December 6, 2017
Dear Mr. Fields,
I would like to thank you for the opportunity to comment on the Securities and Exchange Commission's proposed amendments for Disclosure of Order Handling Information. After my time in Robert Battalios Trading and Markets class, I have been able to learn more about the importance of market transparency for naturals. And upon further review of the proposal, I would like to express my support in the Commissions attempt to amend Rule 606 of of Regulation NMS.
Currently, the quarterly reports that are required in Rule 606 are not sufficient enough for an investor to evaluate the execution quality they are receiving. And due to the conflict of interest that is present between the broker-dealer and their clients, broker-dealers have more of an incentive to execute orders in venues that are more beneficial to them. By requiring broker-dealers to provide specific disclosures related to the routing and execution of orders upon a customers request, they will be more likely to give their clients better execution. In addition, the amended rule will also allow investors to make more informed decisions when determining which broker-dealer would be best to work with.
Overall, the rule will increase market transparency and it will help investors understand the type of execution quality they received. The broker-dealers will have more of an incentive to act in their clients best interest, and naturals will be better off as a result.
University of Notre Dame
Class of 2018