Subject: Comment for File No. SR-IEX-2025-02
From: Travis M. Spaniel
Affiliation:

Jul. 22, 2025

To whom it may concern, 


I am an individual investor. Payment for order flow Brokers and Wholesalers do not represent my interests. I make my own decisions. 


The institutions that are going against SR-IEX-2025-02 that are claiming to represent retail, do not in fact represent retail. They represent their own interests and profits. 


Respectfully, 
Travis M. Spaniel