The New York-based IEX Group, a newcomer in the stock-trading industry has increased its sales team in order to give way for its customer base expansion, while seeking to be a full-size exchange, according to the company CEO on Tuesday.
Part of the newly-hired includes Peter Gallo, who was the previous head of Cantor Fitzgerald & Co, and also a former employee of the Citigroup & Bear Stearns. Former Quad Capital employee, Rob Leff also joined the team, while Julie Huhn from Bloomberg.
The newly-appointed employees were picked according to their backgrounds of working with brokers, hedge funds, trading shops, as well as active cash traders, which are considered as part of all the segments the IEX aims to attract.
The IEX Group opened only in October 2013, along with the aim of creating a fairer and simpler stock market that is free from Clubby insiders.
Brad Katsuyama, company CEO and his entire team has been making efforts in building a new exchange market, which will even the playing field for all participants, whether pension funds or high-frequency traders.
With what it calls as a “speed bump”, the company should reduce potential benefits for high-speed electronic ventures that have been famous within institutional investors. However, the company will need a broad participation from everyone in the market so as to succeed, according to the CEO.
By the late 2015, the company has high hopes of being an exchange. Based on the Financial Industry Regulatory Authority’s latest data, it was considered as the 4th largest from 39 other trading systems. Alternative trading systems are also broker-run the platforms, matching buy-and-sell orders, which are similar to exchanges; however, more lightly controlled and are prohibited conduct house listings and initial public offerings. The company reports about 1% of its total stock trading volume.
