Dec. 16, 2022
December 16, 2022 I oppose this proposal. I am an individual investor who has had 64 trades in the past year. I am concerned that this proposal solves a problem that does not exist. Because of payment for order flow, my broker is willing to handle trades for me without charging a commission. I realize that there is a spread between bid and ask and that the broker and wholesaler are making money on that spread, but my experience is that the difference between bid and ask times the number of shares traded is less than what I used to pay in commissions. According to news articles in the Wall Street Journal, the wholesalers provide a better execution for me than the exchanges even after they take some money for themselves and for their broker customers. I fear that this proposal will leave me worse off, not better off. Being able to trade without commissions makes for a more efficient market.