Sep. 5, 2025
Hello, The amendments to Rule 15c2-11 have not improved market functioning. Before 2021, the system worked well: companies that voluntarily chose not to post financials could still trade in an orderly fashion, and retail investors had access to both buy and sell quotes. Since the 2021 change, retail brokerages have been prohibited from quoting in expert market securities. The result is a distorted market where: Retail investors are often limited to sell-only orders, creating artificially depressed prices. A few niche brokerages permit buying, but most large platforms do not—producing inconsistent access for retail investors. Hedge funds and other QIBs are effectively the only buyers, giving them the ability to scoop up securities at steep discounts. This outcome undermines fairness and market integrity. It forces retail investors to sell into one-sided markets while institutional players capture all the upside. I urge the Commission to repeal the current restrictions and restore the pre-2021 framework. Allowing brokerages to quote expert market securities again would return balance, improve transparency, and provide retail investors the same opportunities as institutional investors. Best, Garrett Reilly Retail Investor