IEX Adjusts Exchange Application to Circumvent Key Objection
- In filing, IEX proposes to change the way its router operates
- SEC's current deadline to decide on IEX proposal is March 21
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IEX Group Inc. edited its application to become a U.S. stock exchange, changing a feature that had fueled months of controversy.
The dark pool operator redesigned its router, a piece of technology that sends unfilled orders to other venues. In IEX’s original plan, the router wasn’t subject to the exchange’s fraction-of-a-second “speed bump” on orders -- something critics said wasn’t fair. Now it will be, according to a revised application released on Monday.