Mar. 12, 2023
I am writing to express my strong support for the proposed rule changes by the Securities and Exchange Commission that aim to bring more transparency and fairness to American markets. I believe that every rule the SEC passes is only as good as the enforcement that backs it. Therefore, I want to see higher fines that actually serve as a significant deterrent. It is my view that some broker-dealers should lose their licenses instead of receiving fines that amount to nothing more than a cost of doing business. I fully support the proposed rule changes and would like to see them implemented as soon as possible. I deeply appreciate and support any efforts to reduce the speed games that damage the integrity, credibility, and functioning of American markets. I also appreciate and support any efforts to reduce inducements and to reduce the ‘farming’ of individuals’ orders for rebate money. In my opinion, the current market is not fair, and the proposed rule changes are an important step in the right direction. Fair competition is incredibly important, and it is good to see the SEC prioritizing true competition. The state of American markets is clearly anti-competitive and needs to change. I prefer a more simple, transparent, and free market structure like the one proposed in this rule. I have serious concerns about wholesalers and their negative impact on the market. It is clear that they have a significant conflict of interest and exercise extreme influence on other market participants. Research suggests that internalization is bad for markets, and I believe that the SEC should take this into account. I would gladly pay more per share to avoid being routed through a wholesaler that has been charged over 70 times by the United States government. The data clearly demonstrate that wholesalers are taking billions from individuals and institutions and calling it "superior performance." They might massage their numbers to protect their profits, but we know better. If they were not around to take their cut, the savings would go to citizens and pensions instead of into Wall Street's overstuffed pockets. It is clear to me that removing the profiteering middlemen from the market will improve prices for both individuals and institutions (e.g., pension funds). In conclusion, I fully support the proposed rule changes by the SEC and encourage the commission to prioritize transparency, fairness, and competition in American markets. Thank you for your time and consideration. Sincerely, -Brian Telestai