July 8, 2010
Dear Sirs or Madams,
I have not had and currently do not have any vested interest in the proposed rule change and as such should not be directly affected in any way (currently) by the proposed change to ban flash orders on the options market. However, I have to state that I cannot understand how or why anyone under any circumstances should have ANY advantage in placing any kind of order in the market. I admit I am not a sophisticated trader and only dabble in the market and have never even dabbled in the options market but that does not change the fact that just because some firm or individual has the financial resources to create through ultra high speed computers and connections that are not available to the average investor, an advantage in trading. The market should be a level playing field. I am also not naive enough to think this will ever be the case but I would like to think that if there is an opportunity to make the field a little more level for the average investor, then that should take priority over giving in to large, highly sophisticated wealthy firms and investors to allow them to have yet an even greater advantage in the market place.
Please do ban flash orders both in the stock market and the options market.
David E. Miller