December 14, 2015
This is a request to make sure that you approve IEXs application to be a full-fledged national stock exchange. In fact, I am extremely angry that other exchanges are lobbying hard against this, and that there is any question of their being listed.
It is your mandate to protect long-term investors over short-term professional intermediaries, especially when they use corrupt practices to fleece shareholders. The whole purpose of the IEX application is to become an exchange with a protected quotation. I navely asked my broker, ETRADE, if they would transfer their trades to IEX, and they declined. The reason is that they receive commissions or kickbacks from high frequency traders or exchanges that use them. I am a very small trader, a retiree, and I am just trying to protect my future with a very small account. I dont lose very much money on my trades because they are small. However, I still have a right not be cheated.
I know there are massive amounts of money lobbying against approving IEX from traders who use and profit from high frequency trading techniques. Your mandate is making sure there is a just and secure trading system. Please do your job and approve IEX. They will be the only exchange of there whose actual purpose is to help you do your job
Thank you.