Jul. 20, 2025
Dear SEC, As a retail investor, I want to make clear that large trading firms like IMC, Charles Schwab, and Citadel do not represent my voice or my interests, even if they process a large portion of retail order flow. These firms recently submitted a letter opposing the proposed IEX Options Exchange, citing their role in handling retail trades as if it gives them authority to speak on behalf of people like me. It does not. I support competition and transparency in the options market, values IEX has championed in the equities space. Allowing new market structures to emerge is critical to reducing the influence of entrenched players who benefit from opaque practices like payment for order flow. Please do not equate volume with representation. The ability to route trades does not give these firms the right to define what is best for individual investors. I encourage the Commission to approve IEX’s proposal and to continue supporting innovation that empowers investors rather than intermediaries. Sincerely, Edward Neill Plano, TX