On October 6, 2015, Jorge Contreras presented the results of a recent study of the IPXI Exchange at the 9th International Conference on Standardization and Innovation in Information Technology in Sunnyvale, California. He will lectured on the same topic on October 12, 2015, at the Law and Economics Workshop at Columbia Law School in New York. The IPXI Exchange sought to promote a commodities market approach to unitized license rights for patents essential to the 802.11 Wi-Fi standard. Despite early interest from the press and regulatory authorities, IPXI closed its doors in March 2015. This paper analyzes IPXI’s attempt to offer a standardized “fair, reasonable and non-discriminatory” (FRAND) license to the marketplace, and the causes of IPXI’s early demise.