Nike's Nocta Help Raise $43.7M for Serie A's Venezia FC to Avoid Bankruptcy.css-3hcdeq{margin:0;font-size:1.2rem;-webkit-text-decoration:none;text-decoration:none;font-family:Proxima Nova,Proxima Nova Fallback Helvetica,Proxima Nova Fallback Arial;font-weight:400;font-style:normal;letter-spacing:0rem;line-height:1.44rem;color:var(--br--palette-foreground__tertiary-mainChannel);}Timothy RappAug 13 1) 0ms;transition:background-color 150ms cubic-bezier(0.4 1) 0ms;transition:fill 120ms cubic-bezier(0.4 1) 0ms;font-size:inherit;}.css-v4v4rs{-webkit-user-select:none;-moz-user-select:none;-ms-user-select:none;user-select:none;width:1em;height:1em;display:inline-block;fill:currentColor;-webkit-flex-shrink:0;-ms-flex-negative:0;flex-shrink:0;-webkit-transition:fill 120ms cubic-bezier(0.4 1) 0ms;font-size:inherit;}@media (min-width:0px){.css-v4v4rs{display:block;}}@media (min-width:1100px){.css-v4v4rs{display:none;}}.css-mps3fk{-webkit-user-select:none;-moz-user-select:none;-ms-user-select:none;user-select:none;width:1em;height:1em;display:inline-block;fill:currentColor;-webkit-flex-shrink:0;-ms-flex-negative:0;flex-shrink:0;-webkit-transition:fill 120ms cubic-bezier(0.4 the Italian club made a sponsorship deal with Drake's NOCTA line at Nike .css-1xiyrl{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:center;-ms-flex-pack:center;-webkit-justify-content:center;justify-content:center;aspect-ratio:unset;}Venezia which is based in the Italian city of Venice It has spent 38 seasons in Serie B and 13 seasons in Serie A and was promoted to Italy's top flight this past season The club's best finish came in the 1941-42 campaign Drake is no stranger to the world of sports and sports betting often popping up courtside at Toronto Raptors games "Matte was my first call when I knew the club needed help," Katsuyama told GQ "Drake's value to any football club is undeniable given his scale as a global superstar and the reach of his brand This intersection of culture and sport is exactly where we want to be and the chance to collaborate with a brand like NOCTA Fukui — The first car of a train on Echizen Railway’s Katsuyama-Eiheiji Line derailed between Hishima and Hossaka stations in Katsuyama after colliding with a fallen rock on the track at 5:25 a.m The male driver of the two-car train suffered a minor leg injury and two passengers were unhurt please disable the ad blocking feature and reload the page This website uses cookies to collect information about your visit for purposes such as showing you personalized ads and content By clicking “Accept all,” you will allow the use of these cookies Users accessing this site from EEA countries and UK are unable to view this site without your consent The Japan Transport Safety Board will send two investigators to the scene to look into the cause of the accident the driver said that he couldn’t see the fallen rock because of poor visibility at the curve services on the line between Katsuyama and Sanno stations have been suspended with no prospect of resumption Katsuyama Station is the closest station to Fukui Prefectural Dinosaur Museum in Katsuyama City Our weekly ePaper presents the most noteworthy recent topics in an exciting © 2025 The Japan News - by The Yomiuri Shimbun As a journalist, Jana has covered wildfires in the North Bay and southern California, been tear-gassed while reporting on Occupy protests, flown with the Red Barons in an open cockpit plane over Lake Superior, anchored breaking news coverage during the first hours of the Boston Marathon bombing, and did live reports from Tokyo just days after the 2011 Tohoku earthquake and tsunami disaster connecting with Bay Area residents in Japan.  Prior to working at KTVU, Jana was an anchor and reporter at the ABC affiliate WDTN-TV in Dayton, Ohio. She began her career at the NBC affiliate KBJR-TV in Duluth, Minnesota along Lake Superior. Before entering journalism, Jana worked as an international relations coordinator for the Hiroshima YMCA Medical College in Yonago, Japan. She also was selected to teach English in Japan through the Japanese Foreign Ministry and Ministry of Education’s JET Program. Jana is originally from Dayton, Ohio and graduated with honors from Oberlin College with a double major in English Literature and East Asian Studies.  Jana loves the natural beauty of the Bay Area and the rich, cultural diversity of the people. She also enjoys volunteering for community organizations, helping the Northern California Cherry Blossom Queen Program, the Japanese American Citizens League, the National Japanese American Historic Society, the Nichibei Foundation, Self-Help for the Elderly and other groups. Jana has been a member of the Asian American Journalists Association since 1999.  When not working, Jana enjoys bicycling, ballet, playing tennis, and the pursuit of a perfect cup of tea or coffee. South Bay Vietnamese community reflects on 50th Anniversary of fall of Saigon The 50th anniversary of the fall of Saigon that ended the Vietnam War on April 30, 1975, brought together Vietnamese immigrants in the South Bay who were forced to flee their homeland and start over as refugees in the United States.  REAL ID enforcement begins May 7: what you need to know First 100 days: Trump has signed more than 135 Executive Orders, bypassing Congress One of the signature hallmarks of Trump's second term has been picking up the pen to sign more than 135 executive orders, a big increase from the 33 he signed during the same period of his first term. San Francisco unveils 1st EV curbside charging stations through grant program New curbside chargers for electric vehicles are in place in San Francisco, as part of a program to bring innovators to San Francisco called Yes SF. Oakland's newest city council member-elect Charlene Wang lays out ambitious goals Charlene Wang grew up spending weekends in Oakland's Chinatown with her grandparents. Now, she's preparing to represent the area as Oakland's new District 2 city council member. Contra Costa County's $19-million EPA grant abruptly canceled by Trump administration The Trump administration has abruptly canceled more than 100 EPA Community Change grants nationwide, including a $19.1 million grant to Contra Costa County for community projects that were already approved by the EPA in January. Oakland mayor-elect Barbara Lee lays out plans for public safety, economic growth Barbara Lee entered the Chamber of Commerce on Monday to applause from her supporters. Oregon woman searching for her lost dog in Marin County Signs about a lost dog were posted around a San Rafael neighborhood, asking residents to help reunite the pet with its family in Oregon. Oakland's police department understaffed by 199 officers, study says New homes in Half Moon Bay available for farmworkers affected by 2023 mass shooting The shooting displaced about 15 to 17 farmworker families who had been living in temporary housing in the area. This material may not be published, broadcast, rewritten, or redistributed. ©2025 FOX Television Stations Indeed, as detailed in a recent GQ Italy piece by Francesco Paolo Giordano a timely call from Venezia co-owner Brad Katsuyama to Matte Babel who serves as Drake’s chief brand officer as a member of his management team ultimately led to a solution for a beloved organization previously staring down potential bankruptcy heading into last season Babel recalled the nature of that fateful call stating that Katsuyama told him the club needed to raise an estimated 10 million euros in a matter of weeks followed immediately by tens of millions more in subsequent months "Venice is an incredible city and Venezia has always been a special club," Babel said then Brad and I discussed how we could help and raised the money needed to make payroll and avoid bankruptcy.' Babel was his "first call" when he became privy to the club’s financial woes due in large part to the "undeniable" value Drake can bring to any club The Drake effect doesn’t stop at fundraising assistance for Venezia, however, as the club also got new kits made in collaboration with Drake’s NOCTA brand Read more here The report comes after this week's announcement from Venezia that the club was renewing the contract of Filippo Antonelli who serves as the club’s sporting director and general manager Antonelli acknowledged the strength shown in the 2023/2024 season while also looking ahead to what's next Drake, meanwhile, is fresh off tucking in a trio of new songs into the massive "100 Gigs for your headtop" file dump. The released proved to be a treasure trove for fans and pop culture news writers alike, complete with behind-the-scenes footage and more. 50 Cent on How 'Backlash From Success' Factored Into Drake’s Beef With Kendrick Lamar Drake Raises Eyebrows by Wearing 2Pac "Only God Can Judge Me" Shirt Latto on Possibility of Battling With Ice Spice in Vein of Kendrick and Drake: 'Would It Even Make Sense?' By entering your email, you agree to receive customized marketing messages from us and our advertising partners. You also acknowledge that this site is protected by reCAPTCHA, and that our Privacy Policy and Terms of Service apply United StatesUnited KingdomAustraliaCanadaComplex ChineseCOMPLEX participates in various affiliate marketing programs which means COMPLEX gets paid commissions on purchases made through our links to retailer sites Our editorial content is not influenced by any commissions we receive a human rights activist and professor emeritus in the Department of Psychology "Ron was a wonderful teacher and mentor for both undergraduate and graduate students," said Roger Reeb professor of psychology and a close friend as well as compassion and empathy for others especially for the vulnerable or disadvantaged." Katsuyama joined the Department of Psychology in 1973 and served the University for 43 years before his retirement in 2017 His lengthy record of community activism stemmed from his family's experience in a Japanese internment camp in Idaho during World War II Katsuyama was born in the camp and frequently shared his parents' stories to educate others about the impact of racism and discrimination he established an impressive record of teaching thesis mentorship and service in the areas of racial attitudes and experiences school character education programs and attitudes toward diversity he served as director of the University's Social Science Research Center and Center for Family and Community Research Among his numerous research projects were the 1996 and 1998 surveys of racial attitudes in the Dayton area Katsuyama chaired a committee that helped develop the University's policy and procedures for responding to campus hate crimes and bias-related incidents Katsuyama was actively involved in efforts to help the Asian American community in Dayton and throughout Ohio He co-founded and served as president of the Asian American Council and was recognized by the Ohio Civil Rights Commission with certificates of recognition in 2002 2003 and 2007 for outstanding leadership in the Asian American Community and recognition of commitment to civil and human rights for all Ohioans He also co-founded the Ohio Asian American Health Coalition in 2005 and served as chair for the next nine years he secured grant funding to improve the health and well-being of vulnerable The Ohio Commission on Minority Health presented him with its Community Service Award in 2008 He was a longtime member and a past president of the Dayton chapter of the Japanese American Citizens League and held multiple regional and national offices in that organization Lee Dixon is associate professor and chair of the Department of Psychology University of Dayton sophomore Steven Shattuck discusses why he chose to major in environmental geosciences at the University of Dayton He enjoys the opportunities for field research small class sizes and close relationships with faculty that UD provides the nation and throughout the world often reach out to our faculty experts for their perspectives on today's issues This media coverage highlights the service research and scholarship taking place in the College of Arts and Sciences Find links to a number of recent stories below Connecting decision makers to a dynamic network of information Bloomberg quickly and accurately delivers business and financial information XLinkedInEmailLinkGiftFacebookXLinkedInEmailLinkGiftBy August 23 The destination-worthy Japanese restaurant Bellaire has been craving will make its debut this week. Aya Sushi opens for dinner service this Thursday The Tokyo-trained chef brings experiences from restaurants such as Uchi He’s best known for his outgoing personality — note the pink apron — and elaborate omakase meals which will be a centerpiece of Aya’s offerings Diners will be able to order the chef’s $135 which will incorporate ingredients flown in from Japan from anywhere in the restaurant — not just the sushi counter customers will have the option to sit at the sushi counter for either the standard omakase or a more premium progression Morris will offer beverage pairings designed to compliment that day’s menu Diners who prefer an a la carte experience will find a range of hot and cold preparations such as nigiri Highlights include Kanpaccio (amberjack with green apple and birdseye chili) and the signature 401 roll look for dishes such as miso sea bass and hot stone A5 wagyu Asked about their ambitions for the restaurant Morris acknowledges that they’re commensurate with Katsuyama’s experience and reputation “We want to be in the same venerated space as Uchi/MF/Kata/et “The space was designed with Yoshi-san’s skill and personality in mind which is the focal point of the restaurant We’re definitely striving for a more elevated experience which is why we went the extra mile of making sure we had an incredible beverage program and curated pairings available as well.” That beverage program starts with an inventory of more than 200 wines and 80 Japanese whiskies that Morris has selected to pair with the menu he’s created cocktails such as a nitro Midori Sour and the Fiona Graham “We spend all this energy selecting this amazing fish and having it prepared by a phenomenal chef so I knew that we had be more thoughtful about how we constructed our beverage program,” Morris adds and cocktail has been designed with the overall experience in mind.” Overall, the restaurant will seat approximately 45 people in its main dining room, nine at the sushi bar, 10 at the cocktail bar, and 50 on its patio. It opens for dinner nightly at 5 pm. Reservations are available via OpenTable What's Eric Eating Episodes 459 and 460 On this week’s episode of “What’s Eric Eating,” sommelier Mike Sammons and chef Fernando Rios join CultureMap editor Eric Sandler to discuss Mimo, their Italian restaurant in the East End whose history goes back to when they worked together at iconic Houston fine dining restaurant Da Marco The conversation begins with Rios explaining the progression of a career that took him from Backstreet Cafe to Da Marco to Weights + Measures where he worked as the chef de cuisine while Sammons was a partner who oversaw the beverage program they saw an opportunity to team up by claiming the former Kanomwan space on Telephone Rd They discuss several aspects of the restaurant’s business and how its been received by residents of the East End A digression about Da Marco prompts Sandler to ask about its chef-owner Marco Wiles who generally stays out of the media spotlight Sammons shares that Wiles is the only chef or restaurateur who makes him nervous when he dines at Mimo This is very consistent with the Italian way of looking at things — there’s a right way to do things and that’s it A lot of my other mentors and friends can be more forgiving but the standards Marco has kept for years has motivated me,” Sammons says but the way he looks at you makes you nervous there was times he’d throw all my stuff away and say ‘start over.’” I just think he was one of the best to do it,” Rios affirms Listen to the full interview to hear both men discuss the one thing they’re most proud of about Mimo They also discuss their plans for the future In the restaurant of the week segment, Sandler and Clarkson visit Camaraderie, chef Shawn Gawle’s new restaurant in the Heights They share their thoughts on the restaurant’s prix fixe menu as well as its decor and beverage offerings Subscribe to "What's Eric Eating" on Apple podcasts, Spotify, or wherever you listen to podcasts. Hear it Sunday at 9 am on ESPN 97.5 2023Onigiri are seaweed wrapped rice balls filled with cooked fish or other ingredients Onigiri Kororin is the source for them in Chicago.CHICAGO -- Born and raised in Tokyo Yuta Katsuyama came to the United States as a graduate student in 2018 to study business and design at Illinois Institute of Technology on Chicago's Southside During that time he launched a food startup called Onigiri Kororin for a school project which has now grown into a company producing products available at over 30 locations in Chicago "Sometimes I feel like I'm living a dream," said Katsuyama "I always wanted to start my own business." a food and beverage incubator and production facility in the East Garfield Park neighborhood Onigiri Kororin produces and packages six varieties of a comfort food called onigiri Onigiri are seaweed wrapped rice balls that are similar to sushi but are filled with cooked fish and other ingredients "It's really portable," said Cristina Tarriba "If you buy sushi from a supermarket or a grocery store you can't just stick it in your backpack but with onigiri Tarriba immigrated to the United States to attend graduate school but came from Mexico The two partnered up to launch a wholesale version of the business after a successful five-week run selling onigiri directly to customers by preorder on Instagram "To have the opportunity to come to the US and to build the business has been a really wonderful experience," said Tarriba "Sometimes it feels a little bit surreal." Hunger and nostalgia drove Katsuyama to come up with the idea of making onigiri "During the school days I always missed onigiri," said Katsuyama "I was surprised that sushi and ramen were really popular here The company's team of workers and a custom machine imported from Japan can produce over 1,400 packaged onigiri in an hour triangular shaped products are then distributed to over 30 stores and specialty markets in Chicago including Joong Boo Market and Dom's Kitchen & Market "It's definitely a really exciting time for the business," said Tarriba "We do see this becoming available nationally eventually." The company is named after a Japanese fable called Omusubi Kororin which teaches a lesson about honesty and generosity Katsuyama and Tarriba both see the business as a way to share the delight of Japanese comfort food to the community and they say they're grateful for the support of Chicagoans in making Onigiri Kororin what it is today "It's definitely a team and people and community effort building the business," said Tarriba "For us in our journey it's been crucial the people who have opened doors." For more information on Onigiri Kororin, visit onigirikororin.com Fukui — Thirty-four colorful Tyrannosaurus rex ran on a snow-covered slope during a race at a ski resort in Katsuyama The race was organized by a corporation promoting tourism in Katsuyama home to the popular Fukui Prefectural Dinosaur Museum Although it was the third race of its kind it was the first time that the event was held in the snow Donned in inflatable costumes that covered their entire body the participants ran in four divisions: male and female t-rex for junior high school students and older; t-rex for elementary schoolers; and baby t-rex for preschoolers Their courses included a sharp slope for the last 10 meters causing some participants to fall into the snow before crossing the line “I couldn’t use as much muscle in my legs as I wanted to,” said a 47-year-old farmer from Fukui after the race “It was fun running with many other t-rex.” You are using an outdated browser. Please upgrade your browser to improve your experience From MATT LEVINE There’s an origin story of IEX in which you were a trader you realized it was hard to buy all the stock that seemed to be available in the market You created IEX with a “speed bump” but also with a router that skipped the speed bump so that high-speed traders couldn’t see a trade on IEX and race ahead of your clients to buy up all the shares on other exchanges But the reality of IEX doesn’t quite match that story anymore: As part of the SEC process you had to give up the advantage your router had BRAD KATSUYAMA We originally started IEX under the premise that we would be this router for clients Any broker could send a routable order to IEX and we could get that order out to the market “Why can someone get a signal from one place and get to the next?” It really came down to co‑location and this idea that people could pay to put their servers as close as possible to the exchanges to get information fast; now could only solve a very narrow part of the problem And the problem was broader—not only for orders that were routed How are those orders treated when there’s this huge kind of disparity between who knows what And that evolved into things such as discretionary peg—D-peg—and midpoint peg and basically the advancement of the speed bump If we had stayed only focused on the router The router became secondary to our operation as a market ML You don’t miss the former structure of the router is that the router trades a little bit less on IEX The router doesn’t know there are certain orders that are displayed and others that are not displayed The non-displayed orders aren’t being broadcast to the router because that would create an unfair advantage even though that advantage exists for certain exchanges today but the customer experience doesn’t change is they feel like we represent their interest BK It means that the market had evolved in a way where they were the last to know Clients can’t be members of exchanges; a broker is a member A client has to route an order through a broker-member to get to an exchange As a result of a lot of these things that evolved over the last decade we earned a lot of credibility when we were at RBC meeting with customers and saying “Here’s an explanation for this experience you’re having when you can’t buy or sell what you see.” That level of trust parlays into us as an exchange Most of them benefit from things like discretionary peg and our speed bump because it means a client on the West Coast can send an order it’s IEX’s responsibility to price that order if we receive instruction to peg it ML Why was the discretionary peg less a part of the Flash Boys story We got a lot of independent reports saying 1 pool from a performance standpoint.” Over time they started to see that performance get slightly worse; we were still better but the distance between us and others was starting to close The whole point of the speed bump was to say that the quote’s about to move.” Do we necessarily want to take a buyer and throw them up to the midpoint if we think they’re going to get run over We’re still learning things today that we didn’t know at RBC or when Flash Boys was being written It’s this constantly evolving understanding of what’s happening ML Would you say that a customer uses IEX for more of the specific Or would you say that it’s more a general sense of “These are the guys we trust.” Is it about you BK We have a good group of supporters—some based on data We work a lot with buy-side clients who do a huge amount of analysis and actually teach us about the market these people are seeing it in their executions Others haven’t dived that deep into market structure but say and you have a sophisticated following.” I don’t think we would have survived if it was just hype There’s too much scrutiny on this for it to survive based on hand-waving which is an unusual situation for anyone in finance to find themselves Lewis popularized this notion that equity traders are dopes “Equities in Dallas” became a famous insult after Liar’s Poker the first book I read was Liar’s Poker—and I was on the equities trading desk So I remember “Equities in Dallas.” I saw that as an opportunity ML Lewis kind of created the way that Wall Street thinks about Wall Street—and you were telling him how Wall Street works BK Moneyball was a hugely influential book for me we needed to find ways to be different without the same resources as the biggest banks and I felt like that had a pretty big influence on the way we thought The discussion with Michael really started with helping him write a story about somebody else He had stumbled upon the story of Sergey Aleynikov who was thrown in prison for taking computer code Michael went to a couple characters in The Big Short The first few months was really just giving him background “What is this?” And we’d try our best to answer That evolved into him getting to know and understand our story we just interacted with him as if he were a buy-side firm or broker who came in and started asking questions I tried not to think about the fact that we were talking to Michael Lewis “This is a Michael Lewis story.” Did I necessarily believe that I could be the main character in one because one of the things he told me in the middle of his research was It’s hard to make you jump off the page.” I’ll be the first to admit that the fact he was interested was a stroke of luck and it seems like it would have worked without Flash Boys Has going so big and so pop culture made it harder But I do think the upsides far outweigh the downsides The story had much greater reach than Ronan [Ryan IEX’s president and one of its co-founders] and I could have ever had going door to door not to be a midsize ATS [alternative trading system but to be an exchange and try to take this to the next level The downside was that it upset a lot of people And we made the decision early on that we wanted brokers to be our members which was hard because the buy side was our strongest relationship and we were sticking the broker in between Do people have a point when they’re upset with you When people view the world through their own lens Some people from the high-frequency-trading community—and again and that’s what we do.” I think that’s a legitimate claim which is really why we started an exchange We believe that the exchange needs to be held to a higher standard than just anybody And the fact that these exchanges are creating these inefficiencies Because if we really felt like high-speed trading was solely responsible for all of this it probably would have been more about regulation or lobbying or something like that And we would have banned high-speed trading from our market I think automation and high-speed trading can provide a lot of value But the exchanges changed—in how they built their market knowing that the stock market exists for them they’ve been taken advantage of with these little nuances They always seem to be on the other end of that Maybe it’s time to try and change the tide but just to give people an alternative—or to give brokers who trade on their behalf an alternative with different exchanges catering to different investor types And the other way is you need to kill everyone: You have the right model BK It’s hard for us to set a specific market-share goal A lot of the decisions that we make mean we trade less volume D-peg is about preventing trades from happening; the speed bump deters some types of activities Not paying rebates as an exchange is a huge differentiator and we think it’s a benefit to IEX as well as the investors and brokers we’re catering to But not paying someone to send you an order when a bunch of other exchanges are doing that “Are the brokers happy with their execution?” It’s an educational process The rebate is such a huge short-term incentive you have to have a very strong sales pitch to get people to change their behavior and come to a market that won’t pay you to come “We have to get to X percent by this time,” people internally would probably start making different decisions We don’t have a revenue target; we don’t have a market-share target We care mostly about the experience on our market it sounds like you don’t have any near-term goal to be 100 percent of the market You’re happy that there’s an ecosystem of different competitors you count it as a win when your competitors move toward your approach it depends on whose perspective you view is the right way The exchanges clearly have set their trading models up to sell latency to provide certain advantages to people who want to pay for them That caters to a certain class of the market Do we think we’re serving the most critical player in the market the stock market was built to serve long-term investors and help them invest in companies But does that mean that everyone should have to serve that one constituent The one I think is the most interesting is Chicago Stock Exchange’s They’ve basically created a speed bump that applies only to incoming liquidity-taking orders that Chicago market makers have a “last look.” They can put up an order and when a new order comes in to take their liquidity they get a few microseconds or whatever to decide whether they want to pull their order but that’s basically right—and sort of the opposite of the story told in Flash Boys BK What they’re trying to do is similar to what Nasdaq proposed a few years ago with a 5-millisecond speed bump as opposed to 350 microseconds So it will be interesting to see how the SEC handles it because it’s an asymmetrical application of latency which means that slowing down certain parties and not others will BK Having talked to people who have worked at some of these firms I don’t think people set out to end up where they are I think you put one foot in front of the other “Where am I and how did we get here?” I don’t think it was this massive chess match where they saw every move coming and played it the way it is I think Bats [Global Markets] had a tremendous influence on NYSE and Nasdaq they started to chase different types of revenue streams and ended up where they ended up But do I think it’s part of this massive plan that’s unfolded for the last decade exactly as they thought ML How are you going to avoid ending up in 10 years somewhere very different from where you want to be BK I think a big check on that is really how IEX was formed and whom we’ve been supported by 1 asset is the relationship and trust we have with the buy side we lose a lot of credibility and it becomes harder to do what we want to do We’re driven and motivated in a different way It took us nine and a half months to raise the money we needed—and those were pretty tough moments Deep in our hearts we wanted to be neutral and we wanted the sell side to be our members and we wanted to try and align them in a way that was unique Our relationship with the buy side is just something that we’re not willing to sacrifice for some money ML Many of your employees have worked for other exchanges Do you ever have philosophical discussions internally about what’s right we were doing our best to address the questions through the comment period And then the exchanges took it to the media with pretty sensational language We felt like we needed to respond in an equally strong way I think that created a bit of a push internally to say and they’re playing another.” We have debates internally a lot ML Wasn’t there one on Bloomberg View And I’m thankful to my team for not letting the others get published I was trained as a trader: Something happens Once you get in this habit of responding to everything Whereas if you’re smarter and more strategic about how you react and how you engage it actually lets us focus on the most important thing BK One of the benefits of Flash Boys was that it got the market-structure story to publicly traded companies who had no idea that their stock wasn’t trading 90 percent of its volume on NYSE or that other markets could even trade their stock Listing is something that we’re definitely interested in but we’re still in the process of working through how we can be different ML It feels like listings are very central to being a U.S ML But it seems like a very obvious business opportunity especially with all the interest you’ve gotten Do you see an opportunity to innovate in listing standards or would you copy what’s already out there BK We think that listing standards is a hard thing to disrupt out of the gate There will be a lot of regulatory pushback if we try and dramatically change the standards for a company to be publicly traded We’ve just been trying to have market-structure discussions with corporates in the same way that we’ve had them with the buy side I think the exchanges becoming so overtly against IEX and the buy side being so supportive made a lot of people scratch their heads and think ML There’s this discussion about your helping long‑term investors in a very specific market‑structure way equity markets among people saying shareholders or companies have a too-short-term perspective It seems to me that there’s an overlap there BK It is a bit further afield for us. The Long-Term Stock Exchange—that’s an interesting idea, and I like Eric [Ries] and what they’re doing But to dramatically change the listing standards it’s not our core expertise to arm up with lawyers and dot the i’s and cross the t’s a different way I think what they’re trying to do is extremely interesting but solving those types of regulatory rule-based standards We give them a lot of credit—what they're doing has equal merit—and think we have a good relationship with them can you fix that?” Is that the tenor of the conversation Here are some explanations as to what’s happening and ways that we’re trying to stop it on our market we can’t help what happens on other markets.” So sometimes just knowing what’s happening is an equally good relief to hearing ML Do people come with expectations that listing on IEX could change how their stock trades I’m strict with the people internally to say “It’s a step in a direction that can help build a market that better suits their interest.” We’re clear about that ML The IEX model is intended to solve very specific issues in the U.S equities market structure—with D-peg and the shoebox—that don’t necessarily exist in currencies Obviously those markets all have their own issues There’s an opportunity for someone with your symbolic clout or narrative to say “I’m going to come in and take market share by fixing those problems.” But the technical solution would be totally different BK We’ve looked at other asset classes and talked about other geographies Some people at IEX have expertise in different areas but right now we’re 74 people universally focused on U.S That’s the only experience I have; I’m not shy about saying that And finding the right partner has been tough ML You now have an affiliate, TradeWind BK That’s the first alternative business line that IEX is formally involved in Part of that is the fascination internally with the concept of a blockchain and us making sure we’re positioning ourselves for where we think the puck is going We’ve felt like there’s a way for this type of technology to evolve that will have implications in our business It should be no surprise that Nasdaq is extremely interested in blockchain because they don’t have a vertically integrated exchange like CME or ICE does Finding a way to disrupt the clearing-and-settlement process makes a lot of sense for someone like Nasdaq It also makes a lot of sense for someone like IEX ML When you think about blockchain and vertically integrated exchanges do you have some advantage because you’re a disrupter who’s starting fresh and isn’t burdened with a few decades of baggage Or is it that you’re relatively small and new and you’re focused on building out that idea rather than getting distracted by other stuff We have to find projects that we think are meaningful where we can ensure that we’re efficient in how we spend our time We have built technology that is three years old The ex-Barclays boss went looking for redemption. It hasn’t gone well. Just wait, he says: “This isn’t five-minute rice.” and you’re working with full focus to implement and sell that one big idea and you’re not looking to branch out into other big ideas at this point What was your impression of how they dealt with the pressure from both sides BK The people who worked directly on IEX’s application were extremely thorough and asked a million questions It’s one of those things where some people are upset when they get patted down in security lines at airports At least they’re in there trying to vet things out it was coming from both sides—showed what was at stake and probably caused more deliberations internally to make sure they were making the right decision for the right reasons we’re just thankful that process is behind us and we have the approval We felt that we met all the regulatory standards ML A lot of the comment letters were from retail investors Why is starting a stock exchange the new way to advocate for the little guy BK Clearly part of it is just the time period in which we live And I think people are inspired by those on Wall Street trying to do the right thing for the broader markets I think it was equally gratifying to get letters from Goldman Sachs or Texas Teachers or Capital Group—very sophisticated people who understand the nuances of market structure We weren’t going to win their votes with magic and tap dancing They have dug into our model at the deepest possible level Our support was a broad spectrum of sophistication You don’t have to be a market-structure expert to believe that we’re trying to do the right thing for them but at least people who do understand markets and are very sophisticated were supporting us as well BK Our best way to affect the livelihood of the end user is focusing on the large institutions Meeting with and working with Capital Group which manages a trillion dollars in assets is a more effective use of my time than trying to go out and rally individual retail I may have met two or three retail brokers in four years; I met hundreds and hundreds of institutional buy-side firms If someone wants to buy 100 shares of Microsoft But if they’re invested in a mutual fund that wants to buy 10 million shares of Microsoft we think there’s a more effective way to do that That’s how we think we deliver the greatest utility to the most people ML What’s your advice for the next you—someone who works on Wall Street BK It was a very hard decision to leave RBC because there’s a certain level of comfort working at a large firm and being part of the system I do think we’re shifting to a more transparent society What that does is cast a brighter light on how people make money We don’t have any issue with people making money But I think how people make money is going to be a greater focus If people are thinking about doing something different with their lives just think about the incentives that are there for you to do what you do And if you don’t believe in that incentive structure finding a different thing to do with your life isn’t as risky now as it was in the past I think the world is more receptive to people trying to do things differently Levine is a columnist for Bloomberg View in New York. Subscribe to his daily Money Stuff newsletter ShareSaveLeadershipCEO NetworkWall Street's Unlikely Rebel: Can Brad Katsuyama's New Exchange Fix The U.S. Stock Market?BySteven Bertoni IEX founder Brad Katsuyama is out to change how Wall Street trades stocks (Jamel Toppin for Forbes) Ask Brad Katsuyama if the stock market is rigged and he jumps from his chair grabs a black marker and sketches on a whiteboard with the intensity of a head coach whipping up a Hail Mary He draws squares to represent stock exchange servers and scribbles lines to show how high-frequency trading firms are threading cables through miles of rock building microwave towers atop mountains and raising armies of computer-science Ph.D.s to outrun the rest of the financial community "Basically, someone is trading with tomorrow's newspaper," he says from his new offices at 4 World Trade Center, 44 stories above Wall Street "Not only do they get market data ten times faster but because their computers are located inside the exchanges they can trade hundreds of times before anyone else knows what's happening." Wall Street is in the midst of a billion-dollar drag race Trading firms are investing huge amounts in advanced algorithms direct data feeds and ultrafast fiber connections to sprint ahead of the pack via "latency arbitrage." The goal: profiting on stock swings before the other players in the market--the funds exchanges and retail investors--even know prices have changed This game--high-frequency bots account for 50% of stock trading volume--was played in the shadows until author Michael Lewis tackled the subject with Flash Boys (Norton which cast Katsuyama as the good guy with a fix for a broken system A simultaneous 60 Minutes piece echoed the same themes: predatory high-speed traders outrunning powerless or unwilling regulators "Instead of complaining about what was wrong," says Katsuyama "we decided to show people there was a different way." That different way still faces entrenched competition The stock exchanges not only tolerate high-frequency trading--they've also come around to profiting from it Both the New York Stock Exchange and Nasdaq collect big fees through what they euphemistically call "colocation," which allows high-frequency trading shops to connect their computers directly to exchange servers to get information before the rest of the public "The exchanges now determine who has certain technology and data," says Katsuyama "That's not the role of an exchange." The exchanges counter that their data and connections are available to anyone who wants it there's coach and there's first-class from trading firms to retail broker-dealers to mutual funds covets better services to enhance their ability to trade and make money--we provide that service to customers," says Walt Smith (NYSE declined to comment.) Smith argues that fast trading helps investors more than it hurts them "The data says spreads have never been tighter due to access Mutual fund trading costs have never been lower Katsuyama's rhetoric is not supported by the data." "IEX is a safer and cleaner venue than others," says David L the global head of equity trading at the Boston Co. "He's quickly gained the trust of the buy side." Big banks often referred to on Wall Street as the sell side and IEX is among the best venues" for short-term trading cohead of Goldman Sachs' global equity trading group "The whole shoe-box phenomenon has eliminated many latency arb opportunities." "Katsuyama is offering something substantially better--more efficient trading," says Steve Wynn the casino billionaire who invested in IEX after reading Flash Boys "He'll either get a ton of business from the other guys Either way he's going to make the exchanges change whether they like it or not." At first he thought the RBC technology must be slow "If the biggest banks can't buy or sell what they see on their screens then something is fundamentally wrong with the market," he thought he interviewed dozens of people who had worked in high-frequency trading and hired Ronan Ryan a telecom expert who helped firms shave microseconds off their transaction times Two decades ago most trades were executed on the New York Stock Exchange or Nasdaq By the mid-2000s the market had fragmented into over a dozen registered exchanges and 30-plus dark pools--opaque alternative markets often run by banks (IEX is technically a dark pool right now So in 2007 the SEC implemented Reg NMS (National Market System) to protect investors by requiring brokers to get their clients best prices across all registered exchanges the new regulation whacked orders into small pieces that ricocheted around the exchanges Soon enough computer programs were catching order signals and using their ultrafast connections and secret algorithms to jump ahead to the exchanges to make small but risk-free profits The RBC team (which included IEX cofounders Rob Park and John Schwall) built software that could hide RBC's hand by making its trades arrive simultaneously at each exchange That kept the high-frequency traders' software from detecting trades and racing ahead of them Katsuyama had come up with a fix--but couldn't do much with it Thor was off limits to big banks like Goldman and Bank of America And since money managers--the buy side--used stock orders as a way to pay banks commissions for services like research and investment banking the funds wanted to spread their orders across Wall Street rather than send them all to RBC The only way to scale was to became an independent platform Using $1.5 million in seed money from their friends and their own savings Katsuyama and Ryan bolted RBC in March 2012 huddling in a closet of an office in One Liberty Plaza to create a solution that wouldn't infringe on RBC's ownership of Thor Since distance was the biggest killer of speed they developed the magic shoe box as a way of creating remoteness while staying in the financial epicenter of Manhattan "It's opposite what exchanges were doing," says Katsuyama "Instead of bringing people as close as you can to your [stock order] matching engine we were pushing everyone as far away as we could." In March 2013 they raised $24.4 million from asset managers as frustrated with the markets as Katsuyama had been at RBC Capital Group and hedgies like Ackman and Einhorn A year later they hit marketing gold with Michael Lewis' Flash Boys and the 60 Minutes episode Katsuyama watched the show in his New York apartment with his wife promising I'd never work on The Street again," he recalls Five hundred résumés hit his e-mail that night Then guys like Wynn and Spark Capital's Alex Finkelstein called to invest By the fall Katsuyama had $100 million in ammo to take on the predators Hack In The Box: 38 miles of fiber optics stall trades Katsuyama's whole pitch is that the current system is unfair--yet if he's to succeed on a large scale he must win over people who currently run the system because he risks insulting his customers," says Michael Lewis "After setting off this stink bomb in the industry he has to clean up some of the smell." The cleanup involves bringing the sell side--the Goldmans "If you want to build a scalable solution and really make a change in the market you can't leave out the brokers," says Ronan Ryan "You need to bring together the buy side The revenue model is simple--nine-hundredths of a penny for every share traded IEX bans colocation and special connections "We're not going to charge you for every port and cable and data feed," says Ryan "We will charge you for buying and selling stock And then there are the high-frequency clients The debate following Flash Boys was whether high-speed trading was good or bad Of course it's more complicated than that in many ways making it better for investors than ever Virtu--a high-frequency firm whose IPO was delayed a year because of the Flash Boys furor--is one of IEX's biggest clients and IEX can't compete with the big U.S exchanges without attracting more high-frequency trading volume the trick is to deter the abusive bots while attracting the beneficial ones "Some love us because we keep away the predatory guys you shouldn't care about what we've built." Katsuyama even thinks IEX's mission to use technology to promote openness will help woo Silicon Valley companies like Apple A move from any of those companies could spark a major migration to IEX In that effort Katsuyama could get a big boost from Hollywood. Screenwriter Aaron Sorkin is in talks to write a Flash Boys script for the big screen. "Guys tell me Jackie Chan should play me," says Katsuyama Jackie Chan's like 60 years old and knows karate." He's also made a ton of money Follow me on Twitter: @Stevenbertoni Listen NowSaveShareIEX Group President and CEO Bradley Katsuyama and Notre Dame finance professor Robert Battalio prepare to testify before the Senate Homeland Security and Governmental Affairs Investigations Subcommittee about high-speed stock trading in 2014.Chip Somodevilla/Getty ImagesWhen the financial crisis of 2008 hit Brad Katsuyama worked on Wall Street as an investor for the Royal Bank of Canada he’d noticed odd trends in the way his trades were executed and traced the cause back to the growing influence of high-frequency trading and its growing influence on the stock market Looking for ways to counter the influence of HFT By using a speed bump that slows down the the flow of stock market data by a fraction of a second IEX seeks to neutralize what Katsuyama considers negative effects of HFT for long-term investors In a sit-down interview at the offices of IEX in New York Molly Wood and Brad Katsuyama talked about the mission and mechanics of the exchange as well as what it’s up against in its efforts to change trading and exchanges (Since this interview was conducted in June 2018 Click the audio player above to hear the entire interview, part of  The Source Code Sign up for the Marketplace newsletter to get the day’s biggest business stories straight to your inbox every weekday evening Posted on May 25, 2023 Graduate student Yuto Katsuyama (Kaner group) has been selected to the Forbes 30 Under 30 Asia list – Class of 2023 in the Health Care & Science category Forbes magazine released its eighth annual “30 Under 30 Asia” list and trailblazers under the age of 30 from across the Asia-Pacific region who are effecting positive change and driving innovation in the face of global economic uncertainty and a challenging environment A third-year chemistry (materials chemistry) graduate student in Professor Richard Kaner’s group Katsuyama is also Co-founder and Chief Scientific Officer of Satoyama Engineering a start-up company originating from Tohoku University in Japan Δdocument.getElementById( "ak_js_1" ).setAttribute( "value" University of California © 2025 UC Regents Volatile Macro Fund Haidar Leads Peers With Double-Digit Gain Managers’ Bullish Outlooks Remain — But the Price of Gold Is Telling a Different Story Five Things to Watch in Energy Markets in 2025 Mega Hedge Fund Launches Are Rare — and Don’t Ensure Lasting Success Investors’ Concerns About Instability Rise Greenland Noise Could Spur Push for More Favorable Investing Policies There’s a Trump Bump for Short Sellers — At Least in One Sector Model Portfolios to Deliver Alternative Asset Exposure Open Architecture and Next-Gen Technology Help Support Model Delivery Maximizing Impact: The Role of TAMP Selection in Effective Investment Distribution What API and EIA Data Reveal About Crude Oil Markets Model Portfolios Simplify Wealth Managers’ Messaging with Clients Podcast: Exploring Options and Options-based 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Group launched in 2013, co-founder and chief executive Bradley Katsuyama has aimed to turn the dark pool into a major public venue. IEX made powerful friends and enemies after being cast as the hero in Michael Lewis’s 2014 best-seller Flash Boys: A Wall Street Revolt and both sides have turned out in force as the Securities and Exchange Commission approaches its March 21 deadline to rule on the firm’s application to become a full-fledged stock exchange Hundreds of letters have flooded the SEC debating whether the alternative trading system’s built-in speed bump touted as protection for investors against predatory high frequency traders “If IEX is approved for a market that has a speed bump speed becomes less important,” Katsuyama tells Institutional Investor at his New York office “That’s bad if you’re selling speed like the exchanges or if you need speed as your only method of making money.” Winning approval would give the second-largest U.S which accounts for 1.7 percent of total daily equities trading volume a chance to expand as it squares off against the likes of the New York Stock Exchange (25 percent) Bats Global Markets (21 percent) and Nasdaq (17 percent) Since IEX filed its application last September its supporters have included Goldman Sachs Group Pershing Square Capital Management and the Teacher Retirement System of Texas But the firm’s bid for public status remains uncertain as would-be competitors and automated traders contest the fairness of allowing the firm’s patent-pending technology IEX’s smart order router has drawn the most fire from critics who contend that it allows the platform to trade using nonpublic information IEX sends trade notifications to buyers and sellers through the speed bump which gives it a 350-microsecond head start for filling routable orders on other exchanges In a November letter to the SEC, Nasdaq argued that such time delays violate Regulation National Market System, or Reg NMS which dictates that stock trades occur on whichever venue offers the best price at a given time head of Intercontinental Exchange and chair of its subsidiary NYSE said it would be “un-American” to grant the application without overhauling Reg NMS who insists that these arguments are intended to block free-market competition The 37-year-old springs from his desk to draw a diagram of the IEX router on a glass wall “We don’t slow our router down because it prevents our clients from being electronically front-run Katsuyama experienced front running firsthand as global head of electronic sales and trading for RBC Capital Markets where in 2009 his small team discovered that faster traders could detect when the bank had placed a large order and would race to buy stock on the exchanges to capitalize on the consequent uptick in price Katsuyama and some RBC colleagues left to found IEX officially known as the POP (for point-of-presence) out of 38 miles of fiber optic cable to jackknife these so-called latency arbitrage strategies but we know we’re not the fastest,” says Robert Park “The POP gives our matching engine enough time to become aware of price changes on away venues CEO of the Financial Industry Regulatory Authority said in a February speech that current regulations are flexible enough to accommodate the speed bump Ketchum didn’t weigh in on arguments against the router calling them “the most difficult ones for the SEC to work through.” which can reapply if the SEC rules against it won’t launch as a public exchange without the router and the speed bump Follow Jess Delaney on Twitter at @jdelaney_NYC who is taking over from Ryan as president of IEX was previously head of markets at Cboe Global Markets He has held numerous other senior roles including as president of BIDS trading He also co-founded Wall Street Rides FAR (for autism research) with his wife in 2015 and serves on the board of directors for the Autism Science Foundation “I have watched and admired IEX’s innovation and unique approach in a competitive market and I am honored to bring my experience to help them execute on the next chapters of their growth and evolution,” said Harkins “Bryan brings tremendous leadership experience across a number of asset classes which is extremely valuable given IEX’s potential for growth both now and into the future,” noted IEX co-founder and CEO “He has built trusted relationships with a wide variety of market participants and we could not be more excited to have him be a part of our executive team and what we are building at IEX.” one of the original “flash boys” who set up the exchange in 2012 in protest against the perceived impact of high frequency trading has held the role of president for the past eight years ever since the firm launched as a national securities exchange in 2016 where he will focus on corporate development and guiding long-term initiatives aimed at promoting IEX’s growth and profitability “Ronan and I have been at the heart of driving IEX forward since we co-founded the company over a decade ago,” said Katsuyama “This move will allow IEX to expand the breadth of our executive team as we enter an important competitive period with pending regulatory and market structure changes Ronan and I look forward to working closely with Bryan to take IEX to new heights.” IEX has also appointed Florian Seifferer as its chief strategy officer (CSO) responsible for sourcing new market opportunities and partnerships Seifferer was previously COO of IEX Digital Assets Global Trading is an industry-leading news service for the global equities capital markets: providing information, education, insights and analysis for senior professionals working within trading and execution across Europe, the UK, North America, APAC and other emerging markets. With a focus on the intersection between the buy and sell-sides, Global Trading covers all industry elements from technology and trading strategies to regulation, best execution, market structure and liquidity. Copyright © 2024 Markets Media Europe Ltd. the main character of Michael Lewis’s 2012 book Flash Boys left to co-found IEX and take on fabled Wall Street institutions like the New York Stock Exchange and NASDAQ I interviewed Katsuyama about how he came up with the idea for IEX and his advice for identifying new business ideas Katsuyama discovered his success was rooted in two values that were uncommon on Wall Street: humility and other-centeredness This behavior left Katsuyama with a cadre of colleagues who rooted for his success He traces his approach back to one of his earliest tasks as an intern: ordering lunch Katsuyama was doing data entry but tapped into his “creativity” and “attention to detail” to ensure that his colleagues were well fed each and every day: And I didn’t view it as demeaning; I viewed it as these people need to eat and I want these people to notice me and I’m gonna try to be as interesting as I can.” Michael Lewis describes how Katsuyama was viewed as RBC’s “golden boy.” Despite ascending the ranks Katsuyama struggled to find purpose as a stock trader helping institutions buy and sell large blocks of stocks and noticed that he was starting to lose the “drive [he] felt early on in [his] career.”  With the help of his wife he took stock of his skills and contemplated his career reinvention: “So I thought interpersonal skills are good And if you throw me into any environment like that They then ranked a handful of cities outside of New York considering factors such as quality of life and the cost of living One output from this spreadsheet: Medical sales in Jacksonville.But he had confidence to take the risk as an entrepreneur because his skills were dynamic and he had a backup plan instead opting to take on the injustices he saw in the stock market by co-founding IEX which is an attempt to level the playing field for all investors And while it’s well documented that startups are risky endeavors Katsuyama and his founding team tried to ascribe a probability for the success of their new venture He asked his co-founders to write their probabilities on a piece of paper and turned out that his was the “highest of them at 25%.” FWD: Thinking is a new podcast about bold professionals who have challenged the status quo to recreate their careers They’ve grown out of the cracks in the org chart this podcast traces the blueprints that lead to a more fulfilling work life Subscribe on Apple Podcasts or wherever you get your podcasts ShareSaveLeadershipCEO NetworkPODCAST: IEX Boss Brad Katsuyama On How He Built A New Exchange And How He'll Fix Wall StreetBySteven Bertoni IEX CEO Brad Katsuyama is out to change how Wall Street trades stock (Jamel Toppin for Forbes) Brad Katsuyama is Wall Street's most unlikely rebel The mild-mannered Canadian left a plush job at Royal Bank of Canada to start IEX Group--a new stock exchange that is taking aim at predatory high-speed traders and big exchanges like the NYSE I spoke with Brad Katsuyama on the newest episode of The Forbes Interview podcast As I wrote previously Wall Street is in the middle of a billion-dollar drag-race to see who can execute stock trades the fastest Armed with high-tech algorithms and super computer power secretive high frequency trading shops have an edge over traditional firms and individual investors Katsuyama and his fans think Main Street is getting gamed To fix that Katsuyama's IEX Group invented technology that creates a brief delay in trading that neutralizes the speed edge needed to game the market the same way speed bumps and humps kill the advantage a Ferrari has over a Ford IEX first operated as a dark pool--aka a private market place But to reach real scale and capture serious trading volume Katusyama had to get clearance from the SEC to operate as a full-fledged exchange Brad Katsuyama at the company's office in New York,(Photographer: Chris Goodney/Bloomberg) along with exchanges like the NYSE and NASDAQ (who collect big fees selling speedy technology to firms) lobbied hard against the IEX bid Katsuyama  opens up about the big bet he made to built IEX what it was like being the subject of a Michael Lewis bestselling book how he dodged attacks from the NYSE and NASDAQ to win exchange status with the SEC Hint: it includes trying to list companies like Wynn Resorts (Steve Wynn is an investor) and possibly hot tech companies like Facebook cofounder of the hot start-up The Honest Company Follow me on Twitter: @Stevenbertoni Just more than a year after nabbing its first IEX announced Monday it was exiting the listings business with sole customer Interactive Broker returning to Nasdaq Getting companies to move from Nasdaq and the New York Stock Exchange over to IEX had been a point of emphasis for Brad Katsuyama since it gained regulatory approval to do so in 2017.  Katsuyama explained what went wrong and what the future holds for the exchange which is now over five years removed from being featured in Michael Lewis' 2014 best-selling book "Flash Boys." Following is a lightly edited transcript.  Business Insider: You had news Monday regarding shutting down your listings business What was the reaction from folks in the building What was the reaction from customers about seeing you exit listings?Brad Katsuyama: Sure The reaction from our clients was really positive There was a lot of excitement that we'd be focused more on trading and we got a lot of 'Smart choice It's your core.' It's kind of the essence of IEX I think from our core clients it was very positive One interesting part is the reaction from the exchanges they definitely try to use the news to pile on and spread around The funniest thing that I've seen was an email sent to a number of people got forwarded to me from a few different spots 'Interactive Brokers' stock price was lower on IEX than when it was listed on NASDAQ' as kind of the headline Our response back to some of the folks who got that was Interactive Brokers was down 6% since listing on IEX E-Trade was down 15% and Schwab was down to 17% I think it's just so typical of the fight we're in the exchanges are trying to keep people in the dark and they're on this misinformation campaign We're trying to fight against that by just talking about how the stock markets actually work and trying to educate people.It's symptomatic of why we're focusing back on trading because it was a challenge to combat these blatant false facts The way it played out with Interactive Brokers I've touched base throughout the life of the listing and I know there's a lot of chatter on spreads being a reason But the quote size grew 40% and became more stable That's more of a by-product of who's on IEX and how our market was built I think over the last year what we've seen that's led to this kind of decision was companies didn't end up following Interactive Brokers We had been talking about the listings business for some time internally but also we had made a commitment to Interactive Brokers that we wanted to uphold.When he expressed the desire to potentially switch back because of a lack of follow on that was our opportunity to put our cards on the table that's why we had a joint announcement on Monday morning We're exiting the business and they're moving back to NASDAQ they're continuing to be a great trading partner They handled this incredibly professionally It was great to make that announcement in partnership with them but to try to twist the narrative into something that it's not I think is what the exchanges are trying to do But this was a pretty solid decision for both us and Interactive Brokers I think that one of the things we didn't necessarily account for was the amount of time it was going to take to meet companies to educate them and it kind of preyed on one of our weaknesses It was that we really want to help people understand the markets we want to learn more about the markets.' The next thing you know we're on a plane to Houston or all over the country I think what we learned is that education is an important component that was a miscalculation that we made that would have been hard to calculate before we officially entered the business What was the impediment there?Katsuyama: I think it was a factor of a few things One is there's a huge amount of inertia and indifference around listings A corporate executive wanting to switch their listing still needed to get board approval and you needed one board member just to take the conservative route and be like We have other things to focus on.' Getting past the board was probably harder than we anticipated Some of the other challenges are there are embedded things One really interesting example is we had a company right on the cusp of switching and it turned out that they had a convertible bond issued where one of the covenants is that it must be listed or quoted on NYSE or NASDAQ it would be a violation of a bond covenant There's no way we could have planned for that The last five yards ended up being much harder than we thought We were excited about getting to that five-yard line but that last five yards ended up being a hill much steeper than we had predicted.BI: How many times did you feel like you got to the five-yard line with companies?Katsuyama: I know we got to the five-yard line with a lot with a lot of companies but the reality is that those didn't result in listing switches.From our standpoint it's a business that is interesting at scale and ultimately we needed to get to scale to make it interesting After a year we understood that the effort it would take to get the scale was not as good as of a return on investment as our trading business or some of the other opportunities that we have at IEX.BI: You mentioned that the clients felt positive about this because it's kind of a focus back to the core of what makes IEX Is it going to be a case of putting the head down and really focusing on just growing the market share of the exchange or is it going to be these other possible business ventures?Katsuyama: Unequivocally our number one priority is the exchange trading business We trade 6,000 stocks a day on average and we listed one we'll trade 6,000 stocks a day and list zero it's our number one priority.We have five new products that we want to launch in the next 12 months which is kind of unprecedented for us since we've become an exchange But there are some other initiatives at IEX that we're building teams around that we think are really interesting opportunities for us and another reason I think we came to the decision to exit listings is that we look at any business that we're going to do and we run it through kind of a set of factors Does transparency matter to the core client which is really about building a platform that democratizes access to financial data for developers It's the reason why I think it's had such rapid pickup 30,000 plus users in a very short period of time These are businesses that I think align with our core ethos and who we are as a technology company it wasn't the same opportunity and it was getting to be more and more off brand One other lesson that's interesting to point out on listings but it's come to us as we've come to this decision our clients understand the problem and wanted a solution Some of these other businesses have been clients pulling us into different business areas IEX Astral is a great example where in partnership with some of the largest buy-side firms in the world 'Hey we need your help in aggregating data enriching it,' to help them better understand how their orders are being executed We saw that a 45-year-old duopoly was not serving these companies Most of them had no idea how the stock market works we were a solution looking for people to understand the problem That was one of the big lessons learned for us too let me explain to you what your problem is.' That's a backwards business thesis We haven't even been in the business a year and I think we learned that a while ago.BI: You talked about having conversations with people about wanting to open listings in the Oculus It's about the drama of ringing the bell and people getting their moment It sounds like you're going back to just technology being at the core of it Maybe kind of just more quietly going about the business with some of the products that you're talking about Is that a fair characterization?Katsuyama: Yeah and we've iterated on many different processes on how can we do this Our opening and closing bell is literally someone trying to press a cube as close to 9:30 am or 4:00 pm It's hilarious to see some peoples' reaction times are literally like a hundred times the speed of our speed bump Humans have no chance in a machine-dominated world So when you press the button and your time comes up we will equate that time to some distance around the earth to some distance inside of IEX as an internal process Of the hundreds of people that have pressed it I think one person has been less than five milliseconds from the open which is 15 times the length of our speed bumps Setting up a shop in the Oculus did not feel authentic to IEX I think coming to that realization was another data point along the way that listings was not a business for us because those things are important to some players Do you regret being as vocal as you guys have been over the years A lot of people would say for as loud as you guys were you haven't been able to kind of put your money where your mouth is and you aren't as relevant as you guys have promised you would be at this point Do you regret being one of the loudest dogs in the room early on and putting that target on your back?Katsuyama: Not at all I think this was an industry that needed a lot of transparency and we had a lot of knowledge that I think we wanted more people to have When you're loud but you're telling the truth that's not something that we ever back away from it will be a record year in volume and market share We're larger than the London Stock Exchange on a daily notional basis When you look at things like more disclosure from the SEC We were the first ATS to publish our rules these are all things that we have been linked You see the market changing before our eyes and you look at the things that we've said there's no regrets in terms of the role that we've played in this market we'll continue to be a voice for investors We sacrificed millions of dollars by not participating But we got loud because it was the right thing to do we have no regrets on that end.BI: So you wouldn't categorize IEX as a failure to this point?Katsuyama: No We do more notional than the London Stock Exchange And I think the market is on the precipice of significant change We've been a part of advocating for that change But if you had told me we'd be in this position when we started I would have taken it a hundred times out of a hundred BI: You would be happy with the market share you guys currently have you'd be comfortable with where you guys are at in terms of market share?Katsuyama: Yeah our market share could be bigger if we paid rebates Our market share could be bigger if we didn't have a speed bump or a machine-learning signal I think growing market share to the extent we've grown it seeing the dynamics of the industry change Looking at who our top brokers are and how they're growing we knew we were headed for a lot of resistance I think change has been slower than we would have imagined I would have liked to have seen more regulatory change sooner I would liked to have been approved as an exchange after three months or five months it's why we're operating a profitable company and why we've remained disciplined Will you take that?' A hundred times out of hundred This is a marathon in an industry that a lot of times doesn't want to change we have to be disciplined and I think making this decision was part of that If you look at any startup that has been around for seven years and is growing we had historically very low turnover as a company for a long period of time a certain amount of getting new people into the company with new perspectives these are all things that I think are important has just recently announced his retirement but we worked together as a team for 10 years I think for cofounders that's kind of unheard of Our clients have high standards in terms of what they expect from us And so as a result we hold our employees to high standards.BI: You said you're more comfortable now than you were in the aftermath of "Flash Boys" In how it's changed your timeline and changed the company's timeline do you regret having gone down that route as opposed to just making your own bed?Katsuyama: No I think if you look back at the context of "Flash Boys" and when it came out And when Michael Lewis wants to tell your story What Flash Boys did is it gave us a platform I'm not sure IEX gets approved as an exchange if Flash Boys isn't written because what it did is it created public awareness If you look back at the SEC fines and all these other cases that have come as a result I think you've got to execute it and you need a little bit of luck there's no part of Flash Boys that we regret At the same time we've matured as a company and we're cognizant that the industry wants to view us as a change agent It's gained the respect of people who probably at one point didn't like us after "Flash Boys."BI: So just going forward is the future of IEX a tech company that also does run an exchange I understand they're core to kind of what you guys do but they're also more of the tech-type offerings as opposed to specifically just kind of matching trades Is that the future of what IEX looks like in five years from now?Katsuyama: Yeah the stock exchange will continue to be a core part of IEX's business But we built our technology from the ground up and there are other ways to deploy that technology where the return on investment in some of these new businesses is quite high because we've done a lot of the heavy lifting already I do think aspirationally we are a technology company that runs a stock exchange because this technology is being deployed in ways .. It's like a built in use case in many ways But some of these new opportunities I think are are quite big and we're excited about investing in those and seeing them grow Please sign in with your Snow-Forecast account details below Create a free account to receive instant Snow-Alerts and save your favourite resorts on your personal MySnow page Ski Jam Katsuyama Weather (Next 3 days): The snow forecast for Ski Jam Katsuyama is: Heavy rain (total 36.0mm) Ski Jam Katsuyama Weather (Days 4-6): Heavy rain (total 41.0mm) Winds decreasing (near gales from the SE on Fri night Latest snow reports near Ski Jam Katsuyama: Several North American ski areas that are still open plan to celebrate the unofficial Star Wars Day tomorrow The above table gives the weather forecast for Ski Jam Katsuyama at the specific elevation of 965 m. Our sophisticated weather models allow us to provide snow forecasts for the top, middle and bottom ski stations of Ski Jam Katsuyama. 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View detailed snow forecast for Ski Jam Katsuyama at:snow-forecast.com Posted on December 1, 2021 Graduate student Yuto Katsuyama (Kaner group) wins Poster Presentation Award at the Royal Society of Chemistry’s (RSC) 4th Organic Battery Days 2021 Kaner group graduate student Yuto Katsuyama with his award winning research poster According to Katsuyama, Organic batteries use organic materials as the active components Unlike conventional inorganic batteries that use expensive metals organic batteries are mainly composed of basic elements most organic molecules work at relatively low voltage (1-3 V vs and it is difficult to achieve high voltages above 4 V Previous research focused on organic molecules based on 6-membered carbon rings because they are stable and electrically conductive.  While most researchers studied molecules based on 6-membered carbon rings Yuto focused on a classic but unique molecule whose structure is based on a 5-membered carbon ring as a cathode material for lithium-ion batteries Through theoretical DFT calculations and experiments he verified that Croconic acid has a high discharge voltage of around 4 V the theoretical energy density of croconic acid is almost 2000 Wh/kgactive material,which is higher than conventional inorganic batteries and most organic batteries could potentially increase the continuous range of electric vehicles by 2-3 times Katsuyama received his bachelor’s degree in engineering at Tohoku University.  His website is yuto-k.com and his email is yutok8@g.ucla.edu Penny Jennings, UCLA Department of Chemistry & Biochemistry, penny@chem.ucla.edu The subject of Michael Lewis’s international best-seller “Flash Boys,” Katsuyama is most known for his refusal to adopt Wall Street’s practices of high frequency trading and dark pools create his own transparent market to conduct trading in the way he believes the stock market was originally intended Although leaving his job at RBC was a challenge Katsuyama knew he was in a position of power and if he saw things he didn’t agree with ‘I’m probably in this position for a reason and I have to do something about it,’” he said For Katsuyama that meant quitting his job and structuring a team to create a new exchange built around innovation It took the team many months to raise the required funds and because of that weren’t paid what they were making in previous positions who says he learned that money isn’t as important as he initially thought but it’s only until you don’t have it that you realize how unimportant it really is,” he said Now that Katsuyama is finding himself at the heart of the high frequency trading controversy he continues to be committed to his belief in what the stock market was created to be – a transparent IEX utilizes technology to ensure they are able to access information at the same speed as high frequency trading firms Although some organizations have used technology to create an information sharing asymmetry giving an advantage to one party over another IEX and Katsuyama are committed to utilizing technology for the advantages it provides all parties “Technology is a great amplifier,” Kaysyama said as opposed to skirting around it or even distorting it.” When asked about values that contribute to his commitment to best practices and information transparency “I view myself as someone lucky enough to have found the right people and make some good choices.” At the end of the day Katsuyama believes the market should operate on fairness and he is willing to fight for it – even if it means going up against some of Wall Street’s biggest players University Marketing and Communications615-460-6650communication@belmont.edu and have a history that goes back centuries are readily available from restaurants and convenience stores and popular with busy workers in need of a quick meal on the go.  So it was much to Yuta Katsuyama’s (M.Des.+M.B.A after arriving in Chicago to study business and design at Illinois Institute of Technology he saw a complete absence of onigiri in Chicago.  “In Tokyo you can find onigiri in convenience stores which are always about a five-minute walk away from you no matter where you are in the city,” says Katsuyama “When I was busy in Japan I always had onigiris and I could grab that when I was working so I always wanted something like that here.” Katsuyama saw the lack of onigiri in Chicago as a problem that could be solved through design In his product design course during the second semester of his first year he conceived a design for an onigiri maker that users could prep the night before to make fresh onigiri in the morning Though the rice maker was simply a design exercise when Katsuyama saw how receptive his fellow students were to the idea—many were familiar with onigiri having lived in or visited parts of Asia—he began to see onigiri as a possible business opportunity Katsuyama tested the idea of a breakfast onigiri meal kit in his Observing Users course at ID rice cookers are not as common in homes in the U.S the traditional flavors of onigiri—which typically pair strong flavors of fish and pickles with unseasoned rice—didn’t quite mesh with an American audience and the process of making onigiri for newcomers defeated the purpose of onigiri as a quick and easy breakfast meal for busy professionals During the break between fall and winter semesters and after experiencing an abundance of onigiri again he still felt like he couldn’t give up on bringing the food to Chicago chief executive officer of the Chicago food incubator The Hatchery who advised him to simply make and sell onigiri himself and focusing on the food as a lunch item and not a breakfast food This was at the beginning of 2020. Shortly afterward, as the COVID-19 pandemic grew more severe, Katsuyama found himself with more time on his hands during the subsequent stay-at-home order. To keep himself busy he started to create the components of his business, called Onigiri Shuttle Kororin: recipes all of which derived from his training at both ID and Stuart School of Business.  “Entrepreneurship books often talk about starting lean startups but I think designers have great strengths for creating a lean startup,” says Katsuyama “I could design everything by myself; a strength of designers is being able to prototype and test ideas on small budgets I didn’t need to hire anyone to develop the business plan I could do everything to start a business by myself.” Using the test kitchen at The Hatchery and ingredients procured at the local grocery store Katsuyama began making onigiri and taking pre-orders online for pickup the next day Instead of relying on third-party delivery services that take steep commission cuts (Uber Eats Katsuyama began designating pickup locations for his customers in Chicago Katsuyama was concerned about competing with the immediacy and convenience of Uber Eats “I think people are excited about planning their lunch and picking up food and talking with us especially since so many people are stuck at home right now.” “The first day we only had five customers and all of them were my friends; it was kind of a miserable moment And then the following week we had maybe 30 customers a day and people were sharing our product on their Instagram pages.” Katsuyama is no longer the sole employee of Onigiri Shuttle Kororin; a fellow ID colleague In addition delivering to the startup’s regular shuttle locations Tarriba has helped Onigiri Shuttle Kororin partner with Chicago businesses such as Topdrawer and Hopewell Brewing Company to sell onigiri in their storefronts a mutually beneficial setup that helps distribute Katsuyama’s product while driving additional traffic to area businesses As Katsuyama’s business continues to find acclaim––recently he and Onigiri Shuttle Kororin were featured in Chicago Reader––he will continue to further refine and expand upon his onigiri business model Working closely with Stuart professor Nik Rokop and ID professors Martin Thaler and Mark Jones in independent studies during the spring 2021 semester Katsuyama will prototype and refine––based on user feedback––a mobile convenience store that mimics the Japanese convenience store experience by driving to various neighborhoods in Chicago and will sell onigiri alongside a host of other Japanese snacks and beverages “I will continue this business after I graduate with this new delivery model,” says Katsuyama “COVID-19 has caused the food industry to change drastically and so I believe this is the right direction for my business.” Contact Us Corrections and clarifications: An earlier version of this story misstated Brad Katsuyama's age NEW YORK -- Wall Street's enemies tend to be limited to lawmakers who have threatened to crack down on them such as Massachusetts Senator Elizabeth Warren and presidential candidate Bernie Sanders both of whom have called for breaking up the banks the baby-faced founder of a financial startup who has vowed to fundamentally change the way stocks are bought and sold — all for the benefit of the little guy He starred in Michael Lewis' 2014 bestselling book "Flash Boys," about the advantages the current market system can give to computer-powered traders high-speed trading was blamed for growing market turbulence Critics, in turn, accused Katsuyama of painting the industry in an unfair light to win customers. He got into a heated debate on CNBC that so transfixed Wall Street The Internet trolling got so bad the father of three deleted his Twitter app from his phone and considered hiring security Fast forward to today and the battle is heating up again as Katsuyama seeks permission to upgrade IEX from a private trading platform Approval would let IEX play in the same league as the New York Stock Exchange or the practice of wooing companies to list their stock with the exchange IEX's Securities and Exchange Commission application, however, has met with an astounding level of opposition, including dozens of letters of opposition from large and powerful Wall Street institutions the SEC received just one letter for Bats Global Markets' first stock exchange application The main difference between IEX and other stock exchanges is a 350-microsecond delay which Katsuyama says is "one one-thousandth the speed of you blinking your eye." is to prevent high-speed traders from cutting the line to pick off the best prices By slowing the process down a fraction of a second Opponents argue that IEX's speed bump will muck up market mechanics because brokerages will be required to route their trades there if it is showing the best price even if that price is distorted by the delay "Every time they are showing the best price by law I have to send my order there whether the price is stale or not," says Jamil Nazarali with trading behemoth Citadel upon learning that USA TODAY was working on an article reached out without solicitation to advocate against the exchange including one man who emailed to say: "IEX is trying to create a narrative of David vs Goliath so as to avoid the substantive issues with their application." Bats complained to the SEC that IEX was making "gross misrepresentations" about other exchanges in order to win approval And NYSE compared IEX to the duplicitous frozen yogurt shop made famous by television sitcom "Seinfeld." IEX is "like the 'non-fat yogurt' shop on Seinfeld, which actually serves tastier, full-fat yogurt to increase its sales," NYSE said in its letter to the SEC Katsuyama said he feels "vindicated" by how the battles lines have been drawn "Those we were looking to protect are supportive of us and those who we were protecting them from are against us." IEX has drawn praise from some of the very buy-and-hold investors it has vowed to protect Rowe Price and Southeastern Asset Management "We receive larger and higher quality executions (with IEX) compared to most other venues," Britt Harris chief investment officer with Teacher Retirement System of Texas The SEC will respond to Katsuyama's application by March 21st. The regulator has been pressured to push its decision further down the road to assess complaints that the speed bump violates rules requiring exchanges to display stock prices "immediately and automatically." Follow USA TODAY reporter Kaja Whitehouse on Twitter: @kajawhitehouse Learn LU Facts Find Maps View Events Browse Undergrad Majors  Browse Grad Programs Apply Visit Request Info Make a Gift met with students at the College of Business and Economics before delivering his talk on "Flash Boys" at Baker Hall While working as an equities trader at the Royal Bank of Canada Brad Katsuyama noticed that when he tried to buy stocks for his clients the offers vanished from his computer screen before he could complete the transaction the subject of Michael Lewis’ best seller Flash Boys: A Wall Street Revolt discovered that high-frequency traders using computer algorithms can take advantage of their speed and proximity to stock exchanges to front run his trades His concern that the market was ripping off investors compelled him to quit his high-paying job and start his own stock exchange Despite strong opposition from incumbent exchanges—“Why Wall Street hates this man” read the headline on a USA Today article—IEX won approval from the Securities and Exchange Commission in June 2016 On Tuesday, March 21, Katsuyama brought his “David among Goliaths” story to Lehigh, detailing his efforts to restore balance and trust to the market. His hour-long talk in Baker Hall, which included a question-and-answer segment, was presented by the Center for Financial Services at the College of Business and Economics the Visiting Lecturers Committee and the Zoellner Arts Center Katsuyama said Lewis had told him one day after having delved into his background for the book “I always made it a point to get along with people,” Katsuyama acknowledged “You have to recognize these moments and you’ve got to dig deep to figure out what you’re about and make those decisions “I was never looking for this,” he said it’s kind of an uncomfortable position to be hated.”Katsuyama said he had an epiphany after discovering that the problem was not isolated to the Royal Bank of Canada but was a systemic market issue that was costing investors by the millisecond we’re not the first people to discover anything,” he said he realized “Maybe we’re 20th…Everyone who discovered what we discovered is part of the problem.” The issue is not that high frequency trading is bad is that incumbent exchanges sell high-speed data and technology to participants that allow them to outrace others that’s just progress,” he said “except that exchanges are held to a higher standard.” Katsuyama began to question the integrity of the U.S “To say that millions and millions and millions of people are losing tens and it’s all funneling into the pockets of a very small number of people It’s billions of dollars a year being scalped out of people’s retirements and pensions His group’s free market solution was to start IEX.  “We wanted to be about protecting investors,” he said If other exchanges were deriving their business model by selling speed IEX would counter by slowing people down and neutralizing the speed edge Katsuyama’s group developed what has been called a “speed bump,” a 38-mile coil of fiber optic cable that slows trading by 350 microseconds is make sure high-speed traders cannot trade on IEX with advanced information and cannot use information on IEX to trade on other markets “By fixing the loophole...you’re not exploiting it,” he said you’re preventing the next set of rules that will prevent the next disruptor or the next innovator from entering your market.” “We stood for what we believed in,” he said the people we were trying to protect stood up and fought.” Katsuyama said he learned a great lesson through the process—to surround oneself with people who are different He said technologists taught him more about how the stock market actually worked than the traders who had trained him on the trading desk even though they didn’t even understand the value of their knowledge base.  “I just found my circumstance,” he said “and I made a series of choices.”  Lehigh’s Center for Financial Services hosted a conference in New York in February that brought together financial experts to explore the “Unintended Consequences of Financial Services Reform.” managing director of Neuberger Berman Wealth Management and a member of the Center for Financial Services advisory board The conference was sponsored by Thomas Reuters The Lehigh Wall Street Council and the Lehigh’s Center for Financial Services.  dean of the College of Business and Economics the Bolton-Perella Endowed Chair in Finance and director of the Center for Financial Services The Center oversees the university’s Financial Services Laboratory which is a vehicle for understanding and employing financial data and software on campus More than $30,000 in prizes were awarded during the 6th annual competition Lehigh is one of six core institutions of a new U.S National Science Foundation Engineering Research Center focusing on developing sustainable refrigerants to address climate change LLM training data likely reflects persistent societal biases according to findings from Donald Bowen III For inquiries, visit the media page or contact: Amy White(610) 758-6656abw210@lehigh.edu 301 Broadway, 4th Floor - Suite 400Bethlehem, PA 18015U.S.A.P: (610) 758-4487Fax: (610) 758-5566communications@lehigh.edu GO: The Campaign for Future MakersBe part of the most ambitious fundraising and engagement effort in Lehigh's history. Visit the campaign website now > Phone: (610) 758-3000 © 2025 All Rights Reserved Those looking to treat Mom to a special meal for Mother’s Day will have plenty of options all over Houston Aya SushiA special Mamakase menu features 13 different bites plated family style The Mamakase and the restaurant's a la carte menu will be available all day from 11 am to 9 pm Doris MetropolitanUsually closed on Sundays the Upper Kirby restaurant will be open from noon to 5 pm on Sunday serving the regular menu and four brunch features Leo’s River OaksTreat Mom to an elegant three-course prix-fixe brunch in a festive atmosphere and a reservation deposit of $25 is required for guests aged six and older PerseidAaron Bludorn's restaurant at the Hotel Saint Augustine will supplement its regular brunch menu with a special opportunity Houston Events & Florals will be on-site to help moms build custom floral arrangements Post Oak HotelMom will love the chic hotel’s third annual "Springtime in Paris” Mothers Day celebration The extravagant event is the Bayou City’s take on Rue Cler In addition to the menu that includes caviar and shucked oysters a carving station with lamb and filet mignon there are also tasting stations from Veuve Clicquot and Moët & Chandon A welcome drink is included and kids can enjoy a special toy boutique with arts and crafts The cost is $170 for adults and $75 for children ages 5 to 12 Toro Toro at the Four Seasons HoustonAs it always does on major holidays the Latin-inspired steakhouse will serve a decadent Mother's Day brunch buffet Priced at $145 for adults and $65 for kids 12 and under the spread includes a seafood and sushi station Brunch is served from 11 am to 3 pm and reservations are required Winsome PrimeThe Galleria-area steakhouse has complimentary roses and champagne for all the moms with options like the breakfast quesadilla Moms get a complimentary mimosa on Mother's Day at Liberty Kitchen and Oysterette Brad Katsuyama has one "critical" piece of advice for other entrepreneurs: "You have to have experienced the problems that you're trying to solve." At Business Insider's IGNITION conference in New York Tuesday there's going to be a lot of people fighting against you where possibly you're even doubting yourself you have to have a core belief that what you're trying to do is real or you're never going to make it through." IEX was born out of Katsuyama's experience as a trader at Royal Bank of Canada: He founded the company in 2012 as a new exchange that would prevent the predatory trading that took place on traditional US exchanges In September 2018, IEX snagged its first listing from Nasdaq, Business Insider's Frank Chaparro reported "I lived the story," Katsuyama said of the "Flash Boys" plot "Never for a second have I doubted what I lived through." Katsuyama's memory of his experiences as a trader kept him going through the ups and downs of launching IEX Read more: IEX CEO Brad Katsuyama talks about life after 'Flash Boys' and how he's taking on the New York Stock Exchange and Nasdaq Blumenthal also said that many entrepreneurs "needed to live a little and experience a little bit of life to identify where there are problems that need solving." you have to be the one who believes in it." IEX CEO Brad Katsuyama discusses the philosophy behind IEX’s mission to “build fairer markets” and how his role in Michael Lewis’ 2014 book Flash Boys helped shaped the debate around high-frequency trading On the issue IEX was trying to solve in the markets: “I think the best analogy to use is if you think of a horse race when the horse race is going typically they don’t take bets after the race starts In the stock market people are betting in real time And the issue is that some people know the horse has actually crossed the line and can go out and bet against people who still think the race is happening... And the reason that they know that the horse has crossed the line is that they’re actually buying data faster technology from the exchanges who make more money now selling high speed data and technology than they do from matching buyers and sellers.” On the future of IEX: “A lot of what we designed at IEX is to prevent trades from happening We don’t want to take bets when somebody knows that the horse race is over And what that means is actually less betting We’re actually going for a smaller pool of the total overall trade.… So the acceleration of our growth I think changes.” Business Insider recently spoke with Katsuyama about high-frequency trading This interview has been edited for clarity and length Everything is pointing in the right direction We've been stalled slightly with the application process but it has been rewarding in that it has created a huge amount of support behind us and our opposition has become very transparent Turner: How do you run a business with all that controversy You've still got all those people out there outside the office doing their day-to-day jobs [Editor's note: Katsuyama has a north-facing office on the 44th floor of 4 World Trade Center.] Katsuyama: When it first started to happen We hit our rhythm pretty quickly in terms of understanding what we can control and what we can't Internally we did a very good job of saying "What are our priorities?" and basically came to the resolution pretty early that there were a lot of things we were unwilling to bend on Once you realize that there are only certain points which you are willing to negotiate and we've made a small change to the way that we route shares But were we willing to give up the speed bump were we willing to change in a way that would harm our ability to protect investors Once you stop tossing and turning over decisions once you've got your priorities straight .. we got our priorities straight pretty early so for us it has been a pretty focused period My wife says all the time she can't believe how calm I am through this whole thing We feel very strongly about what we're doing and why we're doing it Turner: Had you expected the level of pushback it is such a sharp contrast versus who is opposing us and I'm surprised the exchanges took that stance I do think we'll be able to look back on this and feel like this was a pretty pivotal moment What would have been dangerous is if all this was playing out privately in DC Because they could say publicly that they are supportive of investor-based solutions but be working behind the scenes to protect [the status quo] I think that would have been the case had we not had so much public support from some of the biggest investors in the world Having them on the record supporting us forced the opposition and that is what has led to a public debate rather than a private one A private one would have been hard because then we would have had to say 'Oh they are doing this and doing that,' without any real tangible things to point at There has also been some feedback from the high-frequency trading firms Citadel in particular has been highly critical Turner: Would you have done anything differently through this whole process Katsuyama: I feel like — not to say we haven't made mistakes we've learnt from them — but I feel like we've done everything we can and if we were to do it all again we'd do it the same way We were going to have to get into a large fight to come out on the other end with the kind of market we wanted and with our integrity intact I don't think there was a path of least resistance that we could have traveled We would have liked to have fought back at times when we bit our tongue And just trying to understand that there is a level of fatigue that the industry probably has When someone says something that is so blatantly wrong responding to it actually draws more attention to that comment than not responding There have been things that we've seen — I've probably written a number of op-eds that have never seen the light of day — because it is just lying It turns out that ignoring it at times was the right call in terms of trying to say we know we're right we're trying to take the high road as much as possible Katsuyama: We have — absolutely. We have fought back through the comment process and we have fought back on things that are fundamental to our market What we haven't engaged in is the peanut gallery and chatter and we know that a lot of these talking heads — it is just not worth responding Turner: I notice you've got an award from the Tribeca Disruptive Innovation Awards on your shelf How hard is it to disrupt an industry like finance Katsuyama: It is easier to disrupt consumer finance It is much harder to disrupt institutional finance You have to find a way to interact with the people that do face the end client rather than us trying to go to the end users ourselves It is much harder than building a product where the consumer can make the choice but they also have to get their broker to agree to that choice and get them to execute it the way they want it. It is a harder form of disruption which makes what we're trying to do even more important because there are aspects of finance that absolutely should be changed My general sense is that exchanges are charging the industry that they serve many many billions of dollars more than they should for the services they provide Turner: What does that look like? Are you referring to charging for access to market data The exchanges have put themselves in this interesting position where they don't create any original content and people have a regulatory obligation to buy that data Market data is one of the touchiest subjects in the industry What the exchanges are charging is going to change It is funny because information in general the brokers will need some time to connect and configure their systems and we will give them some time to do that and a couple months after that it would be our official launch date One of the challenges of going through this process is understanding exactly why It is one thing for someone to say "IEX is unfair," but tell me exactly how it is There are many ways that we could probably protect investors but understanding what we can't do and can do would be helpful for us as we try and re-craft a solution that may fit inside the regulation We're well capitalized and we're profitable Turner: You said a moment ago that some of the rules seem a little unclear It seems they were written for a different kind of market Katsuyama: It was written at a time when I don't think anyone was considering this much controversy of 350 millionths of a second where people say investors will see stale prices This speed bump is 1,000 times faster than you blinking your eye The other ironic part is that the complaint over the speed bump acts as if the market is devoid of latency already These arguments are odd if put in the proper context If your goal is to create the perception that IEX is unfair and will hurt the market you have to be a little bit bold in your rationality Turner: You said at the outset that the company is profitable What does the profit and loss statement look like Katsuyama: We've raised over $100 million in capital I want to say it has probably been a year we've been profitable The trend on market share has been pretty good It is partly a product of us being stuck in limbo We're still the second- or third-largest ATS which is also why it is important for us to apply to go through the process of becoming an exchange Turner: The last four years must have felt like a crazy ride Katsuyama: We wanted to build a company that reflected the mission we're on — people who cared as much about doing good as they did about making money To do that you have to find the right people We've had a very good track record of finding the right people if I was this massively controversial figure it would have been harder for people to sign up for this mission I'm not afraid to stand up for what we believe in It is shocking that I'm in the position I'm in Turner: But you give the impression that you wouldn't trade this position for something else Katsuyama: This is the life that I am pretty sure I was meant to lead I am very thankful that Michael Lewis wrote the book the way he did because he kind of portrayed me in the way I think I am I wasn't looking to go out there and rabble-rouse I really could have retired at RBC 30 years from now That would have been the best bet and the most likely career We do spend a lot of time trying to not read a lot of things to really feed into that I can tell you — the "60 Minutes" segment — I have been at events where people have played bits of it I probably watched it less than five times It is just doesn't help us run this company I try to focus on trying to run this company to the best of my ability making decisions and focusing on what we know we can control and putting people at this company in the best position to succeed A lot of things that go with everything that has happened with us do not help me do those things Katsuyama: It made it harder to find those people after the book because the book added another element to why someone would want to work here I do think it made it slightly more confusing after the book because we got flooded with résumés and it was hard to understand people's intentions in those days it was either you believe in this or you don't believe in this We started in a 200-square-foot room with no windows Part of the reason that we're profitable is that we've been diligent about costs We're not a typical startup because a lot of us come from banks We've been pretty smart about how we run this business Katsuyama: I don't know the answer to that The money hasn't been lost; the wealth transference hasn't occurred I don't really plan on letting our guard down Turner: And how are you feeling ahead of the big decision Katsuyama: I try not to think about it too much Everything that needs to be said has been said Since becoming an entrepreneur himself Katsuyama has noticed there's a romanticization of entrepreneurship which can make quitting everything and starting a company seem like it can be for anyone Katsuyama explained how seriously he took the decision to leave his comfortable and high-paying job at RBC to take a bet on creating a stock exchange that would thwart predatory high-frequency trading It was a vision he felt so passionately about that he and his family decided he had to at least try to make it a reality He's found some would-be entrepreneurs don't recognize the gravity of such a situation "I think there's a huge amount of risk there because there are things that you would take for granted or there's things that you can learn at a big company that you just can't on your own because once you're on your own it's as much about survival as it is about anything," he said Joining a big company gives employees room to learn and grow but there is little time to learn things while running your own company A lot of things are provided at big companies that employees take for granted As an entrepreneur you have to get everything and do everything yourself "I think as an entrepreneur you find out really quickly how much needs to be done that has nothing to do with the business you're trying to run," he said With every life cycle a startup goes through it tests your strength and will to see a business through fundraising for IEX was one of the hardest things he had to do You get rejected hundreds of times and people are basically pretty ruthless at times about the thing 'Here's all the reasons why it's not going to happen,' or I heard [you've got odds of] 'one in a million' from a pretty savvy investor He also said the risk levels are unparalleled when you're responsible for a team of employees "I think I fretted more about the risk other people were taking than my own risk," he said "People's families rely on us to make good decisions and to build a good business so that's a level of stress that I think you don't have at a big company," Katsuyama said There were many moments when he questioned himself but Katsuyama said he pushed through the low moments and came out on top because he believed in the mission of his company: to combat what he views as a rigged trading system "So one piece of advice that I give to anyone thinking about starting a company is you have to have experienced the problems that you're trying to solve," he said But I would always fall back on the fact that I lived through this problem You can subscribe to "This Is Success" on Apple Podcasts or Stitcher and listen to the full episode below: The dates displayed for an article provide information on when various publication milestones were reached at the journal that has published the article activities on preceding journals at which the article was previously under consideration are not shown (for instance submission All content on this site: Copyright © 2025 Elsevier B.V. For 12 years Brad Katsuyama had worked as an executive for the Royal Bank of Canada He may not have gone into finance out of a passion for the field and only left it to take a major gamble on his own business because he felt morally driven to combat what he considered a rigged trading system has given him a certain peace of mind he thinks anyone could benefit from "Knowing the risks we took to start IEX, I think partly is grounded in I don't feel that working on Wall Street identifies who I am," Katsuyama said I think I could be totally happy with my life and I think a lot of people over-identify with their jobs Read more: IEX CEO Brad Katsuyama talks about life after 'Flash Boys' and how he's taking on the New York Stock Exchange and Nasdaq There's no doubt about Katsuyama's dedication to his company and its mission But he's learned to separate the company he cares deeply about from his personal identity It's certainly not the most important thing in my life." In fact if it turns out Katsuyama isn't the best leader for IEX one day Katsuyama said that while some people judge their success by how much money they're making if you had a gun to my head right now and said 'What's the value of your stake in IEX?' I would miss it and I learned the lesson early that identifying yourself too much with one thing in a way sets you up to be dramatically disappointed at some point," he said You can subscribe to "This Is Success" in Apple Podcasts or Stitcher A version of this story was originally published on Dec Posted on March 23, 2023 Graduate student Yuto Katsuyama (Kaner group) has been named one of MIT Technology Review’s list of Innovators Under 35 (IU35) Japan for his development of a “next-generation battery” that does not use rare materials The annual list recognizes the brightest young minds working in technology today Katsuyama was recognized at the IU35 Japan Summit in Nihonbashi A third-year chemistry (materials chemistry) graduate student in Professor Richard Kaner’s group From MIT Technology Review Japan: Innovators Under 35 [Japan Version] 2022Creating new and innovative technologies that open up the future Yuto Katsuyama (25)Affiliation: University of California Los Angeles / Satoyama EngineeringDeveloped a “next-generation battery” that does not use rare materials.A new generation of researchers who are driving innovation in the battery field Lithium-ion batteries have been widely used in smartphones and have now become an indispensable part of the world The amount of electricity stored (energy density) per battery weight has not increased This will be a big obstacle for electric vehicles to enter the period of full-scale popularization This is because the cruising distance that can be traveled on a single charge does not increase since conventional lithium-ion batteries use rare materials such as cobalt and nickel battery manufacturers and automobile manufacturers around the world are working on the development of next-generation batteries One example is the all-solid-state battery which uses a solid rather than a liquid electrolyte a doctoral student at the University of California who is researching next-generation batteries chose new battery materials not only to improve performance but also to reduce costs These are the basic elements such as carbon Instead of using rare materials such as cobalt and nickel they created a high-performance next-generation battery using materials that are abundant on earth Katsuyama and his collaborators succeeded in developing the world’s highest-capacity supercapacitor and sodium-ion battery they use protons (hydrogen ions) or sodium ions one of the methods for reducing the cost and improving the energy density of batteries is to “thicken the electrode film.” This is because thicker electrodes (the parts that store energy) reduce the amount of battery materials (the parts that don’t store energy) and increase the weight ratio of the electrodes in the entire battery simply increasing the thickness will only lengthen the migration path of ions and will not function as a battery used a commercially available 3D printer costing less than 30,000 yen to fabricate 3D carbon electrodes with multiple pore sizes and succeeded in thickening the electrodes while securing ion diffusion paths within the electrodes We have succeeded in developing the world’s highest-capacity supercapacitor sodium-ion battery negative electrode which enables high-speed ion transfer even with electrodes that are ten times thicker than conventional electrodes.(Note: A supercapacitor is an energy storage device that not only can store a large amount of energy like a battery but also can be charged at high speed (several tens of seconds to several minutes) like a capacitor.) the battery developed by Katsuyama in joint research with Tohoku University in Japan is called an “organic battery” because it uses organic matter the problem with organic batteries is that it is difficult to raise the voltage above 2.5V Katsuyama and his colleagues focused on a pentagonal organic molecule (croconic acid) which had been difficult to study until then and incorporated it into an organic battery successfully increasing the output voltage to the 4V class the storage capacity has improved to about four times that of conventional lithium-ion batteries it means that the distance that can be driven on a single charge will be four times longer While Katsuyama is active as a researcher based in the United States in May 2022 he co-founded Satoyama Engineering Currently serving as Chief Scientific Officer (CSO) he is also working on the commercial scale development of “environmentally friendly high-performance organic batteries made from biomass” Read the full list of winners here Katsuyama also recently received an International Battery Association (IBA) student scholarship award which covered some of his expenses to attend the IBA 2023 conference in Austin Sign up for free newsletters and get more CNBC delivered to your inbox and more info about our products and services © 2025 CNBC LLC. All Rights Reserved. A Division of NBCUniversal Data also provided by Brad Katsuyama, the CEO of upstart stock exchange IEX, just didn't realize how hard "There was a naivety about me in thinking there was going to be a fight but not fully appreciating how big of a fight it would be," he said on Tuesday at Business Insider's IGNITION 2018 conference in New York who came to prominence as the star of Michael Lewis' 2014 best-selling " Flash Boys," said without the book "I’m not sure if I’m sitting here for a stock exchange right now."  Katsuyama founded IEX in 2012 as a new trading venue that aims to thwart the advantages that he says predatory high frequency traders enjoy on incumbent exchanges like the New York Stock Exchange and Nasdaq.  But by setting out to change how traditional US stock markets function Katsuyama found himself fighting against big Wall Street players.  Read more: Upstart exchange IEX snags its first listing from Nasdaq “Anytime you want to make something simpler the people who benefit from the complexity do not want that to happen," he said 'if you’re taking billions of dollars out of people’s pockets Up next for IEX is a building out a new listings business. In September, the exchange snagged its first listing, Interactive Brokers, from rival Nasdaq A boost in the number of companies listed on IEX would likely mean an increase in the amount of trading that takes place on it as stocks are more likely to trade on the exchange on which they are listed.  Katsuyama said his pitch to companies to switch their listing venue over to IEX is simple "We're the only stock exchange that aligns the interests of investors and companies," he said we say you and the investor are the two most important parts of the market and we have tremendous support from investors and we want to build a relationship with you Most of them haven't been talked to that way .. we're a value-based decision and a lot of CFOs are trying to make value-based decisions." The trading community is in a tizzy over a proposal by America's upstart stock exchange 'They are pulling things out of thin air': The war tearing apart Wall Street has reached a fever pitch IEX CEO Brad Katsuyama talks about life after 'Flash Boys' and how he's taking on the New York Stock Exchange and Nasdaq