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IEX, the first buyside-owned Alternative Trading System (ATS) and one of the largest in U.S. equities, today announces the addition of a new Chief Strategy Officer to bolster its management team as it continues to advance its mission for investor protection.
Eric Stockland of KCG Holdings joins as the new Chief Strategy Officer, responsible for representing IEX in industry and regulatory policy discussions, guiding product strategy, and serving on several internal management committees. Mr. Stockland currently represents KCG on IEX's Quality of Markets Committee (QMC). In his role at KCG, Mr. Stockland advised institutional investors on algorithmic trading strategies and solutions. Mr. Stockland previously ran electronic market-making strategies as an equities trader at KCG and GETCO LLC.
"We are extremely excited to add Eric to the IEX management team," said Brad Katsuyama, IEX co-founder and Chief Executive Officer. "He is one of the industry's leading market structure experts and is well-positioned to help IEX succeed as a next generation stock exchange. Someone of Eric's experience and caliber joining IEX is a huge endorsement of our market model and our ability to impact real change in the markets."
Mr. Stockland will report to Ronan Ryan, who is currently Chief Strategy Officer but will assume the role of President at IEX. Mr. Ryan reports to Mr. Katsuyama and will continue to oversee Sales, Listings, Market Policy, Analytics and New Business Initiatives
Mr. Katsuyama continued, "In a relatively short period of time, Ronan has developed many senior relationships across the buyside, the sellside, the electronic market-making community, and with corporate clients. Transitioning him to the role of President shows we're committed to being an exchange that addresses the needs of all its constituents, including investors, brokers and issuers."
Mr. Ryan said, "Diversity of expertise and viewpoints has enabled IEX to successfully innovate. Eric's background as an expert practitioner in electronic market-making and agency trading makes him an ideal fit for a trading venue that's striving to deliver greater efficiencies while retaining the speed and resiliency of an all-electronic marketplace. I look forward to working with Eric as we transition to a full-fledged exchange, pending SEC approval."
Mr. Stockland said, "As a member of the IEX QMC and a customer of IEX, I was impressed by not only how thoughtful and rigorous the IEX team were in their market design, but also by their strength of will and commitment towards making real, meaningful progress on behalf of the entire industry. I am thrilled by this unique opportunity to join a firm which is at the forefront of reshaping the inner workings of the U.S. equity market."
IEX has filed an Amended Form 1 with the SEC for registration as a national securities exchange. The target deadline for the SEC's decision to approve or disprove IEX's exchange application is June 18, 2016.
