February 3, 2016
February 3, 2016
Mr. Bent Fields, Secretary
U.S. Securities and Exchange Commission
100 F Street, NE
Washington, D.C. 20549
Re: File No. 10-222, Investors Exchange, LLC
I write to you today in my personal capacity as an individual investor in the public markets as well as in my capacity as an attorney who acts as a trustee of trusts for clients which also invest funds in the public markets. I have long suspected that time was never on my side when executing orders on the public exchanges and always felt that I was an outsider trying to look in on a system that was inherently unfair to the little guy on Main Street. After educating myself on some of the issues surrounding high frequency trading, broker algorithms and similar topics and the fundamental inequality and unfairness that has surfaced respecting these issues as relate to the current status of the public markets my suspicions are no longer unfounded. I also believe that I am not alone in my thought process in this regard which is evidenced by numerous news articles, social media posts and current literary works regarding these issues. There is also a large public perception that the markets are unfair to the ordinary common investor and a person's perception becomes their reality. Any effort to level out the playing field and simplify orders which have become overly complex and almost incomprehensible in this regard should not only be welcomed but wholeheartedly supported by all governing bodies and regulators. IEX has become a breath of fresh air in the otherwise dank and dark arena that is Wall Street. I strongly support IEXs application to become a public stock exchange so that fairness, equality, transparency and simplicity can once again become the backbone of the US public markets not only for me but for future generations of investors. It is time for the US financial system to once again become the beacon on the hill (which it once was) spraying light and opportunity to all who wish to endeavor in the market. Please approve this application without delay.
Very truly yours,
Paul E. Proto