“The upstart IEX’s application to become a full-fledged stock exchange was contentious as it awaited approval by the Securities and Exchange Commission.

Once the SEC announced on Friday evening that IEX had won approval, though, lawmakers who had earlier submitted worrying comments about the possible market effects were quiet about the approval.

IEX has been a major topic on Wall Street since Michael Lewis told the story of its creation in the 2014 book Flash Boys. IEX’s application to be a full-fledged exchange aimed at slowing the market down with its novel “speed bump” mechanism came in late 2015, and the SEC announced its conditional approval on Friday.”

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“Even for supporters of IEX, though, the SEC’s decision might not be enough to bring solace to market observers who are worried about the possible risks of high-frequency trading. In a late Friday statement, Better Markets President and CEO Dennis Kelleher said that the SEC “must do more” beyond IEX’s approval.”

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To read the full Morning Consult article by Ryan Rainey click here.