Mar. 26, 2023
Subject: Comment Letter for File Number S7-31-22 Order Competition Rule"
March 26th, 2023
By Email
Vanessa A. Countryman
Secretary
U.S. Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 205499–1090 rule-
Re: S7-31-22 Order Competition Rule
Dear Secretary Countryman,
I am a household investor who is greatly concerned about the transparent and fair functioning of our financial markets. I am writing in favor of the SEC adopting the S7-31-22 Order Competition Rule.
My concerns include but are not limited to aspects of the current system as it relates to:
a) Payment for Order Flow ("PFOF") creating conflicts of interest for brokers as to where household investor orders are routed.
b) A lack of clear and consistent baselines for which to determine how a best price is determined and obtained for household investors.
c) Transparency and auditing by the SEC, other regulatory agencies, and the public as to how this routing and execution of orders is occurring.
I believe the proposed “qualified auction” outlined in the S7-31-22 Order Competition Rule will go a long way to addressing these and other significant concerns.
The United States of America must remain a leader and innovator in fair and transparent financial markets. To that end, constant vigilance, diligence, and prudent evolution of our financial systems are required - this includes adoption of the S7-31-22 Order Competition Rule in full and without delay.
Respectfully submitted,
Mr. Peterson