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# Why I Built a Stock Market

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<!-- video src="https://cdn.jwplayer.com/manifests/fGFpUWEu.m3u8" -->
## Video: Why I Built a Stock Market

[Watch (HLS stream): Why I Built a Stock Market](https://cdn.jwplayer.com/manifests/fGFpUWEu.m3u8) (2:21)

![Why I Built a Stock Market](https://cdn.jwplayer.com/v2/media/fGFpUWEu/poster.jpg?width=720)

_Published 2014-11-10. IEX CEO Brad Katsuyama talks about why he helped to build a startup stock exchange._


---

Jul 27, 2023 5:29 PM UTC

---

## More From This Series

[All Videos](https://time.com/video/)

[The Nature of Stock Markets](/video/FNyA7mBI/)

### The Nature of Stock Markets

[Becoming a Legitimate Stock Exchange](/video/FoLwZAGP/)

### Becoming a Legitimate Stock Exchange

[Should You Be Afraid of the Stock Market?](/video/3d5dkoSh/)

### Should You Be Afraid of the Stock Market?

---


## Transcript

[ MUSIC ] To be honest, it was a lot harder than we thought it was when we came up with the idea as well. [ MUSIC ] My background. Is a trader. So i'm definitely, i'm not a technologist, i'm a trader. I traded energy stocks, I traded technology stocks. And I ran trading actually for the Royal Bank of Canada. That was back in 2007. And what I noticed is that starting in 2007, my ability to trade started to diminish. What I would see on my screens, you know, I'd, I'd pull up, go on Google Finance, Yahoo Finance, pull up a quote in a stock and you'll see 50, 000 Intel offered at 21 dollars. As a trader in 2006, when I'd see 50, 000 Intel at 21 dollars and I'd go to try to buy that, I could actually buy it.

I'd file 50, 000. By 2007, when I would see that 50, 000 Intel at $ 21, I'd try to buy it, I would only get a fraction of what I saw. And it's kinda like, okay, well, I saw 50. Why did I only get 36, 000. In 2008, 2009, my story just kept dropping and dropping and, soon, you realize that. People are less willing to sell, and other people wanna buy at exactly the same moment that I wanna buy stock and, you know, it felt like there was something going on in, in the markets. And as it turns out, the 50, 000 shares that I saw, wasn't 50, 000 at one particular exchange. The time in 2009 when we were really researching this problem, there were 13 stock exchanges.

Now there are thir, eleven stock exchanges and 45 dark pools. So there, there's liquidity all over the place. So instead of trying to buy 50 from one exchange, we'd actually have to send orders to as many as 13 different exchanges. Those exchanges are physically separated. I mean geographically they're in different locations, so we would be sending 13 orders out, they would arrive at different places in different times and people had built computer systems and infrastructure that could pick up a signal at one venue and start racing us to the next ones. Which is why we were missing stock. People were racing to those other venues to either cancel their offers, they don't wanna sell anymore because here I come trying to buy it, or they were trying to buy stock as well.

And that was a pretty bad experience and as we learn more about the problem, you know the only real conclusion to solve this problem was to become a stock exchange ourself but just build it in a very different way. [ MUSIC ]

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