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MarketScreener Homepage  >  Equities  >  Euronext Amsterdam  >  IEX Group N.V.    IEX   NL0010556726

IEX GROUP N.V.

(IEX)
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IEX N : Citadel Securities sues SEC over approval of new stock-order type

10/16/2020 | 09:41pm EST

Oct 16 (Reuters) - Citadel Securities, which provides trading services to asset managers, banks, broker-dealers and hedge funds, has sued the Securities and Exchange Commission over its decision to approve a new mechanism for trading stocks at upstart exchange operator IEX Group Inc.

"The SEC failed to properly consider the costs and burdens imposed by this proposal that will undermine the reliability of our markets and harm tens of millions of retail investors," a Citadel Securities spokeswoman said in an email on Friday.

The lawsuit, which was filed on Friday and first reported by the Wall Street Journal, increases Citadel Securities' dispute over IEX's "D-Limit" order type. The D-Limit is designed to give traders a way to buy or sell stocks at the exchange while protecting them against unfavorable price moves.

Citadel Securities earlier asked the SEC to reject the proposal from IEX, saying the D-Limit will damage the U.S. stock market's integrity. But in August, the SEC sided with IEX allowing the plan to go forward.

Citadel Securities asked the U.S. Court of Appeals for the District of Columbia Circuit to review the SEC's decision to approve the D-Limit order, according to a copy of the court filing.

The SEC was not immediately available for comment late on Friday.

IEX President Ronan Ryan, in a statement quoted by the Wall Street Journal, said he was confident the SEC's decision will be upheld. "Since its launch on Oct. 1, D-Limit is already proving valuable to a broad set of market participants," Ryan said.

"From our perspective, this recent action should only encourage more investors, brokers and market makers to use D-Limit given that the protections we have created are clearly working," Ryan said. (Reporting by Kanishka Singh; Editing by Leslie Adler)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
IEX GROUP N.V. 0.96% 2.1 Delayed Quote.-45.26%
THE CITADEL GROUP LIMITED 0.35% 5.7 End-of-day quote.15.85%
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Financials
Sales 2019 3,93 M 4,75 M 4,75 M
Net income 2019 -1,12 M -1,35 M -1,35 M
Net Debt 2019 3,67 M 4,42 M 4,42 M
P/E ratio 2019 -12,3x
Yield 2019 -
Capitalization 7,69 M 9,27 M 9,28 M
EV / Sales 2018 3,49x
EV / Sales 2019 4,47x
Nbr of Employees -
Free-Float 47,3%
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Managers
NameTitle
Peter van Sommeren Chief Executive Officer
Peter Paul F. de Vries Chairman
Hans Poul Veldhuyzen van Zanten Non-Executive Director
Gerben P. Hettinga Non-Executive Director
Jonathan Yam Head-Technology Development
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