Jul. 15, 2025
Dear Sir or Madam, I am an individual investor submitting this comment regarding File No. SR-IEX-2025-02. PFOF brokers and wholesalers do not represent my interests. Payment for Order Flow should be prohibited. It is a structurally corrupt practice that incentivizes brokers to prioritize payments from wholesalers over best execution for their clients — the retail investors. PFOF undermines fair and transparent markets. It distorts genuine price discovery by diverting significant retail order flow away from public exchanges, allowing wholesalers to internalize trades without contributing to the visible market. This creates a fragmented system where price signals are weaker and true competition is diluted. This model benefits a small number of predatory trading firms, not investors. It thrives on information asymmetry, latency advantages, and segmentation of order flow. Retail traders are left with the illusion of "zero commission" trading while the cost is simply hidden in inferior execution quality and widened spreads. I urge the Commission to take action and move decisively toward banning PFOF in all its forms. Sincerely,