Mar. 20, 2023
To Whom It May Concern, Gary Gentler I am writing to express my strong support for the Order Competition Rule, which promotes competition among market makers and protects retail investors from unfair practices in the securities markets. The Order Competition Rule requires market makers to publicly display their best prices for buying and selling securities, which encourages competition and ensures that investors receive fair prices for their trades. The Order Competition Rule is particularly important for retail investors, who may not have access to the same information and resources as institutional investors. By requiring market makers to publicly display their best prices, the rule helps to level the playing field for retail investors and ensures that they receive fair prices for their trades. Moreover, the Order Competition Rule helps to prevent unfair practices such as price manipulation, front-running, and insider trading, which can harm retail investors and erode confidence in the securities markets. By promoting transparency and competition, the rule helps to ensure that the securities markets are fair and accessible to all investors. While it is understandable that market makers may have concerns about the impact of the Order Competition Rule on their business models, it is important to remember that the ultimate goal of the rule is to promote fair and transparent markets that benefit all investors. By encouraging competition among market makers and preventing unfair practices, the rule helps to ensure that the securities markets are fair and accessible to all investors. The Order Competition Rule can also benefit market makers by promoting greater efficiency and liquidity in the markets, which can lead to increased trading volumes and revenues over time. In light of these benefits, I urge the SEC to continue to support and enforce the Order Competition Rule, and to consider additional measures that could further enhance competition and protect retail investors in the securities markets. Thank you for your attention to this important issue. Sincerely, Micah Gray