November 28, 2011
Dear SEC,
You are considering allowing the NYSE the ability to give me a slightly better price if I trade with them. Hmm. I trade with Charles Schwab, and as yet haven't seen anywhere where I can direct any given trade to occur on any specific exchange. So, how am I to take advantage of this? Also, according to a Rueters report (http://www.reuters.com/article/2011/11/27/us-financial-regulation-momandpop-idUSTRE7AQ0R720111127) moving my trades over to the NYSE will allow "exchanges can attract more "dumb" orders to their market, they'll also attract more institutions and high-frequency trading firms eager to trade against those orders - which is potentially lucrative trading volume." That sure sounds like something I want, someone else who is out to screw the little guy (with the SEC blessing).
Quite frankly, there is NOTHING you can and will do for the small investor. Your creditability as a regulator is so low, the only thing the SEC could realistically do for the small investor is to inform him that thanks to SEC regulations, formulated by current SEC staffers (the future employees of those they regulate), investing in any company regulated by said regulator is a worse bet than gambling on the lottery (in Nigeria).
Why don't you just come clean and change your name to "Looking to Screw the Small Investor" (or LSSI).
Thank you.
William Wuepper