Jun. 6, 2022
Dear Sir/Madam, As a Retail Investor over the past year we have witnessed first hand the lack of transparency and ability of institutional firms to operate outside the purview of the SEC when it comes to ATS / Dark Pool trading. The Retail Investor community has been exceedingly vocal on this subject and should be noted that the SEC chair himself has stated that 90-95% of Retail trades are not executed on the lit market. In combination with PFOF this creates well known cases of conflict of interest. Given that some Dark Pools, such as Citadel Connect operate completely outside the eyes of the SEC and furthermore given that the SEC does not audit SSE (Short Sale Exempt) marking and that SSE appears to have been widely abused, the removal of AMC and GME is of paramount importance to ensure a free, fair, trustworthy market. As it stands today, Retail Investors do not trust the SEC to protect them or their investments. This is not hyperbole, the fact that a petition has made it to the SEC and that investors via We The Investors has formed with over 70,0000 signatures shows the breadth and depth of the concern and dismay Retail Investors have. As stated in the petition, these are simply 2 stocks, a theater chain and a video game/electronics merchandiser. If removing these from ATS / Dark Pools for a minimum of 14 days creates a systemic risk to the market or to Market Makers, Broker Dealers, then Retail Investors have a right to know and the right to assert additional rights available to them. If it does not, then no harm will come from the normal supply and demand of the stock for these companies. Specifically, in regards to the petition, I argue for a period of no less than 90 days removal from ATS / Dark Pools. Regards, Michael Behrens