Trading

Former SEC commissioner joining IEX board

Former SEC Commissioner Kara Stein joined the board of directors of IEX Group, the independent stock exchange said Tuesday.

Ms. Stein, a Democrat, served on the Securities and Exchange Commission from August 2013 until January. Before that, she was staff director of the Senate Banking, Housing, and Urban Affairs Subcommittee on Securities, Insurance and Investment.

Ms. Stein is now a Distinguished Policy Fellow at the University of Pennsylvania School of Law and a Senior Research Fellow at the Center on Innovation at the University of California Hastings School of Law.

IEX CEO Brad Katsuyama said in a statement that Ms. Stein's SEC track record "speaks to her commitment to building a strong, resilient capital markets ecosystem that puts the interests of investors and the public first."

In the same statement, Ms. Stein said: "I look forward to helping IEX continue to improve market transparency for both public companies and investors. I am excited about the company's mission of developing cutting-edge technologies to enhance and create new standards of performance in the marketplace."

Between an SEC transaction fee pilot and a push by investors for more transparency about trading costs, Ms. Stein is joining the IEX point at a critical time. The transaction fee pilot was put largely on hold in February to address legal challenges raised by the major exchanges.