MiB: Brad Katsuyama of IEX (& Flash Boys)

This week, the “Masters in Business” radio podcast features Brad Katsuyama of IEX who is probably best known to the public for his role in Michael Lewis’ book Flash Boys.

In our extended podcast, Brad explains the puzzle that HFT was presenting to institutional traders: By 2007, something had changed in the market structure, but no one really knew what it was. He explains how he and his team became detectives, eventually unravelling the impact that was algo-driven High Frequency Trading.

Michael Lewis first started speaking to him on background, in order to learn more about HFT. Eventually, he figured out Katsuyama was the main character in this mystery.

We chat about his appearance on 60 Minutes, and the infamous debate on CNBC with the William “Bill” O’Brien, the CEO of BATS exchange. The NYAG forced BATS to correct O’Brien’s public misstatements; he left the firm a few months later. 

Listen to the podcast live here, on BloombergApple iTunes or SoundCloud. All of our prior podcasts are now available on iTunes.

Next week, we speak with quant Mebane Faber of Cambria Investments

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  1. constantnormal commented on Mar 15

    If Brad Katsuyama & company are able to get IEX established as a public exchange, will there be any way for the public to direct their trades to him?

    Fidelity has its own private exchange+dark pool, Schwab has contracted with UBS to run all their transactions through their exchange+dark pool, and I suppose that Vanguard has its own arrangements as well.

    I suppose that hedge funds and other types of funds and financial companies (pensions, insurance companies, …) will be able to direct transactions to IEX, but are individual investors left out in the cold?

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