crush America's newest stock exchange"</a>. <i><a href="/wiki/Business_Insider" title="Business Insider">Business Insider</a></i>. <a href="/wiki/Axel_Springer_SE" title="Axel Springer SE">Axel Springer SE</a><span class="reference-accessdate">. Retrieved <span class="nowrap">November 2,</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Business+Insider&rft.atitle=The+New+York+Stock+Exchange+is+out+to+crush+America%27s+newest+stock+exchange&rft.date=2017-07-25&rft.aulast=Frank&rft.aufirst=Chaparro&rft_id=http%3A%2F%2Fwww.businessinsider.com%2Fnyse-american-versus-iex-2017-7&rfr_id=info%3Asid%2Fen.wikipedia.org%3AIEX" class="Z3988"></span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.swfinstitute.org/news/82923/cdpq-makes-strategic-investment-in-iex-group">"CDPQ Makes Strategic Investment in IEX Group"</a>. Sovereign Wealth Fund Institute. December 3, 2020.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=CDPQ+Makes+Strategic+Investment+in+IEX+Group&rft.date=2020-12-03&rft_id=https%3A%2F%2Fwww.swfinstitute.org%2Fnews%2F82923%2Fcdpq-makes-strategic-investment-in-iex-group&rfr_id=info%3Asid%2Fen.wikipedia.org%3AIEX" class="Z3988"></span></span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMatt2015" class="citation news cs1">Matt, Levine (September 16, 2015). <a rel="nofollow" class="external text" href="http://www.bloombergview.com/articles/2015-09-16/the-flash-boys-exchange-is-growing-up">"The 'Flash Boys' Exchange Is Growing Up"</a>. <i>Bloomberg</i><span class="reference-accessdate">. Retrieved <span class="nowrap">September 16,</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Bloomberg&rft.atitle=The+%27Flash+Boys%27+Exchange+Is+Growing+Up&rft.date=2015-09-16&rft.aulast=Matt&rft.aufirst=Levine&rft_id=http%3A%2F%2Fwww.bloombergview.com%2Farticles%2F2015-09-16%2Fthe-flash-boys-exchange-is-growing-up&rfr_id=info%3Asid%2Fen.wikipedia.org%3AIEX" class="Z3988"></span><br />- <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPopper2016" class="citation news cs1">Popper, Nathaniel (June 18, 2016). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.nytimes.com/2016/06/18/business/dealbook/iex-group-gains-approval-for-stock-exchange.html">"IEX Group, Critical of Wall St., Gains Approval for Stock Exchange"</a></span>. <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i><span class="reference-accessdate">. Retrieved <span class="nowrap">June 18,</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=IEX+Group%2C+Critical+of+Wall+St.%2C+Gains+Approval+for+Stock+Exchange&rft.date=2016-06-18&rft.aulast=Popper&rft.aufirst=Nathaniel&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2016%2F06%2F18%2Fbusiness%2Fdealbook%2Fiex-group-gains-approval-for-stock-exchange.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AIEX" class="Z3988"></span><br />- <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBullock2016" class="citation news cs1">Bullock, Nicole (June 17, 2016). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.ft.com/content/9d97bef0-34a9-11e6-ad39-3fee5ffe5b5b">"IEX trading venue wins battle to become an exchange"</a></span>. <i><a href="/wiki/Financial_Times" title="Financial Times">Financial Times</a></i><span class="reference-accessdate">. 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Futures Industry Association<span class="reference-accessdate">. Retrieved <span class="nowrap">September 7,</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Opinions+published+in+response+to+Michael+Lewis%27+Flash+Boys+and+recent+comments&rft.pub=Futures+Industry+Association&rft_id=http%3A%2F%2Fwww.futuresindustry.org%2Fptg%2Fdownloads%2FDebunking_the_Myths_of_HFT.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AIEX" class="Z3988"></span></span> </li> <li id="cite_note-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-24">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMayela_g2019" class="citation web cs1">Mayela_g (April 9, 2019). <a rel="nofollow" class="external text" href="https://www.programmableweb.com/api/iex-cloud">"IEX Cloud"</a>. <i>ProgrammableWeb</i><span class="reference-accessdate">. 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