The Investors’ Exchange LLC’s application to register as a national securities exchange was granted by the Securities and Exchange Commission last Friday. In conjunction with this approval, SEC staff issued guidance that an automated quotation system like IEX would satisfy the SEC’s requirement that it provide an immediate response to an immediate or cancel order if it implements “an intentional access delay that is de minimis.” The SEC suggested that a “one millisecond intentional access delay is well within the current geographic and technological latencies already experienced by market participants when routing orders between trading centers.” According to IEX, its automated system will incorporate a slight delay aimed to ensure that higher-speed traders cannot front-run orders of slower investors.