IEX Group, the upstart US equity trading platform that played a central role in Michael Lewis's Flash Boys book, has formally applied to become a fully-fledged stock exchange with regulators.

To be called The Investors Exchange, the move would put IEX on a level playing field with exchange giants including Nasdaq, the New York Stock Exchange and Bats Global Markets. The application has been filed with the Securities and Exchange Commission and, after it has been published in the Federal Register, industry participants will have 45 days to comment on the proposal.