Mar. 31, 2023
Hi, Householder investor, father of 2. This rule regarding transparency on price improvement is an important step getting us to the fair and efficient market goal. The counterargument seems to be the increased reporting will lead to lower profits for the large hedge funds and market participants. For the billions of dollars earned per year, that's a wonderful tradeoff for ensuring there's no deception and unethical behaviors. Based on the history of fines within our market system, it is common to have large players intentionally break the rules when the fines at ~1% of the crime can be known as the cost of doing business. Example is Citadel's 2017 fine of $22.6m for not providing best execution, significantly less than the profits earned through this practice. We need actual reporting at a minimum of quarterly. Obviously unethical behavior exists in the market, how much more is hidden below the surface? If uncovered, what tools does the SEC have to respond in order to properly penalize and ensure future compliance? This rule provides a great standard for broker dealer participants to follow. I would feel safer as an investor knowing best execution is legitimate and I'm not being taken cheated and taken advantage of without the tools the larger players have at their disposal. I currently do NOT have this feeling of safety, the market is simply not fair. Lastly, I'm attracted to the Icelandic model after the 2008 crisis. Hurting people or destroying lives with excessive greed and unethical practices should have meaningful consequences, not merely a line item on the company balance sheet. Detailed reporting such as this rule gets us there. Thank you, Greg Kopanski