Subject: File No. 10-222
From: James Meyer

December 10, 2015

We are a mid size equity trading firm writing in support of IEX Group's application to become an exchange. I have been in the business for over 25 years spending a number of those years at the CME futures exchange. As a phone clerk, I would watch my client order make its way to the pit and marvel at how the pit scalpers would quickly figure out the intention (buy-sell) and approximate size of the order as the filling broker began executing it. A similar pattern exists today, it's simply done on an electronic platform and the scalper's edge is speed.

Since our transition to IEX, our slippage cost per share has come down considerably. IEX serves the public well and could be the catalyst that encourages the small to mid size retail trader to step back into the market. The studies show that the HFT liquidity disappears when the markets need it most. IEX helps level the playing field and doing so will encourage a much broader audience to provide true liquidity when the market most needs it.
Thank you,
James Meyer