 When IEX applied for exchange status, it dropped the broker-based priority mechanism, and as an exchange it gives priority to the best price first followed by the time of order submittal (as do other exchanges).Michael Lewis' book "Flash Boys" focused on the new trading platform, arguing that it was better than other dark pools since it created an equal playing field for investors by slowing down trading and preventing HFT firms from front running orders.An advocacy group for high-frequency traders countered that liquidity-provider firms need speed and direct market connectivity to manage risk, and a market that limits speed, such as IEX, would be illiquid and expensive for price discovery.