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IEX Square Edge | Ten Expert Reports that Fueled the Market Data Wars, Part I: December 1999 -- January 2011 (Early Days)

December 17, 2019 marked the 20th anniversary of the Market Data Wars.December 17, 2019 marked the 20th anniversary of the Market Data Wars.

IEX Square Edge | Ten Expert Reports that Fueled the Market Data Wars, Part III: March 2015 -- January 2020

This opinion reignited the Market Data Wars. The same month, the SEC held a. roundtable. on Market Data and Market Access.

IEX Square Edge | Market Data Wars with Benjamin Connault, Economist at IEX

Market Data Wars with Benjamin Connault, Economist at IEX. Episode Description.

IEX Square Edge | IEX's Financial Data Platform, IEX Cloud, Joins Pyth Network to Bring Trusted Market Data to Blockchain Apps

IEX's Financial Data Platform, IEX Cloud, Joins Pyth Network to Bring Trusted Market Data to Blockchain Apps. IEX Press Release. IEX Cloud to contribute market data to public Solana blockchain through Pyth Network. NEW YORK. - July 22, 2021 -.

IEX Square Edge | Market Data Dumpster Fire

Market Data Dumpster Fire. Episode Description. It’s one of the hottest debates in market structure today: exchange market data.

IEX Square Edge | Ten Expert Reports that Fueled the Market Data Wars, Part II: January 2011 -- March 2015 (ArcaBook II)

Ten Expert Reports that Fueled the Market Data Wars, Part II: January 2011 -- March 2015 (ArcaBook II). This is part 2/3 of a series of blogs on the history of the Market Data Wars. Part 1 is. here.

IEX Square Edge | How Stock Exchanges Abuse Their Privilege and Power for Monopolistic Profits

Securities and Exchange Commission, to publicly disclose IEX’s costs to provide market data and connectivity to our members.

IEX Square Edge | Opening Remarks of Bradley Katsuyama

This includes the SEC’s transaction fee pilot, the recent debates on market data and connectivity highlighted at the SEC’s. market data roundtable. last October (Roundtable), and even IEX’s own exchange application.

IEX Square Edge | IEX Becomes the First Stock Exchange to Publicly Disclose Costs to Provide Market Data and Connectivity

IEX Becomes the First Stock Exchange to Publicly Disclose Costs to Provide Market Data and Connectivity. IEX Press Release.

IEX Square Edge | IEX is "All-In" on Pricing Transparency

Earlier this week, in response to calls for more transparency from exchanges on the topic of market data fees, IEX published a report based on a months-long review of its own costs to produce market data and connectivity products and services.

IEX Square Edge | Shakedown in New Jersey: The Hidden Cost of Exchange Connectivity

Market data and connectivity both concern the power of exchanges to bleed the industry through a rising set of fixed fees.

IEX Square Edge | Updating the IEX Exchange Architecture for 2021

The delay imposed on the dissemination of all outbound messages — including IEX market data and outbound order messages to Members — will be reduced from 350 to 37 microseconds — much closer to a real-time basis.

IEX Square Edge | The Long and Winding Road to Market Data Reform

The Long and Winding Road to Market Data Reform. Two recent court decisions cleared the way for the U.S.

IEX Square Edge | A New Standard for Exchange Economics

The Cost of Exchange Services. ,” which gave detailed transparency on our costs to provide connectivity and market data to our Members.

IEX Square Edge | Maximizing the Midpoint on IEX Exchange

Source: IEX Market Data. Date Range: January 1, 2021 — May 31, 2021.

IEX Square Edge | Market Structure Matters with Anna Kurzrok of BNP Paribas

Market Structure Matters with Anna Kurzrok of BNP Paribas. Episode Description. Anna Kurzrok, Director and Head of U.S.

IEX Square Edge | The Rising Tide of Broker Costs, and the Shrinking Pool of Competitors

For example, a. detailed analysis. by SIFMA found that NYSE fees for various proprietary market data products increased 1,100% from 2010 to 2018.

IEX Square Edge | D-Limit: One of These Things is Not Like the Others

Source: IEX Market Data and NYSE TAQ. Excludes NYSE Chicago, MIAX, MEMX, and LTSE.

IEX Square Edge | Picking a Path to the IEX Midpoint: Performance Differences Between D-Peg and M-Peg

Source: IEX Market Data. Date Range: 10/01/2020–12/31/2020. Please note that these categories are not inclusive of the upper bound and include the lower bound. For example, $0.02 is $0.02 to $0.04.

IEX Square Edge | Hot-Button Trading Topics with David Cannizzo of Raymond James and Vlad Khandros of UBS

David Cannizzo, Managing Director, Head of Electronic Trading and Market Structure at Raymond James, and Vlad Khandros, Global Head of Market Structure & Liquidity Strategy and Global Co-Head of Principal Investments & Strategic Ventures at UBS, join

Market Data. This is some text inside of a div block. This is some text inside of a div block. Articles. Podcasts. We don't have any articles in this subject currently. Try resetting your subject filter to "all".

IEX Square Edge | From Pythia to the Pyth Network with Steve Kaminsky of Jump Crypto

Steve Kaminsky of Jump Crypto joins Ronan and JR on this episode of Boxes + Lines to break down The Pyth Network, an oracle that acts as a bridge between on-chain and off-chain applications to provide crypto values and other market data.

IEX Square Edge | Performance Files: How IEX Delivers Price Improvement on IOCs with Hidden Liquidity

Source: IEX Market Data. In that same period, when the price improvement happens, the spread-crossing order saves an average of 2.5 cents. This blends out to over 25 mils/share every time a spread-crossing order executes a trade on IEX.

IEX Square Edge | Minimum Quantities Part II: Information Leakage

This information is generated because all trades are reported to the tape and disseminated via market data feeds.

IEX Square Edge | To D-Limit and Beyond: Impact on IEX Exchange and the Broader Market

Source: IEX Market Data and NYSE TAQ. Moreover, D-Limit orders are improving, not just matching, the best prices available.

IEX Square Edge | The Newest Update to IEX Exchange's Crumbling Quote Indicator, the Signal

Source: IEX Exchange market data. Here’s the breakdown in coverage improvement by spread from the current version of The Signal (V5) to the new version (V6).

IEX Square Edge | Predicting the future, by just a few milliseconds

This affords us extra time relative to exchange participants that we can use to collect the most up-to-date market data and protect resting orders on IEX.

IEX Square Edge | Performance Files: How to Maximize Price Improvement Using IEX Exchange's D-Limit Order Type

The innovative D-Limit order type was designed to improve displayed liquidity for all market participants.

IEX Square Edge | Looking at the SEC's Proposed Market Reforms on Round Lots

On the topic of how exchanges display prices, the SEC has already acted, as part of its Market Data Infrastructure Rule (MDIR), adopted in 2020. 2.

IEX Square Edge | IEX Comment Letter On NMS Plan Governance

More broadly, we share the concern of many market participants about the consequences of the fact that SIP feeds are significantly slower than proprietary exchange market data feeds, which you addressed in your speech last June on equity market structure. 1

IEX Square Edge | Breaking Down M-Peg and D-Peg

This allows IEX time to process market data changes from other exchanges and update our quotes to reflect those changes accurately before trades are executed.

IEX Square Edge | Testimony of Brad Katsuyama before the U.S. House of Representatives Committee on Financial Services

Given the multiple tiers of exchange data and technology being sold, high speed trading firms have the ability to process market data in microseconds.

IEX Square Edge | Performance Files: How IEX's D-Peg Order Type Delivers Price Improvement and Markouts

This includes both markouts, a common metric that compares the price at which a trade occurs to what happens in the market shortly afterwards, and a less frequently considered metric, price improvement.

IEX Square Edge | Minimum Quantities Part I: Adverse Selection

We illustrate why our data suggests MQ may not be an effective tool for this purpose. Trade Size in Today’s Market. Below, we show the distribution of midpoint trades by trade size overall in the market and on IEX.

IEX Square Edge | Minimum Quantities Part III: Opportunity Cost

Source: IEX Market Data. Date Range: 01/01/2020–09/30/2020. Source: IEX Market Data. Date Range: 01/01/2020–09/30/2020. How Much Liquidity is Missed with MQs?

IEX Square Edge | Losing Transparency in America's Stock Markets: How to Bring More Trading into the Light

This occurs because some takers are able to use the most sophisticated and fastest technology and market data to time their lit trades in moments when prices are moving in their favor and against the displayed quote.

IEX Square Edge | D-Limit: One Year In

In this blog, we want to share more data around a unique aspect of D-Limit performance — pre-trade Price Improvement — and demonstrate that, a year later, D-Limit remains ahead of the pack. What is Pre-Trade Price Improvement?

IEX Square Edge | Price Discovery During Market Wide Circuit Breakers (Part 1)

during times of extreme market movements.”. [1].

IEX Square Edge |

The results have been encouraging, and we’re excited to share preliminary data illustrating the improved experience early adopters have enjoyed.

IEX Square Edge | Enough is Enough

For 11 years — up until two weeks ago — Nasdaq sold data feeds called “Market Velocity” and “Market Forces” as part of a “Market Analytics Data Package.”

IEX Square Edge | Top Markets Operations Questions Asked by Broker Dealers

Your Top Questions About Market Operations, Answered. Head of Market Operations Thomas O'Brien breaks down the most popular questions our team of Market Ops Specialists receive from broker-dealer Members.

IEX Square Edge | IEX D-Limit: A New Innovation for Displayed Trading

This is inevitable, of course, but one result is that very fast data and technology can be used to anticipate imminent changes in the national best bid and offer (NBBO).

IEX Square Edge | Breaking Down the SEC's Market Reform Proposals for Exchange Fees

The protected quote rule bars market centers, including exchanges, alternative trading systems (“ATSs”), and market makers, from trading a stock at a price worse than that of a protected quote, unless the market center first executes against that quote.

IEX Square Edge | IBKR on IEX: Blazing the Trail to Better Markets

Larger, more stable quotes, the. opposite. of what you typically see during volatile markets. Better execution quality for IBKR shareholders trading on IEX, because more midpoint trading is protected by IEX technology. A Market for All.

IEX Square Edge | D-Limit Performance & the Fill Rates Race

We should first explain that D-Limit does not only provide markout performance, but also the opportunity for displayed price improvement (PI). Typically, price improvement is thought of from the perspective of aggressively-priced orders.

IEX Square Edge | Modern Day Latency Arbitrage: Predicting Price Changes

Data about price changes must literally travel the distance between participants, and that trip can be faster or slower depending on the technology a firm is using and how far a participant is from the source of the data.

IEX Square Edge | Academic Research Takes Center Stage at IEX

But analyzed with the right tools, they can reveal a tremendous amount of information that less granular data simply cannot.High-frequency time series are challenging to work with when studying modern financial markets.

IEX Square Edge | The Comment Letters Are In. Here's What They Actually Say.

At IEX Exchange, we have conducted a summary review of the comments (we do not pretend to have read all of the thousands of pages submitted to date).

IEX Square Edge | IEX Exchange’s Position on the SEC’s Proposed Changes to Regulation NMS

The Market Has Changed Significantly. Regulation must keep pace with market changes to stay relevant and achieve policy goals.

IEX Square Edge | IEX Comment Letter on LULD Plan

We note that NYSE is reportedly considering whether to change its current process for publishing order imbalances so as to extend the dissemination of imbalance information through its proprietary data feeds until the time that a stock opens for trading. 6.

IEX Square Edge | Price Discovery During Market Wide Circuit Breakers (Part 2)

Price Discovery During Market Wide Circuit Breakers (Part 2). This is the second and last part of a two-part series of market structure blog posts. The first part is here. Feedback and suggestions more than welcome at. benjamin.connault@iextrading.com.

IEX Square Edge | The SEC's Proposed Reforms to Regulation NMS and Tick Size

The Clock Is Ticking on Equity Market Reform. John Ramsay breaks down the SEC's recent market structure proposals. First up, tick sizes. Introduction.

IEX Square Edge | European Markets, Post Brexit with Niki Beattie of Market Structure Partners

European Markets, Post Brexit with Niki Beattie of Market Structure Partners. Episode Description.

IEX Square Edge | CDPQ becomes a lead investor in IEX Group

“CDPQ is a growth investor with an exceptional track record and deep expertise in technology and capital markets.

IEX Square Edge | IEX Exits Corporate Listings to Focus on Trading and New Technology Businesses

Streamlining business portfolio while on track for record year in market share, revenue and profit.

IEX Square Edge | 4 Lasting Effects of the Pandemic on the Stock Market

Source: NYSE TAQ Data. IEX Exchange’s. D-Peg. and. D-Limit. order types are specifically designed to help investors avoid adverse selection at times right before the NBBO changes, thanks to the unique protection enabled by the.

IEX Square Edge | IEX BATS PBBO Comment Letter

IEX offers a simplified and transparent market structure with no broker owners, and only broker Subscribers.

IEX Square Edge | Is the Pilot Grounded? Don't Bet On It

The SEC partial stay was smart because they did not pause a six-month data gathering phase, which is required by the TFP to be completed before the rebate restrictions kick in, to allow analysis of how markets for test stocks change in response to the pilot

IEX Square Edge | How Do You Measure a Fill? Nasdaq Attacks with a Dull Knife

The piece variously asserts that D-Limit has resulted in “inaccessible” quotes on IEX, higher charges to participants seeking to access quotes, and hidden payments to market makers.