Subject: File No. SR-Phlx-2017-74
From: Tyler Neville
Affiliation: Trader

November 21, 2017

We need to stop incentivizing short term liquidity and spreads over long term investors. It makes the market structure more fragile in the long run. "Last price is a coward" now because these exchanges have sacrificed the middle class investors to satiate the immediate needs of technological innovation and short term profits. Trading volume has gone down over the past 10 years because of demographics, yet the exchanges keep growing revenue with products and data feeds like these. How is that a remotely fair and just marketplace?

This particular tool by Nasdaq should be considered legitimate insider trading. By no means does it provide your average 401-K holder (who invests in the growth of our country) any benefit over the long term.