IEX Receives SEC Approval for D-Limit Order Type

The US Securities and Exchange Commission has approved the proposed Discretionary Limit, or D-Limit, order type from exchange operator IEX Group as three new exchanges are also slated to launch within the next month. IEX said the purpose of the D-Limit order type is to protect liquidity providers from potential adverse selection resulting from latency arbitrage trading strategies, and to encourage members to submit more displayed limit orders to the exchange.