December 13, 2015
I am a profession investor and have worked for Wall Street firms for almost 30 yrs. I know how stock trading currently works and I know how it SHOULD work. IEX should be a protected quote because I (not my broker) want the chance to have my orders executed on a fair market that does not provide select participants with speed advantages and I don't want my orders sent to an Exchange that identifies my orders as being from a retail investor (BATS/EDGX, NASDAQ, NYSE). Why? The HFTs love to take advantage of the little retail investors who a) dont undersand the latency issue, b)think that fractions of cents dont matter, and c) know their broker wont explain the issues to them. I intend to use the IEX Router because I cant afford to build my own and I do not want my orders subject to the incredibly unfair latency arbitrage.