Mar. 31, 2023
To whom it may concern, Best execution is important to household investors. Brokers owe their customers a duty of Best Execution derive from common law agency principles and fiduciary obligations, but it needs to become a rule that is enforceable by the SEC. I support the proposed rule and believe it is a necessary step in protecting household investors and promoting fair and efficient markets by ensuring investors are receiving the best possible execution for the trades. It will provide a more detailed and comprehensive standard for broker-dealers to follow, resulting in consistently robust best execution practices. Citadel and Virtu utilise price improvement scheme to attract order flow and claim to offer best trades. Often times they offer a slightly better price than the best price available. This allows them to gain order flow information without needing to pay for it. All forms of PFOF should be banned like it is elsewhere in the world. These proposed rules mandate more transparent disclosure of their practices to prevent fraud and deception. This is help expose unethical behaviour and prevent unfair advantages in the market. Regards, Mike Bodner