The Investors Exchange (IEX) has hired the head of global equities electronic trading at JP Morgan as chief operating officer to oversee its exchange operations.
Daniel Ciment joins IEX after ten years at JP Morgan where he served as head of global equities electronic trading and global agency program trading. He will begin his role as COO of IEX Exchange next month, reporting to IEX president and co-founder Ronan Ryan.
During his time at JP Morgan, Ciment’s team established various execution products for the bank’s institutional, hedge fund, broker-dealer and corporate clients. He has also previously held similar roles in electronic trading at Barclays, Lehman Brothers and ITG.
“Over the years, we have built a great and trusted relationship with Daniel in his role leading the JP Morgan Equities Electronic Trading business,” said IEX co-founder and CEO, Brad Katsuyama. “He is an industry leader and well regarded by our clients, both on the buy-side and sell-side. Bringing Daniel onboard as the COO of the Exchange gives us a senior leader who can help drive IEX to the next level as we look at a number of significant opportunities on the horizon.”
Ryan, IEX co-founder and president, added that Ciment’s experience in providing service and product innovation to market participants throughout his time at JP Morgan and broader career is invaluable to the exchange.
In August, IEX moved to implement market access charges on its most active trading members for the first time. The decision followed IEX’s disclosure of its costs to produce market data and connectivity amid widespread debate on allegedly overpriced exchange data and connectivity products.