Subject: File No. 10-222
From: toby king

December 31, 2015

I remember when I heard about a HFT firm that had a perfect trading record. Years of trading with only one losing day. I couldn't believe what I was reading. Thirty days, 60 days, maybe 90 days with no losses I could believe, but to have YEARS OF PERFECT TRADING. How is this even possible? Doesn't something like this raise red flags at the SEC? I think the only way this could happen is by having special advantages over everyone else. I feel like IEX could help eliminate some of these advantages that a select few have. There are so many problems with market structure (subpennies, PFOF, rebates) that need to be fixed to level the playing field for all participants. There has been very little action from the SEC to protect the individual investors from these conflicts of interests. It seems as though HFT firms are being protected instead. I think the approval of IEX would be a step in the right direction for the people that the SEC are supposed to be protecting.

Thank you