Jul. 19, 2025
Dear Secretary, I am writing as an individual investor to provide my comment on File No. SR-IEX-2025-02. I strongly support efforts by IEX and any exchange that seeks to improve transparency and eliminate the harmful influence of Payment for Order Flow (PFOF) on retail investor outcomes. I am firmly opposed to the PFOF model because it creates misaligned incentives between brokers, wholesalers, and the individual investors they claim to serve. I believe brokers should have a fiduciary responsibility to obtain the best execution for their clients, not to sell order flow to the highest bidder. Payment for Order Flow undermines trust in our capital markets, incentivizes routing decisions based on revenue rather than execution quality, and often results in inferior execution prices for retail investors. Transparency, fairness, and price improvement should take precedence over broker profits derived from routing arrangements. I support proposals like SR-IEX-2025-02 that aim to build more competitive, transparent, and investor-focused options markets. I encourage the SEC to continue scrutinizing and reforming the outdated practices that benefit intermediaries at the expense of retail investors. Thank you for the opportunity to comment. -Sean Wiesner Sincerely,