Subject: File No. 10-222
From: Jeffrey Cobb

February 13, 2016

I am happy to write in support of IEX.

My broker routes through Citadel, I have no choice in the matter, and I would welcome the option IEX affords of bypassing such an egregious internalizer and having my orders execute in a broader market.

On the face of it, latency arbitrage is front-running and nothing else. I have never been able to fathom why it is permitted and the latter not.

If latency arbitrageurs and internalizers offer a product that genuinely benefits the retail investor, and not simply themselves, the market will reward this. Let us have the choice. Make IEX a protected quote.

Thank-you.