Bloomberg Law
Oct. 25, 2021, 7:54 PM

Citadel Securities, SEC Battle Over Microseconds in IEX Case (1)

Katherine Doherty
Katherine Doherty
Bloomberg News
David Yaffe-Bellany
David Yaffe-Bellany
Bloomberg News

A federal judge challenged a lawyer for Citadel Securities LLC about its efforts to thwart a new kind of market order from IEX Group Inc., the stock exchange operator made famous by “Flash Boys.”

“It’s you who’s going to a federal agency and saying stop a private entity from doing what they want to do,” U.S. Circuit Judge Justin Walker said at a hearing in Washington on Monday, after attorney Jeffrey Wall argued that the order type interferes with the natural course of the market.

The order type, known as D-Limit, has a roughly 350-microsecond delay to blunt ...

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