Jan. 13, 2023
January 13, 2023 The proposed changes to tick sizes, access fee caps, and transparency for better priced orders are a game changer for the industry. The tick size changes, in particular, are a necessary step in leveling the playing field between internalizers and exchanges. The current practice of internalizers executing orders at any pricing increment, which results in so many 1 mil price improvement trades and prices that go out to 4 decimal places, is a clear regulatory advantage that must be ended. The proposed changes would put an end to this practice and ensure that retail investors have the opportunity to get the same level of price improvement on-exchange, and change the incentives for retail brokers. Furthermore, the proposed reductions in access fee caps, in conjunction with the reduction of the minimum pricing increments, and the requirement for national securities exchanges to make the amounts of all fees and rebates determinable at the time of execution, will ensure that investors have access to the most competitive prices and the most transparent information about fees and rebates. I firmly believe that these changes are critical in promoting fairness and competition in the market, and I demand that they be implemented without delay. It's time to put an end to the lack of transparency and lack of accountability in the industry. The proposed changes should be implemented as soon as possible.