December 28, 2015
I would like to add my name to the long list of submissions in favor of approving the IEX exchange application.
I would like to have the option to execute my orders at a venue where I will not be preyed upon by high frequency traders who have an enormous speed advantage over me.
I would also like to ask SEC why HFT traders are allowed to have an advantage over everyone else. Why? How is that in the best interest of our markets and all of it's investors?
Why are the laser towers in the picture below allowed in our markets?
https://pbs.twimg.com/media/CXT7UqqWwAE4ULR.jpg:large
They are not used by the exchanges. They are only used by high frequency traders. Again, why is that? Did these trading firms invest in them to make sure all investors benefit?
No.
It's to protect and improve their unfair speed advantage and latency arbitrage profits. Period.
The fact that these things even exists and are ONLY accessed by HFT firms proves that A) speed advantages are important to the people who own these towers and B) Current exchanges are complicit in facilitating an unfair advantage for certain participants.
How is this in the best interest of long term investors?
Why aren't investors given a choice to route their orders to a venue where these traders can't use internalization and speed to front run, quote fade, spoof, layer and game their orders?
The IEX exchange will give investors this choice. The SEC must give investors this choice.