IEX Plucks Strategy Officer From Electronic Trading Firm KCGby
Eric Stockland worked at speed-trading pioneer Getco
Former strategy chief Ronan Ryan becomes president of IEX
IEX Group Inc., which is seeking to convert its dark pool into an official U.S. stock exchange, has hired a chief strategy officer from brokerage KCG Holdings Inc.
At KCG, Eric Stockland most recently advised investors on how to carry out trades electronically. Before that, he was an equities trader at Getco, a KCG predecessor that helped pioneer high-frequency trading -- the technique IEX aims to blunt.
In his new role at IEX, Stockland will be “responsible for representing IEX in industry and regulatory policy discussions, guiding product strategy, and serving on several internal management committees,” according to a statement Friday. He will report to Ronan Ryan, the previous chief strategy officer who’s becoming president of the company.
Stockland is joining IEX as it waits for the U.S. Securities and Exchange Commission to decide on whether to let the company become a full-fledged stock exchange. The current deadline is June 18, though there have already been two delays.
He already served on an IEX advisory committee, representing KCG alongside members of other broker-dealers including JPMorgan Chase & Co. and Barclays Plc. His hiring comes on the heels of another change in management. Donald Bollerman, one of IEX’s nine co-founders, left his position as head of markets and sales at the company in May.
IEX runs a private trading venue that imposes a fraction-of-a-second delay on orders, a feature it says protects investors from predatory speed-based trading strategies. Its dark pool handles less than 2 percent of volume in the U.S. stock market.