Mar. 30, 2023
Dear SEC, The proposed rule is a step in the right direction for the financial markets. Markets operate best when transparent and fair competition for order flow exists. Internalization of orders threatens true price discovery in financial markets and results in poor executions for individual investors. On-exchange liquidity will provide healthier competition for the betterment of all participants. The proposed ban on PFOF is necessary to address conflicts of interest concerns. Currently, there are no guarantees that broker-dealers executing trades to wholesalers like Citadel first are without a conflict of interest. The proposed ban will help ensure that brokers are acting in their clients’ best interests. Furthermore, additional enforcement and harsher fines/penalties for those abusing these rules would be beneficial. This would help ensure that all market participants are playing by the same rules and that there is a level playing field. The proposed rule will improve transparency in the market and increase investors’ trust in the market. As an individual investor, I prefer a more straightforward, transparent, and free market structure like the one proposed in this rule. In conclusion, I support Rule Proposal No. 34-96495 File No. S7-31-22 Order Competition Rule because it will improve transparency in the market, increase investors’ trust in the market, and ensure that all market participants are playing by the same rules. thank you for your time and greetings from germany, Manuel Elbricky