IEX Group Inc., which runs a dark pool designed to stave off the extremes of high-frequency trading, hired former Deutsche Bank AG executive Jay Fraser as head of business development.
Fraser was sales chief at Deutsche Bank’s Americas electronic-equities unit until November and starts at New York-based IEX on March 24, said Gerald Lam, an IEX spokesman. He previously worked at Citadel LLC and spent 14 years at Investment Technology Group Inc.
He will report to Ronan Ryan, IEX chief strategy officer, and focus on broadening the firm’s client base, Lam said.
“There is a lot of discussion on market structure reform, but IEX is an actual free-market solution,” Fraser said today in an e-mail. “This is a platform with a proven track record, deep trust with the buy-side, and they are set up to really change the industry.”
IEX opened for business on Oct. 25, and has said it plans to convert into a U.S. stock exchange. The venue is designed for institutional investors to trade away from the fastest market participants. Among the company’s innovations is creating a delay of 350 microseconds, or 350 millionths of a second, between when an order is completed and when the market is told.
The number of shares changing hands daily on IEX increased to 14.7 million in February from 9.1 million in January, according to its website. March’s daily average is 18.1 million, Lam said. Total U.S. daily volume this year is averaging 6.8 billion shares, according to data compiled by Bloomberg.