Mar. 31, 2023
To whom it may concern, As a citizen of the United States and engager of the open market, I believe that the Order Competition Rule will provide the transparency needed to regulate the complex markets of today. With the recent bank failures, regulation has been in the limelight and citizens are demanding a change. The Order Competition Rule is a fantastic first step towards fairness and transparency in the capital markets of the United States. As it stands, market makers have engaged in contracts with one another to profiteer off of retail investors simply wanting to invest their money. I would like to call attention to the antitrust regulation provided by the Federal Trade Commission in regards to “Market Power.” FTC Monopolization Defined: Courts do not require a literal monopoly before applying rules for single firm conduct; that term is used as shorthand for a firm with significant and durable market power — that is, the long term ability to raise price or exclude competitors. That is how that term is used here: a "monopolist" is a firm with significant and durable market power. Significant and durable market power. These are the words which resonated with me from this piece of regulation. Market makers have dug their heels into dark pools, payment order flow, off-market fee assessments, etc. I ask you, Board of the SEC, to consider what would it take for a brand new company to be able to compete with market makers. I believe we all know the answer: they simply can’t. With that said, the Order Competition Rule will allow this competition and remove the effective market maker monopoly over PFOF. I have read in the media that market makers are threatening lawsuits if this bill is to pass. As a citizen and investor, I urge you to please go forward with this proposition. Thank you for your consideration, Jake Price