Mar. 30, 2023
Dear fellow american, I am writing to express my support for the proposed rule that aims to increase transparency and competition in the market for NMS stocks. This move is a significant step towards creating fairer markets, and the support for public auctions that give all participants an equal opportunity to fill orders is particularly noteworthy. I appreciate the proposed ban on Payment for Order Flow (PFOF) as it has long been a contentious issue, and the study's finding that Robinhood does not provide statistically significant price improvement despite PFOF being responsible for around 70% of its revenue is concerning. It is crucial to ensure that broker routing decisions are motivated by competition, and I welcome the proposed rule's focus on this aspect. Brokers who do not accept any kind of PFOF should not be at a disadvantage, and they should be able to route orders differently and see superior execution quality. The need to evaluate the impact of not charging commissions on member firms' order-routing practices and decisions is also an essential consideration. Additionally, the proposal to bring more transparency to dark markets by requiring dark pools to provide quotes and trades to consolidated market data is a much-needed measure. Wholesalers exercise a considerable influence on other market participants, and the conflicts of interest that arise from their profiteering need to be addressed. Removing middlemen from the market will improve prices for both individuals and institutions and save billions of dollars taken by wholesalers. Overall, the proposed rule is a positive step towards ensuring fair competition and transparency in the market for NMS stocks. However, the SEC needs to investigate conflicts of interest among market participants to ensure that the rules are objectively reviewed. Enforcement of SEC rules needs to be improved, with higher fines to serve as a significant deterrent for breaking the law. The Commission should also consider revoking licenses of broker-dealers who repeatedly break the rules, rather than just fining them. Thank you for considering my views on this important issue. Sincerely, Kyle Thornton P.S.This is an actual living, breathing person writing this email and not a bot. For real. I'd like the market to be fairer, please and thank you.