Mar. 30, 2023
Support the new rule requiring Citadel to go through public auctions to fill orders and ban PFOF in US markets. Brokers that don't accept any kind of PFOF route orders differently and provide better execution quality. Robinhood's PFOF responsible for 70% of its revenue, but study found no significant price improvement compared to exchanges. Dark pools should provide quotes and trades to consolidated market data for more transparency. Remove middlemen from the market to improve prices for individuals and institutions, like pension funds. Ensure fair competition, reduce monopolistic behavior, and remove profiteering middlemen from the market. SEC should investigate conflicts of interest among market participants and improve enforcement with higher fines and license revocations. Eric J. Sanchez www.ericjsanchez.com