Feb. 24, 2023
February 24, 2023
Dear SEC,
All orders big or small should only be routed to the lit exchange, no exceptions.
Internalization of orders needs to end. 95% of retail orders are executed off exchange into the dark market. This statement was made the chair of the SEC What is the point of having a stock market when 95% of retail trades aren't realized? It's a fake market. A Ponzi scheme.
Any person or entity not upholding the concept of the free and transparent market is automatically undermining the very concept fair markets. We have blockchain technology that allows instant settlement. It's doable, get on it. T+1 settlement will only allow twice the amount crime in half the time. This is not a solution and is unacceptable.
Anything but a lit market serves no purpose other than to rob investors of their investment. The whole business model is to prevent value from going to buyers. It's disgusting and wrong.
End PFOF. End FTDs. Allow price discovery, investors deserve it.
I'm a small time investor. I'm broke most of the time. Have next to no savings. And can't afford to invest a whole lot to begin with. But when I learn about how the market has been built to further enrich the already super wealthy by using practices like PFOF and failure to deliver, I just don't see the point in investing. Retirement saving is absolutely dead and is also used to cover Wall Street's bad bets. There's no transparency and the fact that these massive hedge funds recruit right out of the very institutions meant to regulate them, well, that's a blatant conflict of interest. The PFOF and FTDs have to stop. The internalized trading pools being used by the big firms need shutdown and price discovery needs to be allowed to happen naturally. The entire market is rigged as to literally siphon money from the middle class, who's barely hanging on after everything that's happened, right into the big Wall Street firms pockets. That should work the other way around. The average small
investor is not greedy by any means. We'd just like a fair and free market that allows the opportunity for us to invest in our futures without Wall Street stealing from us. Ban PFOF and force these big firms to honor their agreements and buy the shares they sold without owning in the first place. Naked shorting is outright theft. I'd be arrested if I printed copies of my cars title then sold them to separate people without ever owning the car. But Wall Street gets away with it because they line the pockets of politicians and regulators. People literally admit to \"bribing their regulator\" on TV and nothing happens. Do your jobs please.