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IEX is a dark pool, more formally known as an alternative trading system, based in the United States. Started by Brad Katsuyama, it opened for its first day of trading on October 25, 2013. The company's offices are located at 4 World Trade Center in New York City. However, the computer equipment that handles the actual dark pool is located across the Hudson River in Weehawken, New Jersey, and the initial point of presence for the dark pool is located in a data center in Secaucus, New Jersey. IEX's main innovation is a 38-mile coil of optical fiber placed in front of its trading engine, which adds a round-trip delay of 0.0007 seconds and is believed to limit traders' ability to respond on the dark pool ahead of IEX's own pricing algorithms. The dark pool's market session runs from 9:30 am to 4:00 pm Eastern Time. Originally the founders had planned to name the business ''Investors Exchange'', but after typing it into a web browser, felt that this combination of letters was distasteful (as it could alternatively be read "Investor Sex Change"). Thus they opted to shorten the name to IEX.〔 The company has since applied to the SEC to become an official exchange. == Operating principles == IEX was created in response to questionable trading practices that had become widely used across traditional public Wall Street exchanges as well as dark pools and other alternative trading systems. The IEX dark pool aims to attract investors by promising to "play fair" by operating in a transparent and straightforward manner, while also helping to level the playing field for traders. Strategies to achieve those goals—and protect the dark pool itself—include: * Publishing the matching rules used in the dark pool's computerized order matching engine. * Offering a limited number of simple and familiar order types. * Charging fixed fees on most orders (or a flat percentage rate on small orders). * Ensuring market pricing data arrives at external points of presence simultaneously. * Slightly delaying market pricing data to all customers (no colocation). * Refusing to pay for order flow. These strategies are intended to ensure the trustworthiness of the dark pool. A few dark pools are owned by trading companies that pay for certain types of orders to allow them to fill orders within the pool, rather than routing orders to public exchanges. IEX offers no rebates for orders, and only charges a flat fee of $0.0009 per share on trades executed within the dark pool (or 0.30% with shares worth less than $1.00). Trades forwarded to other trading venues are charged a lower rate. IEX has four main order types: market, limit, midpoint peg and IEX Check (a type of fill or kill order). A few optional parameters can be attached to the orders, leaving IEX with many fewer order types than most other dark pools. IEX delays the flow of data from the dark pool and ensures that it arrives simultaneously at two points of presence in New Jersey. Traders are not allowed to co-locate equipment adjacent to IEX's own servers, unlike many other trading platforms. IEX has its own low-latency links to other trading venues in the New York region, which it can use to execute trades for customers in under 320 microseconds. The point-of-presence links for traders to gain access to IEX have a built-in, round-trip delay of 700 microseconds from a 38-mile coil of fiber, so traders cannot beat IEX's own computers as orders propagate outward.〔 The data delay prevents many predatory behaviors. It deters the practice of liquidity fading, where they peer into various trading venues and try to detect orders as they propagate from a broker's order router, and use this information to withdraw liquidity ahead of toxic order flow. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「IEX」の詳細全文を読む スポンサード リンク
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