Subject: S7-31-22: WebForm Comments from Phillip Worts
From: Phillip Worts
Affiliation:

Dec. 28, 2022

December 28, 2022

 Comments on S7-31-22: Order Competition Rule

Thank you for providing individual investors, like myself, the opportunity provide input on the proposal.

Fair and transparent markets are fundamental expectations that investors have when utilizing broker-dealers. Here are my thoughts as an individual investor:

-Competition for orders is critically important to ensuring that the best execution can be implemented, and the parties involved in the trade are getting exposure to a competitive group of market participants.
-Internalization and trades executed in dark pools are not impacting the NBBO and preventing true price discovery.
-Internalizing appears to benefit market makers much more than individual investor trying to buy or sell a security.
-There should be no exemptions for market makers, broker-dealers with high or low volume, small- or large-block trades, or otherwise.

Thank you for your time.