Subject: Comment Letter for File Number S7-31-22 Order Competition Rule
From: Stephanie Pacillo
Affiliation:

Mar. 29, 2023

March 28, 2023

Vanessa A. Countryman
Secretary
U.S. SEC

Rule Proposal No. 34-96495; File Number S7-31-22 Order Competition Rule

Ms. Countryman:

The fundamental flaws in our market structure are plain to see. I urge the SEC to listen to individual investors and ensure our interests are represented.
The need for order competition is necessary for healthy public markets. By ending the practice of PFOF you are removing one of the greatest threats to price discovery in our financial market.
For too long firms like PFOF brokers and wholesalers have claimed to represent individual investors. This practice has only
worsened the situation by corroding the value of the market.
I believe the long term impacts of internalization is so corrosive to our market system it is the duty of the SEC to take action and curtail this business practice.


Stephanie Pacillo


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