Mar. 31, 2023
Dear Sir or Madam, The proposed rule is an important step in the right direction towards fairer markets. This rule's support for public auctions that give all participants an equal opportunity to fill orders, rather than just giving the first right to Market Makers, is especially important. Payment for Order Flow (PFOF) has long been a controversial issue, and the proposed ban on PFOF is a necessary measure to address conflicts of interest concerns. The proposed rule's focus on ensuring that broker routing decisions are motivated by competition is a welcome move. Brokers who do not accept any kind of PFOF should not be at a disadvantage, and should be able to route orders differently and see superior execution quality. The proposal to bring more transparency to dark markets by requiring dark pools to provide quotes and trades to consolidated market data is also a much-needed measure. Wholesalers exercise extreme influence on other market participants, and the conflicts of interest that arise from their profiteering need to be addressed. Removing middlemen from the market will improve prices for both individuals and institutions, and save billions of dollars taken by wholesalers. Overall, the proposed rule is a positive step towards ensuring fair competition and transparency in the market for NMS stocks. The SEC should investigate conflicts of interest among market participants to ensure that the rules are objectively reviewed, and enforcement of SEC rules needs to be improved with higher fines to serve as a significant deterrent for breaking the law. The Commission should also consider revoking licenses of broker-dealers who repeatedly break the rules, rather than just fining them.