Mar. 31, 2023
To whom it may concern, I am in complete support of this rule as a household (retail) investor, and believe it will make the US stock market a more equitable and fair place to invest. I am a foreign investor based in the UK with a very keen interest in US companies who lead globally in their domains. The current state of the market is flawed, and rules like the order competition rule are key to ensuring the integrity, credibility and functioning of the american markets. A broker routing orders first to a wholesaler, who then passes them to the auction, which might route it back to the wholesaler, seems unnecessarily complex and also grants the wholesaler a profound information advantage against other market participants: they get to see orders well before anyone else. The Commission should address this unfair information advantage by having brokers first route to the auction and specify where the order should go if the auction is unsuccessful. That way the entire market has equal knowledge. I fully support efforts to reduce inducements and to reduce the ‘farming’ of individuals’ orders for rebate money. Thank you for taking the time, Daniel Powell