The Investors Exchange’s (IEX) impact on investors

Alan Chow (), Kyre Dane Lahtinen and Chris Lawrey
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Alan Chow: University of South Alabama
Kyre Dane Lahtinen: Wright State University
Chris Lawrey: University of South Alabama

Journal of Asset Management, 2021, vol. 22, issue 1, No 5, 61 pages

Abstract: Abstract The Investors Exchange (IEX) claims that it improves investor transactions in the US Equity markets. The founders of IEX suggest that other equity exchanges cater more to traders such as high-frequency and algorithmic traders, thus giving them a distinct advantage over the typical investor. We examine the immediate impact IEX had on US equity markets when it became a national exchange in mid-2016. Initial analysis supports that the IEX shows signs of meeting their intent to provide a more investor friendly exchange for those who chose to trade on it.

Keywords: Market quality; Investor exchange; Effective spread; Realized spread; Price impact (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1057/s41260-020-00194-x

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