Mar. 20, 2023
March 20, 2023
As a household investor, knowing that my orders can be routed directly from my brokers to Citadel (where they can take a cut and control the price from there) crushes my faith in the fairness, stability, and transparency of the entire financial system.
To quote a tweet from Gary Gensler from June of 2022, \"There isn't a level playing field among wholesalers, dark pools, lit exchanges.\"
I support this rule's proposal to make it so that my orders first go to a lit auction where other market participants (like pension funds, who much deserve this) get a chance to fill the order.
This is my money, these are my orders, and I do not want Citadel and other market makers to process my orders by default and use my orders to manipulate the price of the stock.
By contrast, I want other market participants who aren't taking a cut of the trade to be able to process my orders.
I would like for this rule to be implemented with NO exceptions to be made for anyone.
It should applied thoroughly and enforced with full conviction in the hopes of restoring more transparency and integrity to the market.