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CEO Brad Katsuyama of IEX at NYC Offices.
CEO Brad Katsuyama of IEX at NYC Offices.
(Michael Falco For the Globe and Mail)

‘Flash Boys’ exchange raises $75-million

The trading system made famous in the Michael Lewis book Flash Boys raised $75-million from a group of big-name investors, including an early backer of both Twitter and Tumblr, and plans to use the money to cement its status as a stock exchange.

The New York-based market, known as IEX, was co-founded by Canadian banker Brad Katsuyama with the goal of making financial markets more fair by combating high-frequency traders who use what some believe to be predatory tricks. IEX’s creation became the central tale in Mr. Lewis’s best-selling book, changing Mr. Katsuyama’s life in the process.