Subject: File No. S7-32-10
From: J. Thrall

February 7, 2022

Transparency in the American markets is key to maintaining international trust from those who invest (retail and otherwise) from outside the country. Why would I put my investment dollars in the American markets when only a small percentage of trades are made on lit markets. If billions of dollars are being made through PFOF, whose money is being sacrificed. Im counting on the SEC to improve reporting and punish fraud, manipulation and deception. Also I want to see actual people punished with appropriate justice rather than financial penalties that are merely the cost of doing business.