.jpg)
Investors’ Exchange - IEX - has responded to additional comments to the IEX application for registration as a national securities exchange submitted by NYSE Group and Nasdaq. IEX had previously responded to comments that were received before the comment deadline of November 6, 2015.
IEX believes that many of the comments made by NYSE and Nasdaq are addressed in full or in part in IEX’s first response letter. In addition, IEX has provided several appendices that it has compiled covering various aspects of the current U.S. equity trading landscape in order to provide further context on relative latencies that participants experience as a result of geographical distance or other factors, as well as summaries relevant to assessing the impact of exchange practices in contributing to overall market complexity.
Click here to download the letter from Sophia Lee, General Counsel, IEX, to Brent Fields, Secretary, U.S. Securities and Exchange Commission.
IEX believes that, within the context of this existing legal and regulatory structure, the dominant exchanges have adopted a set of practices that unduly focus on the speed of quoting and trading, and unduly rely on ever-increasing fees for both access and market data that their members are effectively required to pay in order to trade for themselves and to seek best execution of their customers’ orders.
