Direct Edge Seeks Approval For Hide-Note-Slide And Queue Jumping Order Types

On Friday the SEC disclosed a document sent by Direct Edge which seeks order-type approval. The filing was released days before the NY Post reported that the SEC and the New York Attorney General requested BATS CEO and Direct Founder William O'Brien step down. The NY Post states:
"Bill O’Brien, the ex-president of BATS, left his job last week after Schneiderman’s office and the SEC pressured him to step down following a televised fight with Katsuyama"
The exchange, which merged with BATS Global Markets in August 2013, has tried to explain how it operates to the general public, even asking for some forgiveness in light of their "good faith effort".  In a heated CNBC debate with IEX head Brad Katsuyama, O'Brien said his exchange uses the Direct Feeds to match orders in it's matching engine, something the NY Attorney General pressured BATS correct to state the truth which is that Direct Edge uses the slower Securities Information Processor (SIP) to match orders in it's matching engine.

Benzinga is reviewing the 118 page disclosure and will release more information in the coming days