Sometimes we think that we don’t understand Market Structure. Sometimes we think we don’t understand FPGA chips, and speed bumps, and Fix vs Binary, and delay coils. Sometimes we even think that while we are supportive of competition in the form of a new stock exchange called IEX, with seemingly fair rules of engagement, we must be missing something.

After all, so many really smart people are so bat-$hit crazy against the firm and what they have been doing over the last three years. People like Citadel’s Jamil Nazarali, HRT’s Adam Nunes, Larry Tabb, Modern Markets’s Bart Chilton, David Weisberger , (more…)


It’s been a long and tough road but finally late Friday the SEC unconditionally approved IEX’s exchange application  Along with many of you, we anxiously awaited this decision and were thrilled when it finally was announced.  We released this statement on Friday night:

Themis Trading Statement on IEX Approval:

The Securities and Exchange Commission Staff made a precedent-setting and important decision today – the approval of IEX’s exchange application. In doing so, they proved to the investing public that they will allow free markets to work and reward innovation in our financial markets – specifically innovations that put the interests of long-term investors (more…)