IEX becomes 13th National Stock Market in US as SEC approves its speed bump.
The 13th national stock exchange has been approved in the United States, after the Securities and Exchange Commission (SEC) gave the green light for the application by Investors’ Exchange LLC (IEX) to register as a National Market System (NMS).
The new world of Online Trading, fintech and marketing – register now – for the Finance Magnates Tel Aviv Conference, June 29th 2016.
On behalf of the entire IEX team, I would like to sincerely thank you all for supporting us throughout our application to become an exchange.
Speedbump approval
The SEC said that IEX must still meet certain conditions specified in the agency’s order before it can start to transform itself into a national securities exchange, according to the update. The regulator also provided an interpretation that will require other trading centers to honor the small delay, known as a ‘speed bump’, when automated securities prices are being accessed under the intentional latency.
The speed bump slows all orders down in order to deter predatory order flow or latency-driven arbitragers who use high-frequency trading (HFT) techniques to exploit time delays, while at the same time the speed bump is small enough keep the degree of latency controlled as to not affect genuine traders negatively.
Today’s actions promote competition and innovation, which our equity markets depend on to continue to deliver robust, efficient service to both retail and institutional investors.
Delay at a de minimis level
As NMS prices in the U.S. can be subject to best-execution Regulation rules under National Best Bid/Offer (NBBO), the SEC determined that a small delay won’t prevent investors from accessing stock prices in a fair manner based on Order Protection Rues, and provided guidance explaining that delays of less than one millisecond are at a de minimis level.
“Today’s actions promote competition and innovation, which our equity markets depend on to continue to deliver robust, efficient service to both retail and institutional investors,” said SEC Chair Mary Jo White, commenting in an official statement.
Promotes innovation
“A critical role of the Commission’s regulatory framework is to facilitate the ability of market participants to craft appropriate market-based initiatives, consistent with our mission to protect investors, maintain market integrity, and promote capital formation.”
IEX plans in August to begin phasing in securities one-by-one through September as it expects to launch, according to a timeline description on the exchanges website, and as explained by the company's CEO Brad Katsuyama in a letter to IEX buy-side and sell-side clients:
"On behalf of the entire IEX team, I would like to sincerely thank you all for supporting us throughout our application to become an exchange. We are thrilled that the SEC has approved our Exchange Filing which puts us on track to commence a symbol-by-symbol roll-out on August 19th, concluding on September 2nd."
IEX Latency
The delay from IEX is provided via a 38-mile coil of optical fiber that is placed in front of its trading engine. This enables a round-trip delay of 0.0007 seconds – believed to deter a trader’s ability to respond on a dark pool venue ahead of IEX’s own pricing algorithms, as explained on the company’s website.
The 700 microsecond speedbump aims to prevent others from beating IEX’s own computers in terms of any latency that could otherwise be exploited if the speedbump was missing.
The 13th national stock exchange has been approved in the United States, after the Securities and Exchange Commission (SEC) gave the green light for the application by Investors’ Exchange LLC (IEX) to register as a National Market System (NMS).
The new world of Online Trading, fintech and marketing – register now – for the Finance Magnates Tel Aviv Conference, June 29th 2016.
On behalf of the entire IEX team, I would like to sincerely thank you all for supporting us throughout our application to become an exchange.
Speedbump approval
The SEC said that IEX must still meet certain conditions specified in the agency’s order before it can start to transform itself into a national securities exchange, according to the update. The regulator also provided an interpretation that will require other trading centers to honor the small delay, known as a ‘speed bump’, when automated securities prices are being accessed under the intentional latency.
The speed bump slows all orders down in order to deter predatory order flow or latency-driven arbitragers who use high-frequency trading (HFT) techniques to exploit time delays, while at the same time the speed bump is small enough keep the degree of latency controlled as to not affect genuine traders negatively.
Today’s actions promote competition and innovation, which our equity markets depend on to continue to deliver robust, efficient service to both retail and institutional investors.
Delay at a de minimis level
As NMS prices in the U.S. can be subject to best-execution Regulation rules under National Best Bid/Offer (NBBO), the SEC determined that a small delay won’t prevent investors from accessing stock prices in a fair manner based on Order Protection Rues, and provided guidance explaining that delays of less than one millisecond are at a de minimis level.
“Today’s actions promote competition and innovation, which our equity markets depend on to continue to deliver robust, efficient service to both retail and institutional investors,” said SEC Chair Mary Jo White, commenting in an official statement.
Promotes innovation
“A critical role of the Commission’s regulatory framework is to facilitate the ability of market participants to craft appropriate market-based initiatives, consistent with our mission to protect investors, maintain market integrity, and promote capital formation.”
IEX plans in August to begin phasing in securities one-by-one through September as it expects to launch, according to a timeline description on the exchanges website, and as explained by the company's CEO Brad Katsuyama in a letter to IEX buy-side and sell-side clients:
"On behalf of the entire IEX team, I would like to sincerely thank you all for supporting us throughout our application to become an exchange. We are thrilled that the SEC has approved our Exchange Filing which puts us on track to commence a symbol-by-symbol roll-out on August 19th, concluding on September 2nd."
IEX Latency
The delay from IEX is provided via a 38-mile coil of optical fiber that is placed in front of its trading engine. This enables a round-trip delay of 0.0007 seconds – believed to deter a trader’s ability to respond on a dark pool venue ahead of IEX’s own pricing algorithms, as explained on the company’s website.
The 700 microsecond speedbump aims to prevent others from beating IEX’s own computers in terms of any latency that could otherwise be exploited if the speedbump was missing.
Institutional FX Demand Continues to Climb in April
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Looking to expand your network in #Africa?
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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