I want to thank the Commission for the opportunity to reply on the matter. In the US we have a fragmented market, although it is by far the most liquid equities market in the world. The move from limited trading hours towards 24/7 trading has the potential, especially in low liquidity equities, to harm investors much more than to benefit them. This concern is ever growing with the trend of moving away from active retail investments towards passive investments, because the passive market is mainly a liquidity "taker" rather than "maker". These forces combined would mean retail investors would pay more in order to buy their equities: higher spreads, more HFT trading, higher volatility and "flatter" book liquidity as it spreads out across much more time. Should one wish to get exposed to a certain equity during after hours, there are possibilities readily available on the aftermarket, derivatives and other means. Should the great SEC deem 24/7 viable in equity markets, there should be a pilot of the 100 most liquid stocks first, followed by a close evaluation that studies wether there was more Average Daily Volumes ("ADV") adjusted to market cap in said stocks, or wether the ADV simply spread out deeming liquidity is far lower on average. There might also be a conclusion that certain hours are ao scarce in liquidity that it is better to not allow them.