IEX exchange launch (2016)
The Investors Exchange (IEX), founded by Brad Katsuyama of 'Flash Boys' fame, won SEC approval and launched as a new US equities exchange. It used a 350-microsecond speed bump to slow high-frequency traders and attract institutional order flow, building liquidity from nothing against NYSE and Nasdaq.
IEX captured measurable market share and proved a challenger could take order flow from incumbents.
It remains a small exchange by volume, showing how hard sustained liquidity growth is for new venues.
LTSE is another challenger exchange using market structure design, this time a market maker program, to build the liquidity it lacks.
