December 13, 2015
In the SEC's own words:
"Should the overall efficiency of the NMS defer to the needs of professional traders, many of whom rarely intend to hold a position overnight? Or should the NMS serve the needs of longer-term investors, both large and small, that will benefit substantially from intermarket price protection?
The Reproposing Release emphasized that the NMS must meet the needs of longter-term investors, noting that any other outcome would be contrary to the Exchange Act and its objectives of promoting fair and efficient markets that serve public interest."
From the Reg NMS Reproposing Release
The IEX exchange with its protected quotes would steer our markets back towards what was intended in this passage.
By approving the IEX application SEC will prove to a now skeptical investment community that it is not the pawn of special interest such as the High Frequence Trading lobby pushing to maintain preferential treatment for those who engage in nothing more than Latency Arbitrage.
Instead, it will prove to the world that it's laws and regulations indeed have teeth and shall enforced and defended for the betterment of our markets and fairness towards all of its participants.
Please approve this application.
Thank you.