Mar. 31, 2023
I am in support of this new Order Competition Rule. The new rule would require those with unfair advantages to go through public auctions to fill orders and ban the controversial & detrimental PFOF. Those who do not use PFOF route orders differently and provide better execution quality.Robinhoods PFOF responsible for 70% of its revenue, but has been found to not offer any significant price improvement. Dark pools should provide quotes and trades to consolidated market data for more transparency. The removal of middleme will reduce corruptness in the market and promote competition. Also, ensuring fair competition, reduce monopolistic behavior, and remove profiteering from middlemen from the market help promote organic market behavior. SEC should investigate conflicts of interest among market participants and improve enforcement with higher fines, instead of fixed fines, charge those guilty by a percentage of their net worth. When a fine for these bad actors is just a cost of doing business, something needs to be done. Maybe fining those guilty of malicious behavior should be based on their net-worth and not just a fixed amount. This is progression towards a fair securities market and I approve of those new rule. Matthew A.