Brad Katsuyama’s IEX has long been critical of how exchanges like Nasdaq and Intercontinental Exchange charge for market data. So it’s not surprising the New York-based trading firm is jumping on the bandwagon of Pyth Network, a new decentralized finance data project.
IEX gained exchange status in 2016 from the Securities and Exchange Commission and is well-known for Michael Lewis’ „Flash Boys,” which chronicled the launch of the firm by Katsuyama. Even back then he was calling out the practice of charging for market data.
„Exchanges don’t create any unique content — market data is generated by their members and other market participants including real investors — so it’s very hard to believe that exchanges can perpetually charge their members more every year to look at the members’ own data,” Katsuyama told Insider’s Matt Turner in 2016.
It’s still a problem today, he said in an interview with The Block.
„They charge extreme price mark ups relative to the cost of operating tho

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