Fair and fierce competition in the U.S. stock market has greatly benefited our country. It has attracted some of the world’s brightest analytical minds and resulted in a dramatic reduction in trading costs for mom-and-pop investors. In fact, Vanguard estimates long-term savers now realize 32% more money in their portfolios because of today’s modern markets.
But now, IEX wants to become the only stock exchange with trading functionality that is outside of these rules. That is not only unfair but unduly harmful to investors. Aside from anecdotal evidence and a swell of interest generated by a popular book that has been widely debunked, IEX has not presented any hard data supporting such unprecedented favoritism. In fact, the high-frequency trading they cite as justification is prevalent and beneficial on their market, as it is on most stock exchanges.