May. 11, 2022
Im not sure how to justify the benefits of ATS compared to the damage it creates on price discovery in the market. Gary Gensler states that 95% of retail orders are routed off exchange where orders have minimal effect on the stock price. This entirely destroys the thesis of price discovery and a fair market. Especially when Market makers can simply pay broker dealers for their order to gain near total control over a stock price. And the idea that a single company can run a hedge fund, market maker, AND their own ATS is beyond a conflict of interest. I for one, as a full time trader, feel that this new method of market plumbing has completely ruined the US markets. Other countries are laughing at us because of how corrupt our markets are due to the allowing practices like PFOF and companies that have been banned in other markets for their unfair practices. I hope you consider this comment deeply and realize this is the voice of so many retail traders your here to protect. Minuscule f ines do not bring justice, the punishment for manipulation should increase exponentially for each infraction, and be directly correlated to the Financial gain from said act. I hate to say but I have lost all faith in the US markets due to gross negligence and inaction by regulating committees.