Subject: Comment for File No. SR-IEX-2025-02
From: Kevin May
Affiliation:

Jul. 19, 2025

Payment for order flow undermines price transparency by incentivizing brokers to route my trades to market makers offering kickbacks rather than the best execution, potentially costing me better prices

I am an individual investor. PFOF Brokers and Wholesalers do not represent my interests.

Kevin May