Mar. 12, 2023
Hello,
First and foremost I’d like to thank you for taking the time to read my comment here. These are my thoughts I’d like to voice on “Order Competition Rule” as a retail investor in today’s market. I fully support this proposal and hope to see it implemented soon.
1. When brokers route orders to wholesale, whoever is receiving these orders gets to see them before anybody else does. How is this fair? It’s not. And it leaves all too much room for anyone with ulterior motives to manipulate the market as a whole, as we have been witnessing for decades now. How does the saying go? - “Rules for thee, but not for me.” At the very least we could see manipulators fined heavily ( not a slap on the wrist for market makers with 240 Billion in AUM ) for their actions, or their authority removed indefinitely.
2. From my point of view, I would rather pay more to purchase stock than have orders routed through wholesale. If orders are not being routed on a LIT exchange, what is the point? You can clearly see on some stocks that more than half, sometimes even over 70% of orders are being routed off market. Some of these market makers routing these orders, not naming names because I’m sure you’re fully aware of who, are repeat offenders with over 50 or more fines in the last decade.
It’s imperative that we make a change to our markets, for the betterment of all Americans, equal across the board. I’d like to thank you for proposing this rule, and I hope to see the markets cleaned up by this. It’s time to fix what was broken from the start.
— “The greatness of America lies not in being more enlightened than any other nation, but rather in her ability to repair her faults.” — Alexis de Tocqueville