Friday, July 29, 2022 2:26:02 PM
“It’s not fair, and that’s why IEX, an investor-friendly exchange, developed a new order type that helps neutralize the HFTs’ advantage. When the market price is about to change, it reprices pending orders before HFT’s can strike, blunting their advantage. But because so much easy money was at stake, Citadel was quick to challenge the SEC’s approval of the order in court.
“Fortunately, the Court was spot on, rejecting all of Citadel’s arguments and holding that the SEC’s decision was based on substantial evidence, was not unfair or arbitrary and capricious, and was properly explained. The Court also appreciated what was at stake, as we explained in the amicus brief we filed in the case. It’s really a double win. It means that technological innovation like the IEX order type really can make life better for everyday investors—including countless retirement savers who must be able to rely on a fair market. It’s also a strong precedent, confirming that a well-reasoned and well-supported decision by the SEC can survive the almost inevitable legal challenges from the financial firms who stand to lose their unfair advantages and hence their undeserved out-sized profits.”
https://bettermarkets.org/newsroom/todays-court-win-for-the-sec-is-a-big-win-for-investors/
"Be fearful when others are greedy, and greedy when others are fearful."
_Warren Buffett
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