May 6, 2024
Hello Chair Gensler, I’m reaching out as a retail investor regarding the adoption of the CAT system. It is my understanding Citadel, along with other Wall St. institutions are pushing back against this initiative, claiming they’re speaking in the best interest of the retail investor’s privacy. I would like to make it perfectly clear that Citadel and other Wall St. firms do not represent retail investors. They are protecting their own interests by keeping the financial markets as opaque as possible so that illegal activities cannot be exposed. Retail investors need more transparency and accountability. As you’re well aware, these institutions send nearly all retail order flow through wholesale ATS (also knows as dark pools) via payment for order flow. This is a major conflict of interest and leads do undermine true price discovery. Naked shorting in the current system is nearly impossible to prove. This must change, and it is my hope that the CAT system will allow the SEC to achieve this. Kind Regards, Cheryl Paul Accounting Technician