Trading system in "Flash Boys" mulls faster exchange application

|By:, SA News Editor

IEX Group is considering applying to become an exchange earlier than expected, says CEO Brad Katsuyama, who is a central character in Michael Lewis' book "Flash Boys: A Wall Street Revolt."

Katsuyama cited "interest from corporate clients about listings" as a reason for the possible change in plan. However, Katsuyama didn't provide a timeframe.

At the moment, IEX is registered as an Alternative Trading System. It has said that it would apply to become an exchange when it reaches 5% of U.S. stock volume. Since the release of "Flash Boys," volume has doubled and is at 0.5%.

"Flash Boys" has caused much controversy, as it argues that the markets are rigged in favor of high-speed traders.

More on "Flash Boys."