What Is a Smart Router?

For this episode, I had the great pleasure of speaking with Dan Aisen—one of the co-founders of IEX, and one of Forbes’ 30 Under 30 in Finance (2015).

Dan got his start at RBC where he developed their flagship execution algorithm, THOR. This was also where he met and worked under Brad Katsuyama—one of the other co-founders and CEO of IEX, who was heavily profiled in Flash Boys.

As many of you may already know, IEX is an Alternative Trading System (ATS), or more commonly referred to as a dark pool. However, they’re currently in the midst of filing for exchange status.

During our talk, I asked Dan more about the projects he worked on at RBC, how IEX went from nothing more than an idea to an operating trading venue, and why they’re on a quest to make markets “fair”.

We also discuss the “speed bumps” which have been implemented at IEX, the mechanics of dark pools, and general chat about the broader market structure.

[FREE: An unreleased interview with trader, Peter Brandt]

Peter’s been a market speculator for 45+ years, and is undeniably one of the greats. Listen to his wisdom in our second interview—available here only.

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