Matt Levine, Columnist

Regulatory Comments and CEO Skill

Also sweary emails, bitcoin arbitrages, CEO perks and ICO legality.

December 13, 2017 at 3:00 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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Back when IEX Group Inc. was applying to be a public stock exchange, the Securities and Exchange Commission got a lot of comments from interested parties supporting and opposing its application. Some high-frequency traders and competing exchanges questioned the fairness of IEX's architecture; some institutional investors endorsed its approach. These comment letters were often long and informed and written by experts, with detailed analysis of market structure and thoughtful arguments about the effects of approving IEX.