Mar. 27, 2023
March 27, 2023 The S7-31-22 Order Competition Rule, currently as proposed does not serve to protect a free and fair market. Markets function their best when there is open, transparent and fair competition for order flow. Even big players know the importance of trading via internalization and its dangers. For example, the Citadel hedge fund and market maker CEO, Ken Griffin has spoken out about it in the past with a previous letter to the SEC stating, \"Internalization is one of the greatest threats to price discovery in financial markets. He continues to expand upon that with that the potential long-term impact of internalization is so corrosive to our national market system that the Commission should take every possible step to curtail this business practice. Indeed, the dramatic fall in processing costs in recent years almost completely eviscerates the arguments in favor of internalization. As a tax paying investor in the US, I feel that this rule MUST remove internalization as it can easily be abused to increase liquidity and significantly detriment a free and fair market. Thank you for taking the time to read my comment and I urge you to heavily consider the consequences of allowing internalization and adjunctive practices, such as PFOF, and how they can SEVERELY undermine free and fair markets.