Mar. 12, 2023
To the SEC, My name is Justin Rogers, a Household Investor, and I am writing to support the proposed Order Competition Rule, File No. S7-31-22, Release No.34-96495. I support the rule, and encourage its implementation. Brokers should be routing to an auction not front-running trades. Sending my orders to a wholesaler to be internalized is a specific trading protocol that I’d like to avoid. A wholesaler such as Citadel who has been front-running customer orders since 2006 shouldn’t have a monopoly on retail order flow. My only concern is that brokers will start charging outrageous commissions or fees in lieu of PFOF, so I’d recommend a cap on the amount of commissions or fees that the brokers are allowed to charge. I would like to praise the continuation of the reform efforts being undertaken by Chairman Gensler and the entire S.E.C. For too long the Commission has not been enforcing fair competition, especially within the off-exchange systems that currently dominate. I hope to see the following: Larger, painful, meaningful fines that actually act as a deterrent for bad behaviors. The revocation and suspension of licenses for repeat offenders. Prompt referral of criminal offenses to the DOJ for prosecution. In my view, these corrective measures should always have been in force, and because they are not, is why we have the issues the market is facing today. The SEC is now righting these wrongs, and millions of Investors are hopeful it will continue. Thank You, Justin Rogers