Mar. 31, 2023
March 31, 2023 Dear Ms. Countryman, As a retail investor, I am writing to express my strong support for the proposed rule to enhance order competition (S7-31-22). I believe that the establishment of fair and open auctions that will affect the National Best Bid and Offer (NBBO) and prevent wholesalers from internally executing segmented orders is a crucial step towards creating a fairer and more transparent market. As you know, many retail investors like myself rely on the NBBO to make informed trading decisions. However, the current market structure allows wholesalers to execute orders internally and keep the price improvement for themselves. This practice not only undermines the NBBO but also harms retail investors who do not have access to these price improvements. This proposed rule to enhance order competition will create a level playing field for all investors, including retail investors like myself. By promoting order competition, this rule will increase price transparency, improve liquidity, and ultimately benefit investors by providing better prices and execution quality. It is essential that there are no exceptions to this rule, as any exceptions could potentially create loopholes and undermine the effectiveness of the rule. All market participants and transaction values should be subject to the same rules and regulations to ensure a fair and competitive marketplace. Like any responsible investor, I have a vested interest in the fair and transparent operation of the market. This proposed rule to enhance order competition represents an important step in achieving this goal. I urge you to give this proposal your full support and to work to ensure that it is implemented in a timely and effective manner. Thank you for your attention to this important matter. Sincerely, P. Traversa