Subject: File No. 10-222
From: Barry Stephens

December 10, 2015

I support what IEX is doing. They have been creative in finding a solution to combat the front-running that the High Frequency Traders have been doing. I don't understand why the SEC allows the current exchanges to provide the HFT crowd data feeds that allow them to see orders faster and execute trades jumping in front of retail investors.

In addition, the arguement that the HFT crowd provides needed liquidity doesn't pass the smell test. It's not liquidity if they pull all of their orders at the time it is most needed...

Thank you.