Subject:  Formal Comment on File No. 4-887 – Off-Exchange Liquidity Transparency
From: Alexander Payne
Affiliation:

Apr. 16, 2026

Body:
Retail investors are currently trading at a massive disadvantage because the majority of "institutional hedging"—the trades that actually move the market—happens in dark pools or off-exchange venues. When the SOX index moves 20% in two weeks (from 7,588 on March 31 to 9,239 today, April 15), the public only sees the result, not the synthetic movements driving it. I propose that all market maker "hedging" activities be reported to the consolidated tape in real-time. If the liquidity is "essential," it should be visible to everyone.