Burden of Proof: Meet the IEX breakaways looking to shake up broker algos

Founded with the principles of “transparency and academic rigor,” some say Proof’s model and technical approach is a test case for a new generation of cloud-native broker startups.

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Proof Trading, a startup agency broker-dealer founded by former IEX executives Daniel Aisen and Allison Bishop, is about to launch its second trading algorithm in a bid to deliver more efficient and lower-impact execution.

The firm’s first algorithm, which went live in March, is a VWap (volume-weighted average price) execution algorithm. The second algorithm, expected to go live at the start of August, serves as both a liquidity-seeker and impact minimizer, which first seeks out large blocks of

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