Feb. 24, 2023
February 24, 2023 Dear Securities and Exchange Commission, As household investors, we are writing to express our support for the proposed changes to the Securities Exchange Act of 1934 regarding the disclosure required for order executions in national market system (NMS) stocks. We believe that these changes will enhance transparency and confidence in the stock market, which is crucial for retail investors like us. We understand that the proposed changes include expanding the scope of reporting entities, modifying the definition of \"covered order,\" and changing the information required to be reported. These changes will help us to better understand how our orders are executed, even when they are submitted outside of regular trading hours or with stop prices. We also appreciate that the proposed changes will capture execution quality information for fractional share orders, odd-lot orders, and larger-sized orders. This will provide us with a more comprehensive view of the market and help us to make informed investment decisions. Furthermore, we support the proposal to eliminate time-to-execution categories in favor of average time to execution, median time to execution, and 99th percentile time to execution, each as measured in increments of a millisecond or finer and calculated on a share-weighted basis. This will give us a more accurate picture of the speed of the marketplace and ensure that we can trust the information we receive. In conclusion, we believe that the proposed changes to the Securities Exchange Act of 1934 will benefit retail investors like us by enhancing transparency and confidence in the stock market. We fully support these changes and urge the SEC to adopt them. Thank you for considering our views. Sincerely, Julio Tello