Jan. 13, 2023
January 13, 2023
The proposed rule to enhance order competition is a vital step in ensuring fairness and competition in the market. The current system, in which retail brokers route more than 90% of marketable orders to a small group of off-exchange dealers, known as wholesalers, is unacceptable. This practice allows wholesalers to execute orders internally without providing any opportunity for other market participants to compete and provide more favorable prices. The proposed rule would effectively end internalization and wholesaling as we know it, by requiring certain orders of individual investors to be exposed to competition in fair and open auctions before they could be executed internally by any trading center that restricts order-by-order competition. This is a significant improvement over the current system and would go a long way in ensuring that individual investors' trades impact the NBBO and execute on-exchange. I firmly believe that this proposed rule is crucial for promoting fairness
and competition in the market, and I demand that it be implemented without delay. It's time to put an end to the lack of transparency and lack of accountability in the industry, and this proposed rule would be a significant step in achieving that goal.