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IEX critiques Nasdaq order-type proposal

IEX Services LLC is criticizing a new order type from Nasdaq Inc., saying it may allow companies to use "predatory trading strategies" to cause retail investors harm.

The order type, called the extended life order, would give retail orders priority on Nasdaq's order book granted it is designated as a retail order and that the member commits to leaving the order to rest on the book for at least one second, Nasdaq Associate Vice President T. Sean Bennett wrote in a Feb. 17 letter to the SEC.

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