The Securities and Exchange Commission declined to approve a proposal by Cboe EDGA Exchange, Inc. to implement a liquidity provider protection mechanism that would have delayed by up to four milliseconds all incoming executable orders that would have removed liquidity from the EDGA order book. The SEC claimed that Cboe EDGA’s speed bump proposal was not consistent with legal requirements that “the rules of a national securities exchange be designed to remove impediments to and perfect the mechanism of a free and open market and national market system, to promote just and equitable principles of trade.” Last year, the Commodity Futures Trading Commission did not disapprove a rule amendment by ICE Futures U.S. authorizing the exchange to implement delays or “speed bumps” in the time between when new aggressor orders might otherwise execute against resting passive orders. (Click here for background in the article “CFTC Staff Declines to Halt Rollout of ICE Futures U.S. Speed Bumps; Two Commissioners Raise Concerns” in the May 19, 2019 edition of Bridging the Week.)