Ethical Markets submitted comments to the SEC in support of Investors’ Exchange LLC. Our letter to the SEC is co-signed by our Advisory Board members Robert Monks, Linda Crompton and Kim Ann Curtin. We included in our Fedex to Chair Mary Jo White, a copy of our expert seminar report “Perspectives on Reforming Electronic Markets and Trading” now an official United Nations document, which contains many other critiques and proposals by market players who participated in the seminar. Please join us in encouraging the SEC to approve IEX’s application process by clicking here and submitting a comment.
Brad Katsuyama, CEO and founder of IEX Group, featured in Transforming Wall Street by Kim Ann Curtin and Flash Boys by Michael Lewis, needs support for Investors’ Exchange LLC. The SEC is wavering in approving IEX Group’s open and transparent exchange, which incorporates a technological “speed bump” on high-frequency trading. The major exchanges, NYSE, NASDAQ, BATS, and some large high-frequency trading firms submitted comment letters strongly opposing IEX’s application. Opponents are lobbying Congress to pressure the SEC to reject IEX’s application or force them to modify IEX at the risk of impairing their ability to protect investor orders.
Fortunately, Ethical Markets, many investment managers and Norges, the world’s largest pension fund, have publicly voiced their support. Individual investors make up most of the 300 comment letters of support written so far and more are needed.