Subject: Order Competition Rule, File No. S7-31-22, Release No. 34-96495
From: Michael Joy
Affiliation:

Mar. 12, 2023



To whom it may concern,

I wanted to voice my support for this rule change.

Brokers should always route orders *first* to the auction, and only if someone doesn’t take the order should it be routed to a wholesaler.

Allowing internalizers to front run trades and decide what gets sent to a lit exchange destroys true price discovery and competition.

Please raise the fines on entities that disobey SEC rules. If a fine is negligible in proportion to a company’s total worth, it is no longer a deterrent, but a cost of doing business.

Thank you for pushing in the right direction,
Michael Joy