The U.S. Securities and Exchange Commission (SEC) has extended its decision to grant or deny exchange status to IEX by 90 days, simultaneously opening up a 21-day comment period on the definition of “immediate” under Regulation National Market System (Reg NMS). While IEX has fixed the anticompetitive issues related to its router, this presentation argues IEX’s delay is not de minimis and hurts investors, damages market stability, and picks winners and losers among different types of investors.