Mar. 12, 2023
Dear Securities and Exchange Commission, I am writing to express my full support for the Order Competition Rule, File No. S7-31-22. The proposed rule is an important step towards reducing the speed games that damage the integrity, credibility, and functioning of American markets. It is essential that every rule the SEC passes has adequate enforcement that backs it. Therefore, I urge you to implement higher fines that serve as a significant deterrent. I believe that some broker-dealers should lose their licenses instead of receiving fines that amount to nothing more than a cost of doing business. I deeply appreciate and support any efforts to reduce the speed games that damage the integrity, credibility, and functioning of American markets. Additionally, reducing inducements and the 'farming' of individuals' orders for rebate money is crucial. I support the Commission's efforts to address this unfair information advantage by having brokers first route to the auction and specify where the order should go if the auction is unsuccessful. That way, the entire market has equal knowledge. I support the proposed rule as it promotes fair competition among brokers and dealers, among exchange markets, and between exchange markets and markets other than exchange markets. Monopolies are bad, and there is clear monopolistic behavior here. The proposed rule is an important step in the right direction towards promoting true competition. I prefer a more simple, transparent, and free market structure like the one proposed in this rule. Fragmentation of the markets makes things overcomplicated in a way that only benefits large, dominant players. Wholesalers exercise extreme influence on other market participants and have clear conflicts of interest. Therefore, I am concerned that their influence will infect the ability of some participants to objectively review these rules. The proposed rule is crucial in removing profiteering middlemen from the market, and I believe that it will improve prices for both individuals and institutions, such as pension funds. I urge you to implement the Order Competition Rule, File No. S7-31-22 as soon as possible. Thank you for considering my thoughts on this issue. Best regards, Kristoffer Svendsen