Mar. 15, 2023
Thank you for the opportunity to comment on the proposed rule File Number S7-01-23. It is imperative that the Securities and Exchange Commission (SEC) reissue and revise the proposed rule that implements a provision under the Dodd-Frank Act, which prohibits underwriters, placement agents, initial purchasers, or sponsors of asset-backed securities from engaging in any transaction that would involve or result in certain material conflicts of interest. The proposed rule serves to safeguard investors and prevent market participants from using their position to take advantage of others. It is critical that the SEC takes action to ensure that market makers cannot engage in illegal practices that can harm household investors, such as frontrunning. Frontrunning by market makers is an unethical and illegal practice that exploits the trust and confidence of household investors. Market makers should not be able to use their position to gain an unfair advantage over household investors by executing trades before them. Such actions not only violate the trust of investors but also undermine the integrity of the financial markets. Therefore, the SEC must take a strong stance against any conflicts of interest and ensure that market participants, including market makers, abide by ethical and legal standards. It is crucial to protect household investors and maintain the integrity and fairness of the financial markets. Thank you for your hard work and attention in these trying times. Though you may be challenged and sued by those who seek to gain by taking advantage of the important role they play in the market, you must make it your mission to level the playing field. If you do this then you will bring balance back to the markets, failing to do so will destroy confidence in the markets and go against the very mission statement of the SEC. I wish you the best, and I will be watching closely to see your next moves in this matter. Concerned household investor and active participant, Matthew Gatt