Mar. 26, 2023
To Whom It May Concern: I'm writing to show my strong support of this rule. In order to earn the trust in the financial system, big players cannot be given an unfair advantage because they have deeper pockets. I support the recently introduced regulation which specifies that Citadel cannot be the initial recipient of orders. Instead, orders must be directed to a public auction where all market participants, including pension funds, are provided with an equitable chance to fulfill the order. I believe PFOF should be banned because it hurts the retail investor. FINRA is currently assessing the effects of eliminating commissions on the order-routing practices and decisions of member firms, and it is imperative that the outcomes of this evaluation are disclosed to the public. It appears that TD Ameritrade's order routing decisions are not primarily driven by competition, despite their claims on their website. Instead, they appear to prioritize paying for priority access to orders, directing them to firms that generate billions of dollars in profits as a result. Dark pools (Alternative Trading Systems) should provide quotes and trades to consolidated market data to bring more transparency to dark markets. The Commission ought to address the inequitable information advantage of wholesalers by mandating that brokers route orders to the auction first, and further specify where the order should be directed in the event that the auction is unsuccessful. The current state of American markets exhibits anti-competitive traits, and it is critical to establish fair competition as a fundamental principle. The Commission must take measures to promote fair competition, particularly within the off-exchange systems that currently dominate the market. Wholesalers wield significant influence over other market participants, and there are potential conflicts of interest that could compromise the ability of certain individuals to impartially review the rules. Eliminating middlemen from the market would result in improved prices for individuals and institutions, including pension funds. Auctions can save individuals billions of dollars that are currently captured by wholesalers. To promote fair competition, the Commission must curb monopolistic behavior and eliminate profit-seeking middlemen from the market. It is crucial to expedite the implementation of the proposed rule that would increase transparency in dark markets. The SEC must enhance its enforcement of rules by imposing higher fines that serve as a significant deterrent to breaking the law. In some cases, revoking the licenses of certain broker-dealers may be necessary instead of issuing fines that merely serve as a cost of doing business. With more involvement by retail investors than ever before, I hope the Commission does the right thing instead of sticking to the status quo. Thank you for your time, CC