prices

SEC Approves IEX Proposal to Launch National Exchange, Issues Interpretation on Automated Securities Prices

On June 17, 2016, the Securities and Exchange Commission (“SEC”) approved the application of Investors’ Exchange LLC (“IEX”) to register as a national securities exchange. Prior to transitioning its operation to a national securities exchange, IEX must satisfy certain standard conditions specified in the SEC’s order, such as “participating in a variety of national market system plans and joining the Intermarket Surveillance Group.”

Additionally, the SEC issued an updated interpretation to the Order Protection Rule under Regulation NMS. The SEC’s updated interpretation determined that a small delay or “speed bump” when accessing automated securities prices will not “prevent investors from accessing stock prices in a fair and efficient manner consistent with the goals of the Order Protection Rule.” Release.