JPMorgan, KCG and Themis Trading are among the brokers thatwill participate in the IEX Block Day, the aspiring exchanges charity event that will take place on Thursday, October 15.
The proceeds from the buyside equity-trading venue will be donated to support MDAs Wings Over Wall Street, the charitable gala benefitting finding a cure for Amyotrophic Lateral Sclerosis (ALS). The disease is most commonly known as Lou Gehrigs Disease.
[Take a tour of theIEX Trading Floor]
As a top provider of blocks in IEX, we are excited to take part in supporting such a great cause. Clients can rest an order directly in IEX, as well as use our algos that source block liquidity, said Noel Reyes, head of product for Americas equities execution services for JPMorgan.
Charlie Susi, head of electronic trading for KCG, said:”We’re always pleased to be part of opportunities to do the right thing, whether that is helping our clients find quality execution, or lending support to our partners like IEX as they work with remarkable, socially impactful programs like Wings over Wall Street.”
At Themis we pride ourselves on our execution capabilities, said Themis Trading partner, Sal Arnuk. We are thrilled to be involved with IEX and the amazing MDA organization, and help WOWS to fund ALS research efforts.
Getting block execution and helping raise money for a great cause is a win-win for the buy side, said Joe Saluzzi, also a partner at Themis. And we hope our buyside friends make a special effort to route their large trades through us to IEX on Oct. 15th.
The charity is an important one for John Schwall, COO and co-founder of IEX. “Growing up, my mother encouraged my sisters and me to spend many of our weekends raising money for the Muscular Dystrophy Association.My mother later succumbed to ALS, but not before gifting me with a lifelong sense of purpose.I’m honored to serve as 2015 Co-Chair for Wings Over Wall Street, the preeminent event for raising awareness and support to find a cure for ALS,” he said.
In support of Schwalls connection to the fight against ALS, IEX will give away all revenues associated with block trades on its venue. Block trades are defined as trades of at least 10,000 shares or notional value of at least $200,000.According to a press statement, IEX will also donate all non-block revenue from Block Dayin excess of the trailing 5-day average to ensure that MDA receives any incremental revenue on IEX related to this event.
