Jan. 13, 2023
January 13, 2023 Hello. My name is Jack Pieper. I am a US market participant and an advocate for market reform that creates a more level playing-field for all investors. I think that this proposed rule will help end the monopoly of retail order execution. Exposing retail order flow to more competition helps better align the interests of retail participants with their market maker counterparts. This motivation is lacking under the current Payment for order flow model, as whoever buys a customer's order from a broker is the sole executioner of that order, and there is little to no oversight as to how that order is executed. Competition helps alleviate this problem by pricing out potential bad actors, and prevents abusive market making or scalping. This piece of regulation would help all users of our markets by providing better pricing. Most profits generated by payment for order flow practices come at the behest of the users, which in this case is largely retail investors. I wholeheartedly support this regulation, and I want to extend my person thanks to SEC chair Gensler and his team for putting forward meaningful changes to the investment industry. It is badly needed. Thank you for your time, - Jack