IEX Adds Ex-NYSE Regulator Crowley as Chief Regulatory Officer

Start-up stock-trading venue IEX Group has brought in a seasoned veteran, former New York Stock Exchange (NYSE) official Claudia Crowley, to serve as its newest chief regulatory officer. The latest hiring of Ms. Crowley represents the completion of IEX’s management team that is targeting its launch as an exchange later this year. IEX has been recently teaming with a number of financial services providers including First Derivatives and its Delta Software platform back in October. Furthermore, IEX has operated as a Dark Pool which projects itself as a transparent market service, whose smart order routing helps safeguard traders from illicit high-frequency trading practices. Prior to landing at IEX Group, Ms. Crowley served as a long-time executive with NYSE and many affiliated companies. She has already been working with the IEX as a consultant as the company prepares rules and a regulatory filing for the new exchange – presently IEX is targeting a Q3 launch.

Ms. Crowley will begin on April 1, which corresponds to when IEX will be releasing its non-protected displayed quotes, a pivotal step from alternative trading system towards exchange status. IEX plans to conduct its own market surveillance, a function FINRA oversees at most exchanges and will also oversee at IEX, along with the cross-market surveillance it does across all markets. According to Ms. Crowley in a recent statement on the appointment, "It's a paradigm shift and I'd like to be part of the evolution of the market that IEX is building.”