Jul. 20, 2025
To Whom It May Concern, As an individual investor, I am writing to express my strong opposition to any effort by large market-making firms, such as Citadel, to misrepresent themselves as representatives of retail traders like me in the context of File No. SR-IEX-2025-02. As an individual retail trader, larger forms such as Citadel, does not represent me, my trading, and my investments. I support the IEX proposal and other reforms that aim to make markets more transparent, fair, and accountable — especially those that reduce conflicts of interest, such as eliminating or limiting payment for order flow (PFOF) and adding latency protection. These measures give retail traders a fighting chance in a system that too often prioritizes speed and scale over fairness. Firms with massive infrastructure and vested interests in current opaque practices do not speak for me. I want access to markets where the best execution matters more than routing fees, and where data isn't weaponized against me milliseconds before I click “buy.” I urge the Commission to stand with retail investors and move forward with efforts that improve integrity, execution quality, and competition in the markets. Thank you for your attention. Best, Nicholas Hanson