Feb. 24, 2023
Dear sir or madam, as a household investor, I support the implementation of the poroposed Order Competition Rule S7-31-22 . Fundamentally, a free and fair market should allow for open and free price discovery for the goods that are exchanged on it, but as of right now, that fundamental aspect is hindered by the current market structure. Price discovery does not happen, as most private investors' order don't reach a lit market (if I remember correctly, Gary Gensler mentioned 90-95% of private investors' orders being filled off exchange); not only is this against the idea of a free and fair market with open competition, it leads to worse execution prices for household investors. Orders of individual and institutional investors should meet on an open market, where price is discovered by transparency, without middlemen or wholesalers. One market for all, one set of rules for all. Anything else opens opportunities for abuse and fraud, introducing systemic risk for all participants. Take into consideration, that any Nation is its people, and any economy is its participants; in short, the general public. Market strcutures should reflect that and not go against the interest of the general public - for this reason, I support the implementation of the aforementioned rule. Kind regards