Bradley Katsuyama, chief executive of the stock trading upstart IEX Group, made waves on Wall Street by playing the part of a disruptive innovator who said he believed the markets were “rigged.” But he adopted a softer tone on Tuesday in testimony prepared for a hearing before the Senate Permanent Subcommittee on Investigations…Senator John McCain, Republican of Arizona, and the ranking member of the panel, asked Mr. Katsuyama whether it was accurate to describe the market as “rigged.” Mr. Katsuyama said that term was “a word that can be used to describe” the disadvantages that certain investors suffer in the market, but he stopped short of endorsing it. “What it did was it gave our critics and people who are part of the problem a reason to talk about something else,” Mr. Katsuyama said. “It was a distraction which was unfortunate.” [Dealbook]

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Comments (10)

  1. Posted by Brad & Mike L. | June 17, 2014 at 2:19 PM

    HFT taking money from T Rowe Price is evil.
    T Rowe Price taking money from widows and orphans is noble.

  2. Posted by Guest | June 17, 2014 at 4:37 PM

    Shaming for Order Flow is an interesting business model

  3. Posted by Minetta Hr Quant | June 17, 2014 at 4:41 PM

    Its all going to be machines anyway. Cash equity trading is a dead business. tenth of a penny a share, woohoo! Wall St headcount is gong to come down severely over the next 5 years. Sad but true.

  4. Posted by Wideclops | June 17, 2014 at 4:51 PM

    Starting with you….

    -Wideclops

  5. Posted by Turd Burglar | June 17, 2014 at 4:59 PM

    I work for myself now fool. Im smarter than you, Im not holding on to some Wall St pipe dream jackknob

  6. Posted by Guest | June 17, 2014 at 6:20 PM

    The word was used to sell books and spice up the marketing tour.

  7. Posted by Guest | June 17, 2014 at 7:01 PM

    Anyone else think all three of these are the same person?

  8. Posted by wideclops | June 17, 2014 at 8:18 PM

    definitely not… "turd burglar" is prolly in his basement.. on his front run by Citadel TD Ameritrade account

  9. Posted by Ignoranceisstrength | June 17, 2014 at 8:43 PM

    Nothing like a little slander to sell books. I mean, if it results in a bunch of misguided and not necessarily well intentioned politicians changing semi- flawed market structure into seriously damaged, what's the harm?

  10. Posted by Quant me maybe... | June 18, 2014 at 7:44 AM

    The you should buy a keyboard that has apostrophes (these things -> ' ).