Finance is a bloated industry. It is opaque and old-fashioned, and it has not substantially improved through the technological revolution in the way other industries have, in part because there are tremendous barriers to entry for new innovative players.
Proof is taking a crack at changing finance for the better by starting with what we know: U.S. institutional equities trading. We are building a nimble, transparent, highly effective equities execution platform and hope to go live in 2020.
The U.S. stock market, like many other areas with finance, is chock full of conflicts of interest. The players are powerful, protectionist, and profit-driven, and they collect huge amounts of money year after year. Our previous company, IEX, has done a wonderful job exposing many of the worst aspects of the stock market and offering an alternative model for a stock exchange: one that is fair and transparent. Our hope is to continue fighting the good fight, this time by focusing more specifically on questionable practices at the broker-dealer layer of the system, and again developing a better, fairer approach.
And we don't plan to stop there. U.S. equity trading is our foothold, but we aspire to shine a light on other issues in the industry as well. Proof is not about introducing revolutionary changes that will make the existing finance system obsolete in one fell swoop; we are simply trying to tackle specific problems one-by-one from the inside.