Subject: File No. 10-222
From: Michael Brennan
Affiliation: Trader

December 16, 2015

The negative comments by firms such as Citadel against the exchange model of IEX are absolutely hilarious. The unfairness of the current market structure revolves around time latency and impacts all participants. Large financial firms take advantage of the latency to guarantee themselves profits in a risk free environment. Most traders and investors are not happy with the current structure of the exchanges. IEX would introduce new competition and innovation to the markets which might solve some of these structural issues. Investors now demand access to IEX. The new exchange model of IEX may prove to be superior.