Insights

Wall Street Journal opinion piece: Equities Policy Needs Surgery, Not Band-Aids

Volatilty, flash-crash risks and bigger dark pools are the legacy of the SEC's Regulation NMS.
By Paul Atkins

IEX, the self-declared anti-high-frequency trading venue praised in Michael Lewis's 2014 book, "Flash Boys," has filed an application with the Securities and Exchange Commission to change from a "dark pool" to a full-fledged stock exchange. Good news, one might think. But in so doing, IEX has exposed the regulatory quagmire harming the U.S. securities markets.