--- title: Healthy Markets Association Files Brief to Support D-Limit description: Citadel Securities is suing the SEC for approving IEX's D-Limit order type. image: https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/iStock-876410350-May-12-2022-09-34-44-52-AM.jpg --- ![websites-group](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/new-MMG-01.svg) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-new-marketsmedia-logo.svg)](https://www.marketsmedia.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-traders-redlogo.svg)](https://www.tradersmagazine.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-bestexe-logo.svg)](https://www.bestexecution.net/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-fidesk-logo.svg)](https://www.fixglobal.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-fixglobal-new-logo.svg)](https://www.fixglobal.com/) - [*Facebook*](https://www.facebook.com/MarketsMedia/) - [*Twitter*](https://twitter.com/marketsmedia) - [*Linkedin*](https://www.linkedin.com/company/markets-media-llc) - [Newsletter](https://articles.marketsmedia.com/healthy-markets-association-files-brief-to-support-d-limit-order#popup-newsletter) #### Want the latest news on securities markets -- FREE? Sign up to receive exclusive articles on topics including: - Equity market structure - Profiles of buy-side investment firms - The evolution of multi-asset-class trading - Regulation and its implications for markets - The search for liquidity in fixed income markets - The convergence of fintech and capital markets Select one or more newsletters you would like to receive: menu [![Markerts media](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/header%20logo.svg "Markerts media")](https://articles.marketsmedia.com/) - [Regulation](https://articles.marketsmedia.com/tag/regulation) - Regulation - Healthy Markets Association Files Brief to Support D-Limit Search - [Home](https://articles.marketsmedia.com/) - [Trending](https://articles.marketsmedia.com/tag/trending) - [Featured](https://articles.marketsmedia.com/tag/daily-email-feature) - [Sectors](https://articles.marketsmedia.com/tag/sectors) - [From The Markets](https://articles.marketsmedia.com/tag/from-the-markets) - [AWARDS](https://articles.marketsmedia.com/tag/events) - [Newsletter](https://awards.marketsmedia.com/newsletter-sign-up) - [Newsletter](https://articles.marketsmedia.com/healthy-markets-association-files-brief-to-support-d-limit-order#popup-newsletter) Hide search Search - NewsLetter ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/trading-up-occ-iex-select-board-members-citadel-lands-lieblich-573x379-Jul-07-2022-09-34-11-57-AM.jpg) [ON THE MOVE: Citi Hires Artie Ambrose;...](https://articles.marketsmedia.com/on-the-move-citi-hires-artie-ambrose-natalie-a-brown-to-mesirow) ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/Depositphotos_445735906_L.jpg) [Trading Adapts to ESG and Sustainable...](https://articles.marketsmedia.com/trading-adapts-to-esg-and-sustainable-investing) ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/iStock-917493152-Jul-07-2022-09-34-19-09-AM.jpg) [Focus on FX Execution Connectivity](https://articles.marketsmedia.com/focus-on-fx-execution-connectivity) ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/Depositphotos_333839538_L.jpg) [TRACE Turns 20](https://articles.marketsmedia.com/trace-turns-20) 04.14.2021 By Shanny Basar Regulation # Healthy Markets Association Files Brief to Support D-Limit 04.14.2021 By Shanny Basar ![Healthy Markets Association Files Brief to Support D-Limit](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/iStock-876410350-May-12-2022-09-34-44-52-AM.jpg) [Share](https://www.facebook.com/share.php?u=https://articles.marketsmedia.com/healthy-markets-association-files-brief-to-support-d-limit-order) [Tweet](https://twitter.com/intent/tweet?text=US+ETFs+Have+Record+Net+Inflows&url=https://articles.marketsmedia.com/healthy-markets-association-files-brief-to-support-d-limit-order) [Share](https://www.linkedin.com/cws/share?url=https://articles.marketsmedia.com/healthy-markets-association-files-brief-to-support-d-limit-order) On April 12, 2021, Healthy Markets Association filed an amicus brief in the United States Court of Appeals for the District of Columbia Circuit in support of the Securities and Exchange Commission (SEC), IEX, and investors. Read the [full brief here](https://healthymarkets.org/wp-content/uploads/2021/04/2021.04.12-HMA-Amicus-Brief-1.pdf). https://twitter.com/healthymkts/status/1381992155154149379 In 2019, IEX proposed a D-Limit order type, which would automatically reprice if the exchange's proprietary "crumbling quote indictator" (CQI) was triggered. This innovation was designed and intended to protect investors from receiving poor executions during the few seconds each trading day when the CQI is triggered. Healthy Markets Association [joined dozens of pension funds and other institutional investors](https://healthymarkets.us12.list-manage.com/track/click?u=77a664d6dc9e02c3c17c33446&id=231adbfe49&e=c824ea4578) in support of IEX's proposal. The SEC approved the proposal and IEX's innovative order type was put into place. However, Citadel Securities then sued the SEC, asserting that the SEC's approval was improper. The case is now pending before the United States Court of Appeals for the District of Columbia Circuit. In its "friend of the court" brief in support of the SEC, IEX, and investors, Healthy Markets Association: - provides some historical context regarding how the regulatory environment has inadvertently created a kill zone for high-speed traders that harms investors, - clarifies that Citadel Securities doesn’t trade “on behalf of” retail investors, and - distinguishes the automatic repricing of the D-Limit order type from the one-way optionality created by the CboeEDGA’s order type (which Healthy Markets Association had opposed). Source: Healthy Markets [Share](https://www.facebook.com/share.php?u=https://articles.marketsmedia.com/healthy-markets-association-files-brief-to-support-d-limit-order) [Tweet](https://twitter.com/intent/tweet?text=US+ETFs+Have+Record+Net+Inflows&url=https://articles.marketsmedia.com/healthy-markets-association-files-brief-to-support-d-limit-order) [Share](https://www.linkedin.com/cws/share?url=https://articles.marketsmedia.com/healthy-markets-association-files-brief-to-support-d-limit-order) ![email](https://articles.marketsmedia.com/hubfs/Markets%20Media/email.svg) ### NEWSLETTER SIGN UP And receive exclusive articles on securities markets ### Related articles 1. [![](https://articles.marketsmedia.com/hs-fs/hubfs/Imported_Blog_Media/trading-across-the-pond-Jul-07-2022-09-33-17-07-AM.png?width=376&height=250&name=trading-across-the-pond-Jul-07-2022-09-33-17-07-AM.png)](https://articles.marketsmedia.com/eu-achieves-electronic-trading-of-standardized-otc-derivatives) Regulation ## [EU Achieves Electronic Trading of Standard OTC Derivatives](https://articles.marketsmedia.com/eu-achieves-electronic-trading-of-standardized-otc-derivatives) ISDA warns on proposed changes to post-trade deferrals regime. 07.07.2022 By Shanny Basar 2. [![](https://articles.marketsmedia.com/hs-fs/hubfs/Imported_Blog_Media/iStock-522304914-Jul-07-2022-09-33-41-28-AM.jpg?width=376&height=250&name=iStock-522304914-Jul-07-2022-09-33-41-28-AM.jpg)](https://articles.marketsmedia.com/six-digital-exchange-collaborates-with-fireblocks) Fintech ## [SIX Digital Exchange Collaborates with Fireblocks](https://articles.marketsmedia.com/six-digital-exchange-collaborates-with-fireblocks) The partnership will focus on delivering an institutional custody solution for digital assets. 07.07.2022 By Shanny Basar 3. [![](https://articles.marketsmedia.com/hs-fs/hubfs/Imported_Blog_Media/Depositphotos_103566932_L-2.jpg?width=376&height=250&name=Depositphotos_103566932_L-2.jpg)](https://articles.marketsmedia.com/iosco-publishes-crypto-asset-roadmap) Regulators ## [IOSCO Publishes Crypto-Asset Roadmap](https://articles.marketsmedia.com/iosco-publishes-crypto-asset-roadmap) The IOSCO Fintech Task Force will collaborate closely with other international bodies. 07.07.2022 By Shanny Basar [![MarketsMedia](https://articles.marketsmedia.com/hubfs/MarketsMedia.svg "MarketsMedia")](http://marketsmedia.com) - [About us](https://www.marketsmedia.com/about-us) - [Careers](https://www.marketsmediagroup.com/careers) - [Contact](https://www.marketsmediagroup.com/contact) - [Advertise](https://www.marketsmediagroup.com/advertise) - [Newsletter](https://awards.marketsmedia.com/newsletter-sign-up) - [Corporate Site](https://marketsmediagroup.com) - © 2026 Markets Media Holdings LLC - - Terms & Conditions - Privacy Policy {{ standard\_footer\_includes }}