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I've been following the development of the D-Limit order at IEX for some time. In the last couple of days I see the SEC has been sued by Citadel Securities for approving this order type.

Can anyone explain to me how the Crumbling Quote Indicator they use works - particularly the machine learning/AI component, and how they will be able to give their customers enough information about why their orders have/have not been executed during these periods?

As for the legal case, the claim is that this will harm market participants and damage liquidity - is this a reasonable claim?

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