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April 12, 2021

Better Markets Amicus Brief in Citadel v. SEC

On April 12, 2021, Better Markets filed an amicus brief in the D.C. Circuit supporting the SEC’s approval of a new order type developed by IEX.  That order type will help protect millions of Americans from predatory high-frequency traders.

A handful of high frequency trading firms, including Citadel, spend vast sums to acquire sophisticated equipment and non-public information that give them a huge and unfair  advantage in the marketplace. IEX is an exchange that is attempting to improve market efficiency and transparency by creating a fairer trading environment for all investors. As part of that effort, IEX designed a new order type that helps neutralize the advantages that enable high-frequency traders to generate virtually guaranteed profits at the expense of others.

After a public comment and engagement process, the SEC determined that this new order type would be beneficial to investors and the markets. Citadel is now asking the court to overturn this decision, desperately clinging to its profitable business model. Better Markets fully supports IEX’s aims and asks the court to affirm the SEC’s determination

Read our full brief here, or by clicking the button below.

Amicus Briefs
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