Waters Wavelength

This week, John Ramsay, chief market policy officer of IEX Group, the parent of the Investors Exchange (IEX), talks about the US Securities and Exchange Commission’s (SEC’s) Transaction Fee Pilot and why his company is supporting the regulator’s efforts, even as the likes of the New York Stock Exchange, Nasdaq and Cboe Global Markets are taking the SEC to federal court over the proposal. 0:45 John Ramsay joins the show. 3:00 John delves into the thinking behind the Transaction Fee Pilot. 7:00 The big US stock exchanges are taking the SEC to federal court. John does not think their legal claim is valid. 14:00 Fragmentation is exacerbating the problem. IEX is one of those startups that have entered the market. John contends that IEX’s proposition is different than others. 17:15 Dark pools are not part of the pilot. Is that a problem? 20:00 The largest exchanges contend that the average total cost to trade is lower on their exchanges than it is to trade of IEX. John disagrees. 22:45 He also does not think that