Mar. 31, 2023
March 31, 2023 As an individual investor I support proposed rule S7-31-22 in that I believe in market competition for orders, however I think the proposed rule does not go far enough. I do not believe that wholesalers can be trusted to behave in a fiduciary role with individual investor orders. By first bringing individual investor orders to an auction, rather than an intermediary, transparency is increased (the order is seen on a \"lit market\"), and we have price discovery by order competition. I do not support exceptions (particularly for wholesalers being allowed to see household investors' orders first). Yes I support the rule in that household investors' orders should go to a lit competitive auction. I support the transparency and competitive price discovery I believe the rule could bring. However I think no exceptions should be granted to orders being routed to lit competitive markets. Lastly, I would like to state that only I can speak regarding my own best interests. I believe that the written opinions of market participants such as Citadel or Virtu are possibly detrimental to individual investors such as myself and does not represent my opinion.