As has been widely reported, the application of Investors' Exchange, LLC (IEX) to register with the Securities and Exchange Commission (SEC) as a national securities exchange has generated unprecedented interest and a fair share of controversy. IEX came to public prominence as the result of its featured role in the 2014 Michael Lewis book Flash Boys. From the initial application to approval, the registration process took 10 months, required five application amendments by IEX, and generated nearly 450 comment letters. A primary point of contention among market participants arose from IEX's plan to impose an intentional "speed bump" that will delay incoming electronic messages to IEX (e.g., orders to buy or sell and modifications to previously sent open orders) and outbound messages from IEX (e.g., confirmations of executions) by 350 microseconds. IEX views the delay as a means to prevent high-frequency traders from taking advantage of other market participants, but opponents contend (among other things) that the delay will create stale prices and the opportunity for manipulation. On June 17, the SEC simultaneously approved IEX's application for registration and issued an interpretation that effectively requires other trading centers to honor IEX quotes under the SEC's national market system rules, despite the delay imposed by the speed bump.