Jul. 18, 2025
To Whom It May Concern, I’m submitting this comment as an individual investor. PFOF brokers and wholesalers do not represent me or the broader retail investing public. They profit from our order flow, not by acting in our interest, but by routing trades in ways that benefit themselves. Firms like Citadel, IMC, and Schwab claiming to speak for retail investors is misleading. Their business models depend on maintaining control over market structure and limiting transparency. Retail investors do not pay these firms for a service. These firms extract value from us and then turn around and tell regulators they’re defending our interests. That’s false. I support IEX’s proposal because it challenges the systems that benefit entrenched intermediaries at our expense. The current model rewards speed, opacity, and internalization, not fairness. We need more competition and better market design, not more consolidation of power under the firms profiting from outdated practices. Please take this comment into account and consider who actually speaks for retail investors. It isn’t Citadel, IMC, or Schwab. Sincerely, Mike Trelski