A small group of market wonks is planning a trading platform targeting a category of investors they say has been overlooked by traditional stock exchanges: mutual-fund managers.
Led by Bradley Katsuyama, a former head of electronic trading at the Royal Bank of Canada, the group says it is seeking to protect fund managers by excluding so-called high-frequency trading firms, which use powerful computers to jump in and out of markets at lightning speeds.
Mr. Katsuyama, who designed trading systems for RBC that helped clients dodge high-speed traders, hung out his shingle in March along with several colleagues from RBC. Their firm, IEX Group Inc., signed up several employees from exchanges and high-frequency trading firms.
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