&gt; This damage to market quality would be further magnified by the “fast pass” that IEX proposes to give its affiliated routing broker-dealer (the “IEX Router”) and its pegged order types.  It is ironic that IEX—a company supposedly founded to protect investors from various types of latency arbitrage—now proposes to offer pegged orders and IEX Router services that can and will be used by sophisticated trading firms to arbitrage the latency that IEX itself would create.<p>Could you explain this in more general terms? Especially,<p>1) Does IEX propose to exempt some traders from the delay? Isn&#x27;t that obviously worse than no delay at all?<p>2) What are &quot;pegged orders&quot;?<p>Also, if you don&#x27;t mind being spokesperson for an entire industry, is there a sense that when we are debating 350 microseconds, things are a bit absurd?