April 27, 2017
I'm not going to be long.
If you let NYSE charge $9000 a month for a retail investor at home, buying a couple of Exxon Mobil or Back of America shares at home, you're going to make a lot of people angry.
Most people have "computers" and "software" and "platforms" to purchase stock these days. Do you expect people to hit BUY without reading price information?
Are you kidding?
Of course, the Exchanges have been selling price information in staggered and discriminating way. The market still works. It's okay.
But now, you're letting NYSE every individual person who has a computer and a software to charge $9000 a month to trade stocks?
Let me ask you, do YOU make $9000 a month? Dear person who's reading this email?
There are information going around the SEC is supposed to encourage market participants to participate. Is that true? OR it seems like the SEC doesn't care the exchanges' practices to charge exorbitant fees to prevent individual investor to even participate. You're actively rerouting individual investors to stop participating in stock trading but to ETFs or Mutual Funds? What nonsense is this in America? Are we in Russia?
Most average person in America gets a kick out of buying one or two stocks on their own whether they lost money in it or not. The retail investors like buying into IPOs of new companies like Google or Twitter when they hit the news in the media. I know this is about NYSE, not NASDAQ. But once you let NYSE do this $9000 a month thing, other shareholders of NASDAQ or any other exchanges will demand such service to increase revenue. Before a blink of an eye, it will affect everyone who's participating in the market.
Before this ridiculous piece of news hits the Congress, please do amend your amendments and specify rules concerning individual RETAIL investors. Think about it. In this age of 401k and the Gov't leaving all the pension/retirement planning to individual, supposedly making wise decision on their own in their 401k accounts. And you're literally blocking even that much of little freedom to buy what stocks they want to buy and sell? Government is now telling individual stock traders you can't buy stock unless you pay $9000 a month to NYSE??
yes, yes, you're going to say it won't affect individual persons, but since you didn't specify, it can be interpreted and applied wholly different way by the sharpiest and smartest business people in the industry. Watch out!