Feb. 24, 2023
February 24, 2023 I am writing to express my strong support for the proposed amendment of the National Market System (NMS), which includes restrictions on the internal execution of retail orders. As you are well aware, the current market structure can disadvantage individual investors, who may not have access to the same resources and information as large institutional investors. The proposed amendment seeks to address these issues by ensuring that retail investors receive fair treatment when executing trades. The proposed amendment would restrict the internal execution of retail orders, which is a practice in which brokers execute orders within their own firm rather than sending them to external markets. While this practice can sometimes result in faster execution times and lower fees, it can also result in inferior prices for retail investors, who may not have access to the same prices as external markets. By restricting the internal execution of retail orders, the proposed amendment would ensure that retail investors receive prices that are more competitive and fair. I believe that this proposed amendment is a crucial step towards ensuring that retail investors receive fair treatment in the market. By restricting the internal execution of retail orders, the amendment would help to level the playing field between individual investors and institutional investors. It is my hope that you will support this amendment and work to ensure that it is implemented effectively. Thank you for your time and attention to this important matter.