Jun. 11, 2026
To whom it may concern, I am submitting this comment because the proposal to eliminate the trade‑through rule is, frankly, insane from the perspective of anyone who actually trades in the real world. The trade‑through rule exists for a reason: it protects investors from receiving worse prices than what is publicly available. Removing it opens the door to inferior execution, wider spreads, and more internalization at the expense of transparency and fairness. This is not modernization — it is a step backward. Retail traders, professional traders, and anyone who relies on best‑execution standards will be harmed by this change. There is no justification for weakening a core protection that has been in place for nearly two decades. I strongly oppose this proposal. Sincerely, Phil Carrozza