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IEX’s co-founders Brad Katsuyama, Ronan Ryan, Rob Park and John Schwall meet at Royal Bank of Canada (RBC), where they shared a vision for a more transparent system that better protected investors.

IEX’s origin story is chronicled in Michael Lewis’s New York Times Best Seller “Flash Boys.”

Building off the Signal, IEX debuts D-Peg, a signature patented order type designed to protect dark orders from unstable prices.

IEX launches its D-Limit (Discretionary-Limit) order type. Designed to improve displayed trading for market participants, D-Limit leverages the Signal and is the only exchange order type of its kind designed to protect orders from adverse selection.

A significant iteration on the Signal – known as “Signal v6” – introduces a new rules-based model to the formula, bringing a new level of performance for orders on IEX Exchange.