December 14, 2015
I don't think the IEX exchange should exist.
Even if IEX has great technologies, the current market structure in the US is quite perfect, transaction costs are low and market making firms can engage in latency arbitrage, and we know that arbitrage is good for markets.
That's why I don't think the SEC should approve the IEX application form. Let's keep BATS and DirectEdge doing their fabulous work for funds/investors like Citadel, and don't allow IEX to slow the market with an unfair "speedbump" that does not exist elsewehere.
Sincerely,
L.R.