IEX: A Leader's Quest for Equity

As reported in Michael Lewis's best-selling book "Flash Boys", Brad Katsuyama led a talented team at Royal Bank of Canada who analyzed the functionality and repercussions of high frequency trading. Motivated to bring his team's findings into practice, in 2012 Katsuyama departed from RBC, determined to create a certified stock exchange with a level playing field for investors. This case focuses on Katsuyama's management and strategic challenges as he launches his own firm (IEX)—and asks students to consider whether the conditions that fostered the company's birth can also foster sustainable growth in a highly competitive industry, one that does not universally embrace Katsuyama's concept of fairness.