Exchanges are in part responsible for creating the conditions that have benefited high-frequency trading firms and caused structural inefficiencies and market unfairness, the chief executive of trading venue IEX Group told the House of Lords.

Brad Katsuyama, CEO of alternative trading venue IEX Group, yesterday gave evidence to a House of Lords Economic Affairs Committee session on high-frequency trading, during which he explained how he believes markets are rigged and what can be done to remedy the situation.