From: Ron Hovanec
Sent: February 26, 2016
To: rule-comments@sec.gov
Subject: File No. 10-222

As a follow up to my letter posted Feb 25, 2016 I would like to point out that now Citadel is commenting
https://www.sec.gov/comments/10-222/10222-411.pdf
using the same flawed "study" on IEX that uses only 0.003% of IEX's volume. Plus they also used a flawed study published in Barron's that again used the same flawed, extremely small, sample size.

None of those studies have any worthwhile value because they are based on such a small sample size. They have excluded 99.997% of IEX's trades.

If the critics of IEX have to resort to using flawed "studies" in their case against IEX, it shows how desperate they are and shows how little actual facts they have to support their case.

Ron Hovanec
Trader
Ohio