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Citadel Securities Sues SEC for Approving New Stock-Order Type

citadel-securities-sues-sec-for-approving-new-stock-order-type

Electronic trading giant Citadel Securities on Friday sued the Securities and Exchange Commission over the agency’s decision to approve a new mechanism for trading stocks at upstart exchange operator IEX Group Inc.

The suit marks an escalation by Citadel Securities in an arcane dispute over IEX’s “D-Limit” order type, which is designed to give traders a way to buy or sell stocks at the exchange while protecting them against unfavorable price moves.

Citadel…

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