Company Overview
About IEX Group
IEX Group, Inc. is the operator of the Investors Exchange (IEX), a US national securities exchange regulated by the SEC and designed around principles of fairness, transparency, and investor protection. Founded in 2012 by Brad Katsuyama—whose story was told in Michael Lewis's book Flash Boys—IEX introduced a 350-microsecond "speed bump" that neutralizes latency-based advantages exploited by high-frequency trading firms. The exchange gained national attention as an alternative to incumbent exchanges that critics argued were structured to benefit fast traders at the expense of institutional investors.
Business Model & Competitive Advantage
IEX holds approximately 3.2% overall US equity market share and 3.8% intraday share as of Q4 2025, competing with NYSE, Nasdaq, and Cboe. In 2025, IEX won the Global Markets Choice Award for Most Innovative Exchange and announced plans to launch IEX Options pending SEC approval, expected in Q1 2026. The exchange also partners with providers like DataBP for streamlined market data licensing and compliance.
Competitive Landscape 2025–2026
Beyond exchange operations, IEX Group historically offered IEX Cloud, a financial data API platform providing real-time and historical market data to developers and financial institutions. IEX has consistently positioned its business around the premise that structural market fairness benefits long-term investors, and it has attracted listings and order flow from institutions prioritizing price improvement over speed.
Key Differentiators
Strong Challenger
IEX Group is an established challenger with significant market presence and competitive offerings in Financial Services.
Frequently Asked Questions
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