Mar. 31, 2023
To Whom It May Concern, There are far more literate and knowledgeable people who can and will comment on this matter significantly better than I can; however, I will try my best to articulate my reasons why this rule should be passed and enforced as soon as possible. My background is not very unique. I am one of the millions of US citizens whose childhood was scarred by the Great Recession and was commanded to attend college to earn a degree, so that I would not face such economic difficulties. There, another trap lay in wait, now burdening me with massive debt before I had even graduated. I joined the US Army to offset the costs, yet I still paid a price. Missed birthdays, holidays, and graduations were costs of their own. My wife was saddled with a six figure student loan debt to become a physical therapist. Jobs are paying wages incapable of effectively dealing with such levels of student loan debt, housing prices, and vehicle prices. So I turned to the "free" market. My last shred of hope that I could maybe help my new family catch up to the level I thought (and was told) that a college educated civil engineer veteran should be at. What I found was nothing short of another lie told by older generations. In an age of supercomputers and algorithmic trading, retail traders should be provided the opportunity to trade directly and fairly in the open market. Payment for Order Flow (PFOF) does not allow for competition on the free market; why else was it effectively banned in the UK? Wholesalers are middle men, damaging the market by internalizing orders and taking billions of dollars from individuals and institutions. In the past, there may have been a necessity for a middle man. But with every day people from around the world having access to real time trading in the US market, that need has passed. How does it benefit me to have my trade go to wholesalers first, then to the open market? And then these same wholesalers post billions in profit? There needs to be oversight into these actions and if there are regulations being overridden or ignored, these actors should lose their licenses and ability to keep doing the same corrosive methods. Capitalism is the core to our success as a nation and preserving fair competition in the markets is essential to our society and our posterity. The SEC is on the right path. There are massive players in this game with billions of dollars weaponized to ensure they keep the status quo. But how much money someone has should not allow them a better opportunity in the market. The SEC needs to enforce regulations and investigate conflicts of interest among market participants. The SEC needs to ensure fair competition by reducing monopolistic behavior and removing bad actors from the market. The SEC needs to bring back trust and hope that the US markets are free and fair. This rule may not do all of that, but it will certainly help to clear these muddy waters far more than allowing for this system to remain. I sincerely appreciate these efforts by the SEC. Honestly, this is finally what we the people have been yearning for: to make positive change that benefits us all. To finally have a government institution listen to us and then act on it! You're bringing hope to life in a time it is so desperately needed. Thank you. Respectfully, Marshall Windes