Mar. 18, 2023
Dear SEC, I am writing to express my support for the proposed rule changes aimed at improving the fairness, transparency, and competition in the American markets. While I fully support the rule, I believe that the enforcement behind it is equally important. Therefore, I urge the SEC to impose higher fines that serve as a significant deterrent against fraudulent behavior. One issue that concerns me greatly is the anti-competitive behavior that seems to be dominating the off-exchange systems. The current state of the American markets is clearly monopolistic, and this needs to change. I strongly believe that fair competition is incredibly important, and I appreciate that the SEC is beginning to take this issue seriously. I also support the proposed rule changes that would reduce the "speed games" that damage the integrity and credibility of the markets. Additionally, I applaud the efforts to reduce inducements and the "farming" of individuals' orders for rebate money. Furthermore, I believe that the current market structure is unnecessarily complex and favors large, dominant players. I would prefer a more simple, transparent, and free market structure like the one proposed in this rule. I would also like to express my concerns about wholesaler behavior. 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 conflicts of interest between wholesalers and broker-dealers are also alarming, and I believe that the parties involved have very clear conflicts of interest. Research heavily suggests that internalization is bad for markets, and wholesalers are lying about the quality of their services to maintain their profits. Removing the profiteering middlemen from the market will improve prices for both individuals and institutions (e.g. pension funds). In conclusion, I strongly support the proposed rule changes and urge the SEC to enforce them strictly. I believe that these changes will help to create a fairer, more transparent, and competitive market that benefits all participants. Thank you for considering my views. Sincerely, Alex Scharfe