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'Flash Boys' Exchange Isn't About the Little Guy - Bloomberg

Citadel is, of course, one of those "market makers that execute most retail orders," so it has a dog in this fight: Retail brokers send most of their customers' orders to "wholesale" market makers like Citadel, 1 unless the customers specifically direct the brokers to send the orders elsewhere. Citadel's comment letter to the Securities and Exchange Commission on IEX's application to become a public stock exchange goes on in that vein, for five pages. "IEX behaves as though it is entitled to special treatment because its owners were lionized in a popular book by a celebrity writer," 2 says Citadel. It is a fun read!