Mar. 31, 2023
Dear Sir/Madam The proposed SEC rule that requires Citadel not to be the first to receive market orders is a step in promoting fairer markets which I, a household investor, am all for. By implementing public auctions, the rule ensures fairer competition as the current state of American markets is anti-competitive. Payment for Order Flow (PFOF) has been effectively banned in the UK due to conflict-of-interest concerns. The same should be done in US markets. Brokers who do not accept PFOF consequently see superior execution quality. A recent study found that Robinhood does not provide statistically significant price improvement relative to exchanges. Retail investors not dealing with PFOF get a better price than those dealing with it, violating FINRA's Best Execution guidance. By removing middlemen from the market, prices for both individuals and institutions will drastically improve. The auctions would save individuals billions of dollars taken by wholesalers. The Commission should ensure fair competition by reducing monopolistic behavior and removing profiteering middlemen from the market. Broker-dealers should lose their licenses in the event of law breaking actions instead of receiving fines that amount to a cost of doing business. In conclusion, the proposed SEC rule is a step in the right direction towards ensuring fair competition in US markets. By implementing a public auction, reducing monopolistic behavior, removing profiteering middlemen from the market, and improving enforcement of SEC rules, the SEC can ensure that market participants are objective in their review of rules, and individuals and institutions benefit from improved prices. Kind Regards