December 13, 2015
Dear SEC,
As both a trader and long term investor I have been disappointed in the reality of how our markets have been allowed to become the ultimate casino over the last decade.
I have requested my brokers Fidelity and TD Ameritrade to send my orders to IEX only be told they don't support that. I love how they get to decide where I want to execute my order at my price.
It's truly appalling that Citadel and other liquidity takers are protesting IEX because they can't front run the orders once they go into the IEX Router over a mere 350 microseconds. That sure is ruffling the feathers in NY which further exposes just how fragile, broken, and manipulated the markets are.
Reg NMS was created with protecting the long term investor yet if it was enforced the whole thing would fall apart when orders actually have to go to a protected quote say in Chicago 8000 microseconds away much less the 350 microseconds with IEX.
It's very frustrating to review time and sales data everyday to watch the computers by 100 or less shares in billion dollar companies that are the life blood of our country only to float the price till the next order comes through and then repeat microseconds or milliseconds later for the rest of the day everyday until someone actually wants to execute a bonafide order of any magnitude.
Flash crashes occur because humans falsly believe that stocks are trading at these prices when they aren't. They are buoyed until someone wants to trade and it is only then is a true price found.
I don't understand how these exchanges can be self regulating, it's ludicrous with their co-location and direct feed costs. I thought the SIP was supposed to be in charge.
I also believe every single part of my order's routing and filling data and information should be recorded and timestamped to the microsecond just like these HFT firms are saying are so crucial to them and provided in my order details without omitting steps.
There should be a minimum amount of time (seconds) an order has to rest before becoming cancellable as no retail or institution could even get their screens and human orders entered or changed. 90% plus of cancelled orders faster than my brokers site responds isn't fair competition.
Thank you for your time and please approve the IEX exchange application without delay.
Richard C. Wilcox
Wilcox Trading, LLC