The following Letter Type B, or variations thereof, was submitted by individuals or entities.

Letter Type B:

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

I write in strong support of IEX’s proposed options exchange (SR-IEX-2025-02), and in response to the recent comment submitted by Citadel, IMC, and Schwab. While these firms claim to represent the interests of “retail investors”, their opposition appears more aligned with preserving the status quo; one that has advantaged those with the capital and infrastructure to leverage microsecond latency for profit.

The reality is that laying fiber, co-locating servers, and deploying complex arbitrage strategies are tactics inaccessible to everyday investors. IEX’s proposed architecture, including its de minimis delay and Options Risk Parameter, is a thoughtful counterbalance designed to mitigate these imbalances and foster a fairer trading.

I encourage the SEC for further improvements to access to markets, prioritizing transparency, innovation, and equity over speed-based exploitation. IEX has consistently demonstrated a commitment to leveling the playing field, and their extension into options is no exception. The assertion by large market participants that this harms retail is disingenuous; fairness isn’t bad for retail; it’s bad for firms that profit from information asymmetries. I urge the Commission to see through this self-serving narrative and give serious weight to the value IEX brings in promoting market integrity and public confidence.