Mar. 22, 2023
Dear Securities and Exchange Commission, I am writing to express my views on the proposed Order Competition Rule change by the Securities and Exchange Commission (SEC). Firstly, I strongly believe that the proposed rule change will improve market efficiency and promote fair competition among market participants. The proposed rule seeks to address concerns around the preferential treatment of orders by exchanges, thereby ensuring that all market participants have equal access to order execution. This is a critical step toward enhancing market transparency, and I applaud the SEC's efforts in this regard. Secondly, the proposed rule change will help to prevent conflicts of interest that can arise when exchanges are involved in executing their customers' orders. By limiting exchanges' ability to execute their customers' orders, the proposed rule will promote fair competition and level the playing field for all market participants. I do understand there are some concerns regarding the potential impact of the proposed rule change on smaller market participants, such as retail investors. The proposed rule change may increase trading costs for smaller investors, as they may have to rely on more expensive execution methods in the absence of preferential treatment of their orders by exchanges. Even still, the benefits far outweigh this minor concern in my experience and I think this is a small price to pay for a fairer and more robust market. In conclusion, while I support the SEC's proposed Order Competition Rule change, I urge the SEC to carefully consider the potential impact of the rule on smaller market participants and take steps to mitigate any adverse effects. Thank you for considering my comments. Sincerely, Tristan Hembree