It's important to understand the original business model of IEX (and IEX's hedge fund backers) and why they put in the speedbump. When large well informed fund

It's important to understand the original business model of IEX (and IEX's hedge fund backers) and why they put in the speedbump. When large well informed funds want to trade large blocks of shares the price tends to quickly move against them so they make their trade at a slightly worse price. These funds would all like it if the market moved slower so that they got better prices so they made an exchange that moved slower. The trick is that other people don't want to trade on exchanges with less up to date prices. So IEX made up a bunch of false stories about how HFTs were bad for retail investors. They even tricked Michael Lewis into writing a book/advertisement for them. They also produced a slick video wrapping themselves in the flag/americana to try to trick people. You can watch it here: https://www.youtube.com/watch?v=v2OZkTesSx0 https://www.youtube.com/watch?v=v2OZkTesSx0