Subject: File No. 10-222
From: Geoff Rayner

January 14, 2016

Like others, I have keenly followed the introduction of IEX to the U.S. securities market and the evident need for reform and alternatives in a system that does not currently function as intended.

A level playing field, an open and transparent market, and an efficient resource for investors is sorely needed to restore the trust and ethical confidence in the current system.

Not only is IEX needed to help provide this reassurance, but a rebuke of the IEX's application would be a step backwards for the public's trust of the market.