Mar. 24, 2023
Our markets need transparency, our markets need true price discovery, and our markets need actual regulation with enforcement so that greedy financial entities are held accountable for abusing their power as market makers. I whole heartedly support this rule, Citadel cannot be the first to receive orders and abuse their priviledge. Orders must go to a public auction to allow for equal opportunity and transparency. It is now widely known that Payment for Order Flow (PFOF) has created some massive conflicts-of-interest. The practice has been effectively banned in the UK and it should be in US markets as well. As a result of these conflicts of interest the state of American markets is anti-competitive, and fair competition is essential. The Commission must ensure fair competition and support this rule, especially within the off-exchange systems. Wholesalers are taking billions from individuals and institutions and calling it "superior performance" while being dishonest about the quality of their services in order to maintain their profits. The Commission should ensure fair competition by reducing monopolistic behaviour and removing profiteering middlemen from the market. Fines as punishment have become a "cost of doing business" for broker-dealers and this is unacceptable.