December 11, 2015
Since increased market fragmentation was implemented for U.S. Equities, we have seen the rise of participants focused on taking advantage of multiple exchanges through latency differences (some might say the fragementation itself was created for this purpose).
As a result, we have also seen the rise of trading firms (and more shockingly, designated market making firms) who seek to profit without risking capital or honoring their legal responsibilities to offer a level playing field to average investors - as is mandated by law and designation of the SIP.
Some of these firms have a near perfect trading record. ZERO LOSSES
As a member of the trading community, I can speak for many others when I say that this type of performance cannot be achieved without unfair advantage. It simply isn't possible.
That said, I also speak for many other traders in supporting the application approval for IEX Exchange status.
The simple fact that their approach focuses on posting to the SIP FIRST instead of faster data feeds demonstrates their desire to provide investors with the opportunities that are PRESCRIBED BY LAW.
If SEC decides to decline this application, they will have truly let down the investor community and firmly position themselves as a tool of special interests in the trading world.
Please don't let that happen.