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IEX, the start-up trading venue seeking to become a stock exchange, has changed its proposal in the hope of winning approval for its hotly contested application. Now all orders would pass through its speed bump before going to its router.
Its bid to become an exchange has sparked a bitter debate in the industry, with the Securities and Exchange Commission fielding hundreds of comment letters from both supporters such as asset managers and critics such as the New York Stock Exchange and Nasdaq, as well as Citadel, the hedge fund and market maker. A lightning rod of the criticism has been IEX’s router, which sends trades that it cannot fill in-house to other exchanges.
https://next.ft.com/content/941d97fe-df2d-11e5-b072-006d8d362ba3
