Subject: File No. S7-05-18
From: Anonymous

June 20, 2018

The issue is simple: who gets to skim off money (e.g., "fees") from each trade? Those who currently benefit from skimming are dead set against the pilot. Those who would love to skim are dying to get into the action.

The SEC must make a Salomonic decision (too bad Salomon Brothers is long dead). But how do you cut the baby in half? And which Wall Street mother (f'r) would step up and offer the baby to the other mother f's?

So, full steam ahead with the pilot and get a handle on the skimming.

On the other hand, why not just insist on WYSIWYG pricing? Transparency A 15.01 bid on 1000 should be a 15.01 bid. Not 15.0075 or 15.0125. Too simple, SEC? SEC lawyers need to assert themselves before they jump to more lucrative 7-figure ones on Wall Street.