Subject: [Release No. 34-102190; File No. SR-IEX-2025-02
From: Jared Albert
Affiliation:

Jul. 10, 2025

Dear Chair: 
Off exchange trading at the lit NBBO steals by front running the risk premium associated with offering instant counterparty execution. Stealing the risk premium has the effect of widening spread. 
Ban PFOF 
Thank you for your attention to this matter. 
Jared Albert