Dec. 16, 2016
Dear SEC,
I totally blame the SEC for creating a public stock market that favors the HFT, big banks, and Market Makers. You have given them ruling such as the nickel tick size that gives them more room to manipulate the market, and have cause billions in losses to little personal investors.
look at WMIH – since this nickel tick program this stock has lost 40%, and why this rule on a stock that trades less than $2.00? With the current pps at $1.40 the HFT can build their road block, and buy at $1.40 and sell at $1.45 all day and make 4% as they own that spread you gave them.
Please wake-up SEC and review the damage this rule has caused. Maybe what we need is to just drain the SEC swamp as Trump would say. Yes, the SEC has caused massive market manipulating that has caused small investors billions.
David Shutvet