Wavelength Podcast Episode 162: IEX on the Transaction Fee Pilot

IEX’s John Ramsay joins to talk about the SEC’s proposed Transaction Fee Pilot and why he thinks it should move forward.

James Rundle, WatersTechnology’s editor, and Anthony Malakian, editor at large, record a weekly podcast touching on the biggest stories in financial technology.

To hear the full interview, listen in the player above, or you can download it.

This week, John Ramsay, chief market policy officer of IEX Group, the parent of the Investors Exchange (IEX), talks about the US Securities and Exchange Commission’s (SEC’s) Transaction Fee Pilot and why his company is supporting the regulator’s efforts, even as the likes of the New York Stock Exchange, Nasdaq and Cboe Global Markets are taking the SEC to federal court over the proposal.
 
0:45 John Ramsay joins the show.
3:00 John delves into the thinking behind the Transaction Fee Pilot.
7:00 The big US stock exchanges are taking the SEC to federal court. John does not think their legal claim is valid.
14:00 Fragmentation is exacerbating the problem. IEX is one of those startups that have entered the market. John contends that IEX’s proposition is different than others.
17:15 Dark pools are not part of the pilot. Is that a problem?
20:00 The largest exchanges contend that the average total cost to trade is lower on their exchanges than it is to trade of IEX. John disagrees.
22:45 He also does not think that the court will side with the exchanges.
25:00 What is ahead for IEX?

[WatersTechnology profiled Stacey Cunningham, president of the New York Stock Exchange (NYSE), one of the exchange groups that filed a lawsuit against the SEC. To read about their side of this debate, click here.]

Contact Info

As is the case with everything we do, we'd love to get some feedback from our listeners. Feel free to reach out to Anthony or James via Twitter or email.

Anthony Malakian, editor at large: @a_malakian[email protected]

James Rundle, US editor: @JimRundle; [email protected]


Past 10 episodes:

Episode 152: Initial Margin Tech & Investment Theory

Episode 153: Nasdaq's Lars Ottersgård

Episode 154: Bryan Cross, UBS Asset Management

Episode 155: Martin Boyd of FIS; A Look at the CAT

Episode 156: Gil Mandelzis, Capitolis

Episode 157: FIA Boca Preview & Other News

Episode 158: Giancarlo’s Swan Song; Crypto Madness; DTCC/ASX Blockchains

Episode 159: Simon Hazlitt on Cloud Challenges

Episode 160: Pete Cherecwich of Northern Trust

Episode 161: Gerard Francis of Bloomberg

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