The SEC recently set a June 18, 2016 deadline to rule on IEX’s application for registration as a securities exchange. IEX had already consented to an extension of time to rule on its application until March 21, 2016. However, the Commission determined that an extension of time was warranted after IEX amended the application in early March to make significant changes to its proposed outbound routing structure.
The order states that the SEC is instituting proceedings to determine whether to grant or deny the application. The SEC states that “[i]nstitution of such proceedings is appropriate at this time in view of the issues raised by the application, the significant changes proposed in IEX’s recent amendments, and the need for the Commission to provide the public with an opportunity to comment and allow the Commission to consider comments received on the recently filed features of the IEX market.” The order makes clear that the SEC has not yet determined its conclusion regarding the application and encourages public comment to inform its process.