The Humble Crumble: Predictive Analytics And Market Fairness

This paper examines how a financial exchange (IEX) integrates socio-technical mechanisms to promote fairness in high-frequency trading environments.Our study focuses on the IEX's Crumbling Quote Indicator (CQI), a predictive algorithm designed to mitigate predatory high-speed strategies and protect long-term investors.By reverse-engineering the CQI from its published model coefficients and applying dimensionality reduction, we trace how the algorithm's internal logic evolved across two successiv