Mar. 19, 2023
This rule gives Hedge Funds that operate as Market Makers an unbelievable advantage over the stock market as a whole. Specifically Citadel, who can control which orders go to the lit market vs the darkpools. Directly giving them an advantage and notice of what the market will do before it does it. They’re corrupt and it is beyond gross negligence on the part of the SEC that they are allowed to operate as such. PFOF needs to be banned for a true and fair market. Most specifically Robinhood is Citadels number one client. They effectively work for Citadel. This is blatantly unfair and should be illegal. The state of American markets is anti-competitive and fair competition is essential. The commission needs to ensure fair competition, especially within the off-exchange systems that currently dominate. Removing middle men from the market will improve prices for both individuals and institutions, such as pension funds. The auctions would save individuals billions of dollars taken by wholesalers. The proposed rule to bring more transparency to dark pools should be implemented as soon as possible. Enforcement of SEC rules needs to be improved with higher fines to serve as a significant deterrent for breaking the law. Some broker-dealers should lose their licenses instead of receiving fines that amount to a cost of doing business. I believe you can follow through on these by passing and implementing these rules to the fullest extent of the law.
Sincerely,
Matthew Simon