Subject: File No. 10-222
From: Michael Bogdan
Affiliation: Trader

December 15, 2015

To Whom It May Concern:

IEX should be a protected quote because I want the chance to have my orders executed on a fair market that does not provide select participants with speed advantages.I intend to use the IEX Router because I do not want my orders subject to latency arbitrage. When did latency arbitrage go from "that doesn't happen" to "it doesn't happen anymore" to "latency arbitrage must be allowed"?

The current exchanges have created an environment in the markets that clearly favors one small group of participants - high frequency traders. IEX protects investors against the predatory trading of high frequency trading.

Sincerely,

Michael Bogdan