IEX — the exchange made famous byMichael Lewis’s bookFlash Boys—声称其竞争对手纽约证交所（NYSE）、纳斯达克（Nasdaq）和芝加哥商业银行（Cboe）对数据和连接收费过高，并公布了自己此前未公开的成本数据，以支持这一指控。
IEX co-founderBrad Katsuyamajoined up with some colleagues and launched IEX as an alternative after experiencing the effects of high-frequency traders on the markets when he was global co-head of electronic sales and trading at RBC Capital Markets. IEX became a regulated stock exchange in 2017.
周二在LinkedIn上，Katsuyama发布了一封信，披露了IEX向其成员提供市场数据和连接的成本。
Other exchanges charge fees for “depth-of-book” data products that are 900 to 1,800 percent more than IEX’s costs to offer something similar, he claimed in the letter to Brent Fields, secretary of the Securities and Exchange Commission. For physical connectivity in their dsyata centers, other exchanges charge fees 2,000 to 4,200 percent over IEX’s costs to offer comparable services. For virtual sessions needed to trade — what’s called logical connectivity — other exchanges charge fees 500 to 1,800 percent more than IEX’s cost to offer comparable services, the letter claimed.
“The disclosure provides critical evidence that supports long-held industry complaints that NYSE, Nasdaq, and Cboe have been abusing their regulatory position by charging excessive markups on products that many participants require to conduct their business,” wrote Katsuyama.
IEX’s detailed disclosures contains the methodology, including underlying costs that are included in its calculations, the different forms of certain products such as market data, and other granular information.
IEX maintains that disclosure matters for exchanges, as government licenses give them unique powers. “Exchanges also have unique commercial power over their members and investors because participants are effectively required to connect to and obtain market data from all of the three entrenched exchange families,” wrote Katsuyama.
Phil Mackintosh, chief economist atNasdaq, said in an interview that he disagrees with IEX’s calculations. “It’s dubious accounting,” he said of the disclosures. Mackintosh pointed to an IEX blog titled “Shakedown in New Jersey.” In it, IEX said its costs were $630,000 for connectivity. Now that has risen to $1.8 million, Mackintosh said, but their accounts show earnings above $70 million from trading.
在一篇未发表的博文中亚博赞助欧冠，麦金托什写到了提供免费服务的经济问题。（IEX的商业模式包括提供免费连接和市场数据。）
“这就是所谓的搭便车问题，”他写道。在一个有联合产品的市场中，比如股票市场，那些为其他产品付费的人最终会补贴免费产品——基本上他们为“其他”产品支付的费用高于需要的费用。我们的数据显示，用户付费市场对所有参与者都有好处。”
麦金托什在《华盛顿邮报》中指出，贸易的所有成本才是最重要的。“大型做市商和国际经纪人往往会购买全套产品。然而，即使我们将每个交易所的托管成本、数据成本和每股交易成本加起来，我们也会发现，包括SIP（证券信息处理器）分配在内的成本，从每股0.067到0.091美分（6.7到9.1 mil）不等。这还不到格林威治协会（Greenwich Associates）公布的每股0.9美分的平均佣金的10%。”
In the interview, Mackintosh said Nasdaq had divided each exchange’s revenues by the volume of shares traded. IEX was the most expensive per share traded. “Does it matter if you are charged for data? What you care about is the total cost,” he said.
“我最好解决问题s to let people choose the service that they want. With IEX, if you trade with them, you pay full freight. With us, if you want just co-location, we’ll charge you just for that.”
麦金托什在博客中写道，“鉴于市场的根本作用是有效配置资本，专业资产配置师认为制造搭便车问题对市场有好处，这有点奇怪。数据显示，客户不仅在连接到每个交易所时有很多选择，而且在面对消费服务的经济成本时，他们确实会做出选择。这对每个不想为别人的消费买单的人都有好处。这也是很好的经济效益。”
Katsuyama said in the letter that its overall costs include the same underlying services as other exchanges. “The potential profit margins that are implied by our study, on their face, contradict the claims by the major exchanges that the fees they charge the industry for their market data and connectivity are fair, reasonable, and competitive. In simple terms, the markups charged by the three entrenched exchange operators are only possible in markets where exchanges havede facto对许多参与者开展业务所需产品的垄断控制，”Katsuyama写道。
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IEX has been at the center of controversy since itsfounding as a dark pool in 2013. IEX，并得到资产管理公司的支持，包括富兰克林邓普顿投资公司（Franklin Templeton Investments）和OppenheimerFunds, wasdesigned as an alternative trading systemwhere long-term investors wouldn’t get trampled by high-frequency traders.
IEX’s primary innovation was a 350-microsecond so-called speed bump that negated the advantages of some今天高频炒家.