Mar. 26, 2023
we call it the "stock market." we think that securities prices increase and decrease based upon supply and demand. how wrong we are. internalization means in large part we as investors are operating within whatever little bubbles our brokerages have set up. the interconnection between those bubbles establishes the price. this is not real price discovery, and there is little reason for confidence that what is happening in the connecting fibers is on the up and up. or that what's going on in the other guy's secret little bubble is legitimate, even though it impacts the overall price. or that any of this is being adequately monitored, for that matter. (see, e.g. FTD rates on certain stocks, exponential increase in darkpool transactions.) this proposal "connects the bubbles" (at least to a greater degree); i support it.