{"id":11126,"date":"2016-09-26T01:52:16","date_gmt":"2016-09-25T22:52:16","guid":{"rendered":"http:\/\/bestinsurance.gr\/a1\/?p=11126"},"modified":"2016-09-26T01:52:16","modified_gmt":"2016-09-25T22:52:16","slug":"the-heroes-of-flash-boys-just-scored-a-landmark-victory-but-the-battle-isnt-over","status":"publish","type":"post","link":"https:\/\/bestinsurance.gr\/a1\/archives\/11126","title":{"rendered":"The heroes of &#8216;Flash Boys&#8217; just scored a landmark victory, but the battle isn&#8217;t over"},"content":{"rendered":"<div data-animation=\"no-animation\" data-icons-animation=\"no-animation\" data-overlay=\"\" data-change-size=\"\" data-button-size=\"0.7\" style=\"font-size:0.7em!important;display:none;\" class=\"supsystic-social-sharing supsystic-social-sharing-package-flat supsystic-social-sharing-content supsystic-social-sharing-content-align-left\" data-text=\"\"><a data-networks=\"[]\" class=\"social-sharing-button sharer-flat sharer-flat-1 counter-arrowed facebook\" target=\"_blank\" title=\"Facebook\" href=\"http:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fbestinsurance.gr%2Fa1%2Farchives%2F11126\" data-main-href=\"http:\/\/www.facebook.com\/sharer.php?u={url}\" data-nid=\"1\" data-name=\"\" data-pid=\"1\" data-post-id=\"11126\" data-url=\"https:\/\/bestinsurance.gr\/a1\/wp-admin\/admin-ajax.php\" rel=\"nofollow\" data-mailto=\"\"><i class=\"fa-ssbs fa-ssbs-fw fa-ssbs-facebook\"><\/i><div class=\"counter-wrap arrowed\"><span class=\"counter\">0<\/span><\/div><\/a><a data-networks=\"[]\" class=\"social-sharing-button sharer-flat sharer-flat-1 counter-arrowed twitter\" target=\"_blank\" title=\"Twitter\" href=\"https:\/\/twitter.com\/share?url=https%3A%2F%2Fbestinsurance.gr%2Fa1%2Farchives%2F11126&text=The+heroes+of+%26%238216%3BFlash+Boys%26%238217%3B+just+scored+a+landmark+victory%2C+but+the+battle+isn%26%238217%3Bt+over\" data-main-href=\"https:\/\/twitter.com\/share?url={url}&text={title}\" data-nid=\"2\" data-name=\"\" data-pid=\"1\" data-post-id=\"11126\" data-url=\"https:\/\/bestinsurance.gr\/a1\/wp-admin\/admin-ajax.php\" rel=\"nofollow\" data-mailto=\"\"><i class=\"fa-ssbs fa-ssbs-fw fa-ssbs-twitter\"><\/i><div class=\"counter-wrap arrowed\"><span class=\"counter\">0<\/span><\/div><\/a><\/div><p>The heroes of &#8216;Flash Boys&#8217; just scored a landmark victory, but the battle isn&#8217;t over.IEX, the company made famous by <a href=\"https:\/\/www.amazon.com\/Flash-Boys-Wall-Street-Revolt-ebook\/dp\/B00HVJB4VM\/ref=tmm_kin_swatch_0?_encoding=UTF8&amp;qid=&amp;sr=&amp;tag=bisafetynet-20\">Michael Lewis&#8217; &#8220;Flash Boys,&#8221;<\/a>received approval from the US Securities and Exchange Commission <a href=\"http:\/\/www.businessinsider.com\/iex-gets-sec-approval-2016-6\">late on Friday, June 17<\/a>, to run a national stock exchange.<\/p>\n<p>The firm <a href=\"http:\/\/www.businessinsider.com\/iex-files-with-sec-to-become-an-exchange-2015-9\">filed with the SEC<\/a> last year to become a stock exchange, kick-starting <a href=\"http:\/\/www.businessinsider.com\/iexs-exchange-application-has-critics-emerge-2015-11\">an ugly battle with some of the incumbent exchanges<\/a>.<\/p>\n<p>That debate has dominated the discussion around equity market structure for the past six months or so.<\/p>\n<p>And now the SEC has given its ruling, you could be forgiven for thinking that we all now move on and get on with our lives. You&#8217;d be wrong.<\/p>\n<p>For one, the trading of barbs is unlikely to stop, even if the SEC has approved IEX&#8217;s exchange application.<\/p>\n<p>Nasdaq said in May that the SEC could be <a href=\"http:\/\/www.businessinsider.com\/nasdaq-law-suit-threat-iex-sec-2016-5\">sued if it approves IEX&#8217;s application<\/a> to become an exchange. On June 20, a spokesman suggested that might still be on the table.<\/p>\n<p>&#8220;We are evaluating the SEC\u2019s decision and assessing all options to ensure the best outcome for the US equity markets and all of its participants,&#8221; the spokesman said.<\/p>\n<p>In addition, IEX now has to prove itself all over again. The firm has a market share of around 2% as an alternative trading system, which is about as large as an ATS can get, according to IEX CEO Brad Katsuyama.<\/p>\n<p>The firm now wants to make use of its new exchange status to scale up. It has talked publicly in the past about <a href=\"https:\/\/www.iextrading.com\/policy\/ceo-letter\/\">receiving inbound inquiries from public companies<\/a> about listings on the exchange, for example.<\/p>\n<p>In that sense, the SEC approval is a license to compete, and nothing more.<\/p>\n<p>&#8220;It will still be a battle,&#8221; Katsuyama <a href=\"http:\/\/www.businessinsider.com\/iex-ceo-brad-katsuyama-interview-lies-flash-boys-and-egregious-pricing-2016-6\">told Business Insider a few weeks ago<\/a>. &#8220;It is still a competition. It is still going to be fierce. I don&#8217;t really plan on letting our guard down.&#8221;<\/p>\n<p>In a four-minute video posted on YouTube and IEX&#8217;s website over the weekend, John Schwall, chief operating officer at IEX, echoed this sentiment.<\/p>\n<p>&#8220;We cannot falter. We cannot compromise our integrity. We cannot let down our guard,&#8221; he said.<\/p>\n<div><iframe loading=\"lazy\" src=\"http:\/\/www.youtube.com\/embed\/meDZ5wU8Pls\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<p>In this battle to compete, there will be a renewed focus on IEX&#8217;s execution quality, or the quality of the service it provides to investors trading on the exchange.<\/p>\n<p>\u201cThe debate will now move to best execution, and whether IEX can improve its quality to be on par with other exchanges,&#8221; Bill Harts, the chief executive of Modern Markets Initiative, an industry advocate for high-frequency trading, told Business Insider. &#8220;Brokers must be diligent about getting the best deal for their clients.\u201d<\/p>\n<p>Market watchers will be paying close attention to this over the coming months. Those on both sides of the aisle will look for evidence that IEX&#8217;s speed bump, which delays trading by 350 microseconds, positively or negatively affects market quality.<\/p>\n<p>&#8220;We must be vigilant to identify unintended consequences, and firm in our commitment to equitable and consistent treatment for all investors,&#8221; Jamil Nazarali, head of Citadel Execution Services at Citadel Securities, <a href=\"http:\/\/www.reuters.com\/article\/us-usa-sec-iex-idUSKCN0Z32NM\">told Reuters on Friday<\/a>. Citadel was one of the firms that urged the SEC to reject the IEX application.<\/p>\n<p>Then there is the practical stuff. <a href=\"https:\/\/www.iextrading.com\/\">IEX plans to have a stock-by-stock phase-in period<\/a> for the launch of the exchange, August 19 through September 2.<\/p>\n<p>Stay tuned, folks. This story isn&#8217;t done yet.<\/p>\n<p>&nbsp;<\/p>\n<p>Source:<a href=\"http:\/\/www.businessinsider.com\/iex-critics-start-taking-aim-2016-6\" target=\"_blank\">link<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<div data-animation=\"no-animation\" data-icons-animation=\"no-animation\" data-overlay=\"\" data-change-size=\"\" data-button-size=\"0.7\" style=\"font-size:0.7em!important;display:none;\" class=\"supsystic-social-sharing supsystic-social-sharing-package-flat supsystic-social-sharing-content supsystic-social-sharing-content-align-left\" data-text=\"\"><a data-networks=\"[]\" class=\"social-sharing-button sharer-flat sharer-flat-1 counter-arrowed facebook\" target=\"_blank\" title=\"Facebook\" href=\"http:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fbestinsurance.gr%2Fa1%2Farchives%2F11126\" data-main-href=\"http:\/\/www.facebook.com\/sharer.php?u={url}\" data-nid=\"1\" data-name=\"\" data-pid=\"1\" data-post-id=\"11126\" data-url=\"https:\/\/bestinsurance.gr\/a1\/wp-admin\/admin-ajax.php\" rel=\"nofollow\" data-mailto=\"\"><i class=\"fa-ssbs fa-ssbs-fw fa-ssbs-facebook\"><\/i><div class=\"counter-wrap arrowed\"><span class=\"counter\">0<\/span><\/div><\/a><a data-networks=\"[]\" class=\"social-sharing-button sharer-flat sharer-flat-1 counter-arrowed twitter\" target=\"_blank\" title=\"Twitter\" href=\"https:\/\/twitter.com\/share?url=https%3A%2F%2Fbestinsurance.gr%2Fa1%2Farchives%2F11126&text=The+heroes+of+%26%238216%3BFlash+Boys%26%238217%3B+just+scored+a+landmark+victory%2C+but+the+battle+isn%26%238217%3Bt+over\" data-main-href=\"https:\/\/twitter.com\/share?url={url}&text={title}\" data-nid=\"2\" data-name=\"\" data-pid=\"1\" data-post-id=\"11126\" data-url=\"https:\/\/bestinsurance.gr\/a1\/wp-admin\/admin-ajax.php\" rel=\"nofollow\" data-mailto=\"\"><i class=\"fa-ssbs fa-ssbs-fw fa-ssbs-twitter\"><\/i><div class=\"counter-wrap arrowed\"><span class=\"counter\">0<\/span><\/div><\/a><\/div><p>The heroes of &#8216;Flash Boys&#8217; just scored a landmark victory, but the battle isn&#8217;t over.IEX, the company made famous by Michael Lewis&#8217; &#8220;Flash Boys,&#8221;received approval from the US Securities and Exchange Commission late on Friday, June 17, to run a national stock exchange. The firm filed with the SEC last year to become a stock<\/p>\n","protected":false},"author":1,"featured_media":11127,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":["post-11126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/posts\/11126","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/comments?post=11126"}],"version-history":[{"count":1,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/posts\/11126\/revisions"}],"predecessor-version":[{"id":11128,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/posts\/11126\/revisions\/11128"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/media\/11127"}],"wp:attachment":[{"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/media?parent=11126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/categories?post=11126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/tags?post=11126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}