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# Becoming a Legitimate Stock Exchange

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<!-- video src="https://cdn.jwplayer.com/manifests/FoLwZAGP.m3u8" -->
## Video: Becoming a Legitimate Stock Exchange

[Watch (HLS stream): Becoming a Legitimate Stock Exchange](https://cdn.jwplayer.com/manifests/FoLwZAGP.m3u8) (2:02)

![Becoming a Legitimate Stock Exchange](https://cdn.jwplayer.com/v2/media/FoLwZAGP/poster.jpg?width=720)

_Published 2016-06-14. Brad Katsuyama discusses his exchange becoming an active competitor on Wall Street._


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Jul 27, 2023 8:15 PM UTC

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---


## Transcript

[ SOUND ] Hi, I'm Taylor Tepper from Money, and 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, How's it going? How is IEX differing, or how is it going to be different from the New York Stock Exchange? Exchange. Yeah so a couple major things, I mean the exchanges right now paid billions of dollars for people to send them orders, it's a pricing scheme called rebates. We don't pay anyone to send us an order, there's no pay to play, if you trade you pay a fee, a very simple fee. Another really important thing that we've done is Exchanges cell high speed technology to high speed traders which give them a huge advantage.

And IEX has actually created a speed bump to deter certain aspects of high speed trading, the most predatory kinds of high speed trading. So instead of selling for hundred of millions of dollars faster data and technology. We've actually slowed everyone down by 350 millionth of a second which is inconsequential to a long term investor. Yeah. Who's, someone who's buying and selling, ordinary investors. But it is of great consequence to someone who's looking to get ahead or race you. Scalp. Or electronically front run you, etc. Scalp you. So we put in that speed bump to create A fairer market. One of your loudest voices, one of your loudest critics against you is Citadel.

Mm- hm. And they call this a pothole. They don't call this a speed bump. [ LAUGH ] Right. The most actively traded stock in the world is the SPDRs, the S & P 500 ETF. If someone's buying SPDRs and you're looking to pick up a signal and race ahead, 350 microseconds is critical to react To a real buyer or seller. It disrupts strategies that are looking to race. It disrupts strategies that are looking to use speed as the only method of making money and getting ahead and buying stock ahead of you, selling it back to you at a higher price. So maybe it's a pothole to some people- Yeah. But I think that's the kind of activity.

As we said before, not all high- speed trading is good or bad. That form of high speed trading is very detrimental to long term investors. [ MUSIC ]

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