December 14, 2015
In recent years I have become aware of "Latency Advantage" (or LA) allowed in order execution through most established stock exchanges such as NYSE, NASDAQ, Toronto Stock Exchange. This LA is grossly unfair to most longer term participants, such as institutional and individual pension investors by providing High Frequency Trading (HFT) operators, and possibly others, an advantage. The importance of this advantage is apparent in the strong opposition that is being voiced by these HFT outfits and their lobbyists as well as the established exchanges. Surely, the SEC can feel this pressure and MUST NOT buckle under since it is SEC's mandate to protect all investors under its jurisdiction. The IEX has been operating successfully as an Alternative Trading System (ATS) and has now applied to be licensed as a full fledged national stock exchange in full, fair, professional competition with the NYSE and NASDAQ. Should the SEC support IEX's application, this will demonstrate SEC's ongoing commitment to protection of investors by insuring a level playing field for order execution. Please approve the IEX Exchange Application as soon as you are able. If, for any reason, this application is refused, I and many others will be interested in receiving details regarding such refusal. Thank you for your consideration. Robert Sillcox