Mar. 12, 2023
To whom it may concern at the honorable SEC, I am a household investor and I am in support of the proposed Order Competition Rule. Competition in the marketplace for orders would drastically increase my confidence in investing further capital in US securities markets. Current practices of Payment for Order Flow where Market Makers with far superior resources can intercept and redirect my orders in directions that benefit only themselves is in complete contradiction of the Free and Fair Markets advertised. According to the U.S legal codes Title 15 U.S.C. 78k-1: (a)Congressional findings; facilitating establishment of national market system for securities; designation of qualified securities (1)The Congress finds that— (A) The securities markets are an important national asset which must be preserved and strengthened. (B) New data processing and communications techniques create the opportunity for more efficient and effective market operations. (C)It is in the public interest and appropriate for the protection of investors and the maintenance of fair and orderly markets to assure— (i) economically efficient execution of securities transactions; (ii) fair competition among brokers and dealers, among exchange markets, and between exchange markets and markets other than exchange markets; (iii) the availability to brokers, dealers, and investors of information with respect to quotations for and transactions in securities; (iv) the practicability of brokers executing investors’ orders in the best market; and (v) an opportunity, consistent with the provisions of clauses (i) and (iv) of this subparagraph, for investors’ orders to be executed without the participation of a dealer. (D) The linking of all markets for qualified securities through communication and data processing facilities will foster efficiency, enhance competition, increase the information available to brokers, dealers, and investors, facilitate the offsetting of investors’ orders, and contribute to best execution of such orders. Therefore as stated in the U.S Legal Code referenced above it is not only the directive, but well within the Commissions rights to develop and uphold a market that is competitive for all participants. Best execution should not be subjective to the largest players in the market, but each and every participant equally. I look forward to the approval of the Orders Competition Rule. Thanks for your consideration, Riley Sewell, Investor