IEX History

Our story began with building a fairer stock exchange – here’s what came next.

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Four men standing in a room looking serious
IEX’S ORIGIN / 2009

IEX’s co-founders Brad Katsuyama, Ronan Ryan, Rob Park and John Schwall meet at Royal Bank of Canada (RBC), where they shared a vision for a more transparent system that better protected investors.

Photo of group gathered when IEX is founded.
FOUNDING IEX / 2012

IEX is founded, and begins work on its Alternative Trading System (ATS) which debuts one year later.

Cover of the book Flash Boys by Michael Lewis
“FLASH BOYS” / 2014

IEX’s origin story is chronicled in Michael Lewis’s New York Times Best Seller “Flash Boys.”

Illustration of Signal's mathematical formula
IEX SIGNAL / 2014

IEX creates the Signal, a mathematical formula that powers numerous IEX order types. The Signal is designed to identify moments when a stock’s price is unstable and protect clients from adverse selection.

Illustrated chart of D-Peg in action
D-PEG / 2014

Building off the Signal, IEX debuts D-Peg, a signature patented order type designed to protect dark orders from unstable prices.

IEX EXCHANGE SEC APPROVAL / 2016

The SEC approves IEX’s application as an exchange. IEX Exchange is born with support from some of the world’s largest financial institutions, including Capital Group, Franklin Templeton Investments, OppenheimerFunds, MassMutual Ventures, Brandes Investment Partners, Betterment, and Norges Bank.

D-Limit icon
D-LIMIT / 2020

IEX launches its D-Limit (Discretionary-Limit) order type. Designed to improve displayed trading for market participants, D-Limit leverages the Signal and is the only exchange order type of its kind designed to protect orders from adverse selection.

SWXTCH.io / 2021

IEX creates swXtch.io, game-changing cloud software that enables previously blocked workloads to move to the cloud – with no code changes.

IEX Signal v6 icon
Signal V6 / 2023

A significant iteration on the Signal – known as “Signal V6” – introduces a new rules-based model to the formula, bringing a new level of performance for orders on IEX Exchange.

IEX Options / 2024

IEX announces that is will launch a U.S. options exchange to partner with liquidity providers to uniquely tackle risk management challenges experienced in the options markets, pending regulatory approvals.

YEAR

Our IEX journey

We're building game-changing technology that shapes the future.

Matt Weinberg

/ Head of Business Development, IEX Exchange

"At IEX Exchange we're focused on building products that drive superior execution performance. Working here, you're challenged to find opportunities and think bigger every day."

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Matt Weinberg
Stan Feldman

/ COO, IEX Exchange

“We are a high-performance U.S. stock exchange with some of the world’s most innovative design and product offerings. Providing best-in-class performance to our clients in a transparent way is integral to how we work.”

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Stan Feldman
Florian Seifferer

/ Chief Strategy Officer, IEX Group

“Driven by our pioneering spirit and unyielding commitment to innovation, IEX is at the forefront of making markets fairer, and is in a unique position to truly shape the future of digital finance.”

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Florian Seifferer
Brent Yates

/ CEO, swXtch.io

“Our cloud networking technology makes what was previously impossible, possible; with the potential to transform how entire industries operate. We are designing the future.”

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Brent Yates
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Team Standards

What's it like to work at IEX? Our culture is best described by our Team Standards.

01
Think Big, Do Good
Create meaningful change
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Think Big, Do Good
We measure success by impact on the industries we serve and the communities we touch.
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02
Be Gritty
We roll our sleeves up and get it done
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Be Gritty
Resilience and perseverance are in our DNA. We meet challenges head-on.
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03
Win Together
Share success, never lose alone
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Win Together
We celebrate our wins as one, learn from our mistakes together, and move together as a team.
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04
Invent & Reinvent
We thrive in the face of change
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Invent & Reinvent
A growth mindset is foundational to who we are. IEX is a place for creativity and continual learning.
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IEX Group, Inc. Board

Justin LaFayette

Lead Investor, Georgian

Michael Lynton

Chairman of the Board, Snap Inc.; Former CEO, Sony Entertainment

Thomas Birch

Managing Director, Global Venture Capital and Technology, CDPQ

Bridget Van Kralingen

Former Senior Vice President, IBM Global Markets & Sales

Brad Katsuyama

Founder, Chief Executive Officer

Ronan Ryan

Co-Founder, Chief Operating Officer

Rob Park

Co-Founder, Chief Technology Officer

IEX Board, Inc. Non-Voting Board Observers

Eric Liaw

General Partner, IVP

Matt Harris

Partner, Bain Capital Ventures

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Featured news, ideas and research on equities, technology and digital assets.

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April 16, 2025

IEX Announces Planned Launch of Options Exchange End of Q1 2026
News

April 16, 2025

IEX Announces Planned Launch of Options Exchange End of Q1 2026
Research

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February 11, 2025

Defying Gravity: IEX’s Quote Presence Climbs
Research

February 11, 2025

Defying Gravity: IEX’s Quote Presence Climbs
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December 18, 2024

IEX Midpoint: Now in New XL Size
Research

December 18, 2024

IEX Midpoint: Now in New XL Size