Hacker News Reader

It links to a slightly longer article [1], which provides a bit of detail, but doesn't elucidate.

First of all, how do you only allow passive orders? If an order is marketable when it arrives at the exchange, then is it rejected?

Second, how does this resemble IEX's speed bump? I'm very confused.

[1] http://www.bloomberg.com/news/articles/2016-02-03/this-upsta...

View on HN

Basically in their rulebook it says that all prop (as opposed to agency) flow must be passive, and if they find aggressive prop flow from a member they can terminate the membership.

The tie in to IEX is tenuous at best.

Good explanation of IEX here: https://www.fastcompany.com/3031242/a-no-nonsense-explanatio...

Well for one it explains why some HFT actors are so vehemently opposed to IEX's HFT-limiting exchange application, as investors leave any venue that still permits HFTs, and go to alternatives such as Aquis and, if its application is granted, IEX.

Comments like these... they just show you have no idea what you're talking about. Investors are perfectly free to trade on the IEX ATS all day long in its current incarnation.

Reply on news.ycombinator.com