The Globe and Mail reports in its Thursday edition that Brad Katsuyama, the former RBC trader from Markham, Ont., has received approval from the U.S. Securities and Exchange Commission allowing his company, Investors' Exchange LLC, to become a fully fledged national stock exchange. The Globe's Christina Pellegrini writes that the decision capped an arduous and divisive process that began, in earnest, when the upstart trading venue filed its application with the U.S. watchdog last August. After five revisions to its proposal, 474 letters from fans and critics and multiple delays, the outfit better known as IEX finally knew its fate. "There was this overwhelming sense of relief that the facts spoke for themselves," Mr. Katsuyama told the Post. It is a big victory for a start-up that is trying to upend the modern U.S. stock market in which superfast traders are able to exploit their speed to the detriment of smaller investors who are not as swift. The SEC's green light means that parent company IEX Group Inc. will operate the country's 13th stock exchange. IEX intentionally delays every trading order by routing incoming and outgoing messages through a fibre optic cable that stretches 61 kilometres.