Subject: S7-31-22: WebForm Comments from Florian Rhyn
From: Florian Rhyn
Affiliation:

Mar. 07, 2023

March 7, 2023

 Dear SEC

As a retail/household investor I fully support your proposed S7-31-22 Order Competition Rule.

It is paramount for a free market that all orders are sent to the lit market. Otherwise the invisible hand is simply inexistent.

Let me take this opportunity to draw your attention to failure-to-deliver (FTD). How is it possible that market makers receive money without delivering shares for years at a time? For most people outside of Wall Street this process is called stealing. The fines for long-term FTDs should exceed the profits by a large margin. Prison sentences should be normal in this regard.

Please increase your fines for all rule violations.

Thank you for considering my comment.

Sincerely
Florian Rhyn