The SEC has recently approved IEX’s application to launch a national securities exchange with the purpose of promoting competition and innovation by facilitating the ability of market participants to develop market-based initiatives consistent with the SEC’s mission.

The Commission also issued an updated interpretation on automated securities prices – applicable to the Order Protection Rule under Regulation NMS – that requires trading centres to honour prices that are subject to a ‘speed’ bump of less than one millisecond when being accessed.

More information can be found in the SEC’s press release (available here).