The debate that engrossed observers of the equity markets over the application of the dark pool featured in Michael Lewis’s Flash Boys: A Wall Street Revolt, has faded. As well, the Investors Exchange LLC (“IEX”), application for approval as public exchange has died down for the time being. What may reignite the controversy is the filing of a suit threatened by other exchanges or high frequency traders, or both, challenging the SEC’s June 2016 decision to approve the application. Central to the threatened lawsuit is the claim, advanced most forcefully by the exchanges and Citadel Investment Group, that IEX’s strategy violates Regulation NMS, and specifically Rule 600(b)(3). The problem, the
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