Subject: File No. 10-222
From: Daniel Michel
Affiliation: Paralegal

February 22, 2016

IEX is obviously trying a technique that is as old as can be especially in American economic life called innovating. In general, there is no single good, practice, industry, etc. that never needs innovation. The stock market itself is no exception, especially with its exchanges. If someone has a great idea for a creative and more beneficial stock exchange, it should be clear to steer clear and let them try. IEX has my full support in setting up a new exchange. I do not want to imply that the exchanges presently are obsolete, but it is nice to see more competition in who can offer investors safer and a more beneficial in trading. The decision for making this firm a brand new exchange. It is time for a new player in the stock exchange market to see who can provide the best service for investors.