IEX- with Interactive Brokers Interactive Brokers listed on the IEX exchange, always failed
Today KlipC talk about the IEX (Investors Exchange) Speaking of which must mention "high-frequency trading," the term Talia in the end what relevance?
Brad Katsuyama used to be a low-key Wall Street traders, all day wearing a wool vest shuttle between Manhattan's skyscrapers. But five years ago, he worked as a Wall Street to protect ordinary investors from the impact of high-tech hero pushed into the spotlight.
Source: Google News
2014 Michael Lewis bestseller "flash Kid" (Flash Boys) in reshaping the high-frequency trading - these investors spent a lot of servers and supercomputers faster deployment of high-frequency trading in the year to surpass other investors turnover rate - from a debate at industry conferences on the topic of mystery, to the imminent threat to the entire financial market. This trend contributed to Mr. Katsuyama investors from a private stock trading platforms to enter one of the 13 mature exchanges.
Three years later, with the enthusiasm waned. Now, in the business of obtaining regulatory approval in a national stock exchange, IEX only three in every 100 US stocks, the NYSE (New York Stock Exchange), NASDAQ (Nasdaq) and CBOE Global Market exchanges are encouraging this practice to continue to provide strong favorable orders for the high-frequency-traded funds (HFT), establish systems and tiered pricing scheme for their transactions, they accounted for 60% of the trading account.
Source: Zero Hedge
For some people, this is a missed opportunity: an indication that IEX want to dismantle the system still have no change, existing group still maintained their dominance, high-frequency trading is still threatening the slower investors they use faster pick the best price.
Dickson Cheung KlipC industry analyst, said: "I was surprised IEX past few years and not have a high market share, even though they have already achieved much - but many people believe that to achieve the goal is still a long way to go for many high-frequency traders, and even that ordinary traders, many of them found that when their orders are transferred to the IEX in the transaction, the resulting price is worse than most of the major exchanges, of course, these prices eventually US stocks but poor 0.0001 points difference. "
在今年的一次采访中，IEX创始人Mr Katsuyama承认，IEX阻止HFTs（高频对冲基金）的关键创新——是一个由60公里长的缠绕光纤电缆组成的“减速带”，在物理上减慢了电子信息的传输速度——并没有改变股票交易的业务。他还指出，纽约证交所和纳斯达克（Nasdaq）等交易所继续通过向优质客户（通常是高频交易）提供更多的数据和更快的速度，以及费用回扣来吸引巨额交易量。
图片来源：华尔街日报
Katsuyama表示：“我们忽略的的一件事是，该行业在大多程度上是围绕交易所支付订单流的，大部分人都认为我们已经失败，但我从现在这个角度来看，我们真的为自己所处的位置感到自豪，因为还有很多事情需要我们去做。”
艰难的交易：“闪光男孩”CEO Brad Katsuyama面临的挑战
他最大的希望是，评估费用回扣影响的监管计划将证明有利于交易所，而不是投资者，这可能会增强IEX的吸引力。在美国主要交易所起诉美国证券交易委员会SEC后，该试点计划被搁置，这是一个罕见的举动。但是对于旁观者来说，这或许是一种生意做不下去，所以叫喊裁判来阻止对方的一种手段。目前，全球的各大监管部门对IEX的并无回应。
与此同时，他正在进军其它创新领域。三年前，IEX宣布即将上市，打破了纽约证交所（NYSE）和纳斯达克（Nasdaq）的双寡头垄断。IEX并没有大肆宣传首次公开发行IPO这项耀眼的业务，而是以考虑从两家交易所转投的公司为目标，提供较低的上市费用。
根据IEX早年的一份融资报告，该交易所旨在吸引250多家公司转移上市。但迄今为止，它只有一家：互动经纪公司Interactive Brokers盈透），一家在全球知名的金融衍生品和商品券商，去年从纳斯达克（Nasdaq）撤出，理由是为投资者提供“更好的执行价格”。去年，美国最大的娱乐集团之一 Wynn Resorts考虑过在IEX挂牌上市，但后面因为合伙人私人原因决定撤回决定。
高频交易是如何突飞猛进的
IEX is currently facing a new threat, one by the new Securities and Exchange Citadel Virtu support of the application for regulatory approval, which could weaken the IEX market share.
IEX is also caught in a fight for market data, the company's push free market data, practices and stock exchange fees charged data described as "billions of dollars to rectify." In May this year, IEX claims costs compared with its own data, the cost of production data dominated the exchange fee as high as 1500%.
We love or hate us, you can not say IEX is not advocating institutional investors, Mr Ryan expressed. "IEX above design effort, I'll take it to my grave."
KlipC think though IEX has been America's first 13 exchanges face direct competition with established large-scale exchange NASDAQ, NYEX, etc., may not be able to account for a seat. But such restrictions IEX automated trading, the big investors and the general rules of the game before on the same starting line, and perhaps will affect the financial system.