--- title: IEX For Regular Traders | TIME description: Brad Katsuyama discusses how IEX will work for regular, every day traders. canonical: https://time.com/video/4TsQAMiU/ og:title: IEX For Regular Traders og:description: Brad Katsuyama discusses how IEX will work for regular, every day traders. og:url: https://time.com/video/4TsQAMiU/ og:image: https://cdn.jwplayer.com/v2/media/4TsQAMiU/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: IEX For Regular Traders twitter:description: Brad Katsuyama discusses how IEX will work for regular, every day traders. twitter:image: https://cdn.jwplayer.com/v2/media/4TsQAMiU/poster.jpg?width=720 --- # IEX For Regular Traders > Sponsored content. Supplied in partnership with TIME. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: IEX For Regular Traders [Watch (HLS stream): IEX For Regular Traders](https://cdn.jwplayer.com/manifests/4TsQAMiU.m3u8) (2:13)  _Published 2016-03-22. Brad Katsuyama discusses how IEX will work for regular, every day traders._ --- Jul 27, 2023 7:47 PM UTC --- ## More From This Series [All Videos](https://time.com/video/) [5 of the Most Popular Trader Joe’s Products of All Time](/video/72FCs7jk/) ### 5 of the Most Popular Trader Joe’s Products of All Time [IEX vs NYSE](/video/1kYEFStF/) ### IEX vs NYSE [Do Women Make Better Traders Than Men?](/video/3n9w1U3T/) ### Do Women Make Better Traders Than Men? --- ## Transcript [ MUSIC ] Hi, I'm Taylor Tepper from Money. I'm here with Brad Katsuyama from IEX. Today we're gonna talk with Brad about himself, his career, and IEX as it tries to become a registered exchange. Hi, Brad. Good going. So let's talk about the long- term investor. I understand why what you're trying to do is good, but how will it ever gain enough traction in the market to make a difference for our readers? For our sort of individual investors, not the hedge fund guys, but people using mutual funds and [ CROSSTALK ] Yes I mean you know if you're looking to buy a 100 shares of Microsoft You're fine, right? But if your retirement is invested in a 401K and that 401K is pooled and that money is being managed by an asset manager that's buying or selling large quantities of shares, over time you're losing money in a compounded way that you didn't even know that you were entitled to. And I think that people should. Definitely care about the fairness of the market, but I think the most important part, and part of why it's so harmful is that they are losing money they don't even know they're entitled to having in the first place. So in a way it's Interested in trying to help people that don't even know necessarily that they need help. Why don't you tell us how you sorta saw this was a problem and sorta went about trying to solve it? Sure, Yes. I was a trader at the World Bank in Canada. I actually ran their trading desk in the United States. I traded energy stocks and technology stocks and my first inclining of this was in 2007. I'd see an offer for 100, 000 Intel on my screen and I'd try to buy it. In 2006 I could buy 100, 000 shares. But by 2007, I tried to buy 100, I'd only get 80. By 2009, I'd see 100, 000, I'd only get 50, 000, which meant that the bids and offers I saw on my screen were just evaporating in front of me. Magic. And when you go back and you look, some of that stock was trading Ahead of me, but now the problem is, is that if I see 100, 000 Intel and I only get 50, that means I have to pay a higher price for the remaining 50. That higher price is an implicit cost back to the mutual fund, back to the fund holders, and it just compounds over time. People are paying more for stocks when they're buying, and they're selling stocks for lowe prices When they're selling and it just adds up. Well, thank you so much, this has been absolutely wonderful. Thank you, thanks for having me. [ MUSIC ] ```json {"@context":"https://schema.org","@type":"VideoObject","name":"IEX For Regular Traders","description":"Brad Katsuyama discusses how IEX will work for regular, every day traders.","thumbnailUrl":"https://cdn.jwplayer.com/v2/media/4TsQAMiU/poster.jpg?width=720","uploadDate":"2016-03-22T13:58:22.000Z","contentUrl":"https://cdn.jwplayer.com/manifests/4TsQAMiU.m3u8","embedUrl":"https://time.com/video/4TsQAMiU/","duration":"PT2M13S","potentialAction":{"@type":"SeekToAction","target":"https://time.com/video/4TsQAMiU/?jw_start={seek_to_second_number}","startOffset-input":"required name=seek_to_second_number"}} ```