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When Michael Lewis published the Flash Boys in 2014, the story pitted Main Street investors against high frequency traders (HFT). Amongt those portrayed as the good guys was the Investors Exchange, later renamed to just the IEX. On the other side were HFT members who were taking advantage of high end equipment and technical understanding of how orders are routed to trade ahead of other investors.
As an alternative, the IEX was founded with a mission of leveling the playing field by implementing conditions in its trading engine to limit the benefits of HFT participants. Operating ... (read more)