Mar. 12, 2023
Dear SEC, I’d like to comment on the above proposed rule change. I am not comfortable writing on such a topic as regulation within the stock market, but feel it’s important to at least try to participate. I believe that institutions who wield a strong yet unseen impact on an individual’s retirement and savings as well as the macroneeds of pension funds without proper regulation only serves to fuel the avarice of its participants. PFOF is an obvious tool of manipulation by MM to further their own gluttonous ambitions; It’s hardly a charitable act on their part. I would happily return to the days of old when I would pay $7/transaction to avoid my orders being routed through a wholesaler. Who needs such middlemen? Send my orders directly to a lit auction and allow the natural price to be discovered through the competitive nature of demand and supply. The obvious conflict of interest in the existing structure to the benefit of wholesalers does not, or at least should not, require explanation. Furthermore, I believe these wholesalers wield too much power and influence over the very regulating bodies who are tasked with keeping them in line. We’ve all seen the movies, read the books. Don’t let today’s technology expose even worse decisions than were made in the run up to 2008. The irreversible damage of another ‘08 style crisis would obliterate the public’s remaining faith and trust in market and financial institutions. Occupy Wall St. 2.0 will see many more than just disillusioned youth protesting; It will be the young and old, small business owners, teachers, pilots, firemen, plumbers. We will all be there to insist that the perpetrators of the next financial devastation be held accountable. 2023 is NOT 2008. Terry Cosley I would gladly pay more per share to avoid being routed through a wholesaler conflicts of interest. Citadel is a large source of funding for many broker-dealers and is, for example, the NYSE's biggest customer. Wholesalers exercise extreme influence on other market participants and I am concerned that influence will infect the ability of some participants to objectively review these rules. are clearly some market participants benefitting from a dominant, anti-competitive position in the marketplace. They pay for order flow or secure it through backroom deals