PoliticoPro: Financial Services Whiteboard

"The most likely hangup with the SEC was their order router,” said Tyler Gellasch, a former SEC staffer.

“Now that IEX has offered to revise its order router, which would arguably have given IEX a competitive advantage over other market centers, we suspect the odds of approval by the SEC to be very high,” said Gellasch, now head of a trade group representing asset management firms.

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