Brad Katsuyama

Brad Katsuyama – CEO of IEX

Brad Katsuyama, Michael Lewis, Brian Levine

Brad Katsuyama established the Investor Exchange (IEX) in 2013 to counteract latency arbitrage and multi-tiered market structures that favored high-frequency traders by implementing a mandatory 350-microsecond speed bump to level the playing field. Despite facing intense industry hostility and public scrutiny following Michael Lewis's *Flash Boys* and subsequent congressional testimony, the exchange achieved profitability by 2015 while generating $15 billion in daily volume with a revenue model focused solely on trading fees rather than data sales. This strategy has driven the Securities and Exchange Commission to propose regulatory pilot programs eliminating payment for order flow, signaling a broader industry shift toward the execution quality and transparency principles pioneered by Katsuyama.