Subject: Re: Order Competition Rule, File No. S7-31-22, Release No.34-96495
From: Ed Engleback
Affiliation:

Mar. 12, 2023

 


To whom it may concern, 


I'd like to begin by stating that I strongly support this rule and any other which increases market transparency and competition. As a foreign household investor, I've become increasingly concerned with the state of US markets because of HFT, PFOF, internalisation amongst other issues. This rule passing would be a huge leap forward in building trust in markets and ensure the US Dollar continues to be a world reserve currency. 
One point that must be made clear however is that a rule is only useful if it is properly enforced. Fines should always be greater than the profits due to breaking the rules and repeat offenders should have their licences repealed. 
I would happily pay a fee to have my orders be executed at public auction rather than go to wholesalers, and as stated in the commission's economic analysis,  retail will save between $1.12b and $2.35b on transaction fees. To ensure that this benefit is maintained whilst brokers lose in PFOF fees, a cap must be placed on transaction fees. Failure to do so may result in the rule becoming redundant. 


Kind regards, 
Ed Engleback