NEW YORK, June 29, 2016 (GLOBE NEWSWIRE) -- IEX, a national securities exchange dedicated to investor protection, finalized appointments to the Investors Exchange (the "Exchange") board of directors.
IEX has added William H. Donaldson, the 27th Chairman of the SEC and previously Chief Executive Officer (CEO) of the New York Stock Exchange (NYSE), Jeff Charney, Chief Marketing Officer of Progressive Insurance, and Jonathan Mariner, former Executive Vice President and Chief Financial Officer (CFO) of Major League Baseball, to its Exchange board of directors.
Other Independent Directors, previously disclosed, include Wade Massad, Co-Founder and Co-Managing Member of Cleveland Capital Management, Joseph Scafidi, Director of Trading of Brandes Investment Partners, L.P., Helen Scott, Professor of Law and Co-Director of the Jacobson Leadership Program in Law and Business at New York University School of Law, and Jeffrey Sonnenfeld, the Senior Associate Dean for Leadership Programs and the Lester Crown Professor in the Practice of Management at Yale School of Management.
The Exchange's organizational documents provide that at least 20% of the Exchange board be composed of Member Representative Directors. From a list of potential candidates submitted by a group of IEX Subscribers which have been highly engaged in market structure discussions, IEX's Buy-Side Trading Advisory Committee selected the following interim Member Representative Directors: Brian Levine, Partner and co-head of Global Equities Trading and Execution Services at Goldman, Sachs & Co., and Jatin Suryawanshi, Managing Director and head of Global Quantitative Strategy at Jefferies LLC. The Exchange will soon solicit any additional nominations from its Members and, if necessary, vote on the two Member Representative Directors.
"We're honored to have such high-caliber leaders representing a cross section of business, government and academia on the IEX Exchange board," said Brad Katsuyama, CEO and co-founder of IEX, and Chairman of the Investors Exchange board. "We look forward to working with our board as we seek to improve the markets for the benefit of all participants, including investors and issuers."
"Serving and protecting the investor's best interests has been something I've focused on throughout my career, whether as a pioneering investment bank or during my time leading the SEC," said Mr. Donaldson. "I've personally witnessed technology's dramatic impact on securities trading and I am proud to work closely with IEX, which is focused on leveraging technology to protect investor interests when trading."
"In the DNA of every successful marketer, you'll find two crucial components: disruption and innovation," said Mr. Charney. "That's what makes working with IEX so exciting. It's a game changer in both of those areas while serving the greater good in a competitive marketplace."
The finalization of the Investors Exchange board comes shortly after IEX secured approval from the SEC to operate a national securities exchange, concluding an application process whereby a coalition of investors, brokers, and academics publicly voiced their support for IEX. The full list of Investors Exchange board members and rules governing the board may be found in the IEX's amended Form 1, available on sec.gov. IEX plans to transition its alternative trading system (ATS) to an exchange later this summer.
Bios for the IEX exchange board members are available on https://iextrading.com/management/exchange-board-committees/
About IEX
Dedicated to institutionalizing fairness in the markets, IEX provides a more balanced marketplace via simplified market structure design and cutting-edge technology. Launched in 2013, IEX has risen to the 2nd largest Alternative Trading System and is now larger than 4 of the 12 national stock exchanges. IEX is the first equity trading venue seeded exclusively by a consortium of buy-side investors, including mutual funds, hedge funds, and family offices: traditional investors who are all dedicated to a fair and balanced market that works for all participants. IEX operates a fair-access platform accessible by any qualified broker dealer.