Feb. 27, 2023
February 27, 2023 I am writing to express my strong opposition to your proposal for registration as a national securities exchange under Section 6 of the Securities Exchange Act of 1934. As a concerned citizen and investor, I believe that allowing your exchange to operate would be a grave mistake. First and foremost, your proposal lacks transparency and fails to provide adequate information about your business model, governance structure, and risk management practices. Without these crucial details, it is impossible for investors to make informed decisions about whether to trade on your exchange. Furthermore, there are already numerous established exchanges in the United States that have a proven track record of providing fair and efficient markets for investors. There is simply no need for another exchange to enter the market, especially one that has not demonstrated a clear value proposition or competitive advantage. Finally, I am deeply concerned about the potential for your exchange to create systemic risks in the financial system. The failure of a new, untested exchange could have far-reaching consequences for investors and the broader economy, and I believe that the Securities and Exchange Commission has a responsibility to carefully consider the potential risks and benefits of any new exchange before granting registration. For these reasons, I urge the SEC to deny the application for registration as a national securities exchange. Thank you for considering my comments. Sincerely, HV