Last week we wrote to you contrasting the SEC Comment letters on IEX’s stock exchange application from two different high speed traders – Virtu and Citadel. Since that note both NASDAQ and NYSE have published comment letters recommending that the SEC not approve IEX’s exchange application as is.

Additionally, late Friday IEX responded with its own Comment Letter Response. This morning, we thought you would find it useful for us to highlight their viewpoints for you. We include links to the NASDAQ and NYSE letters, and we attach the IEX response in PDF form.


IEX’s application has some aspects that are (more…)

Back in June 2011, we wrote a white paper titled “Phantom Indexes”  which revealed that major market indexes including the Dow Jones Industrial Average, S&P 500, NASDAQ 100 and Russell 2000 were all being calculated intraday from only a subset of trades:

“In a post Reg NMS world, fragmentation amongst market centers has reduced the amount of trades that occur on the primary exchanges. The primary market alone is no longer a complete enough source of data when calculating an index value since it (more…)


Oct, 2015