Apr. 01, 2023
To whom it may concern, As someone who invests in the stock market, I want to express my support for a free and fair market that provides equal opportunities for retail investors like me. I believe that the following points are crucial to achieving this goal. Firstly, I strongly support the new rule that requires public auctions for orders. It's only fair that everyone, including pension funds, has an equal opportunity to fill the order, and Citadel should not receive orders before anyone else. Secondly, Payment for Order Flow (PFOF) should be banned in the US, as it has been in the UK, due to concerns of conflict-of-interest. Wholesalers have been taking billions of dollars from individuals and institutions, and I don't want to be a victim of their profiteering. Removing middlemen from the market will improve prices for both individuals and institutions, such as pension funds. The auctions would save individuals billions of dollars taken by wholesalers. Therefore, I urge you to ensure fair competition by reducing monopolistic behavior and removing profiteering middlemen from the market. The proposed rule to bring more transparency to dark markets should be implemented as soon as possible, and conflicts of interest among market participants should be investigated to ensure that participants can objectively review the rules. Enforcement of SEC rules needs to be improved with higher fines to serve as a significant deterrent for breaking the law, and some broker-dealers should lose their licenses instead of receiving fines that amount to a cost of doing business. In conclusion, I want a free and fair market that provides equal opportunities for retail investors. The points listed above must be taken into consideration to ensure that the market is not monopolized by middlemen and that retail investors like me have equal opportunities to participate. I trust that you will take appropriate measures to ensure that retail investors are protected. Thank you for your consideration. CM