August 27, 2021
1. Do you have one or more online trading or investment accounts?
Yes, I have one or more accounts that I access both online using a computer and using a mobile app.
2. If your response to Question 1 is Yes, do you think you would trade or invest if you could not do so online using a computer or using a mobile app?
No
3. On average, how often do you access your online account?
Once to a few times a week
4. On average, how often are trades made in your online account, whether by you or someone else?
Once to a few times per month.
5. If you access your account online, did you have the account first, and only began to access it electronically later? Or did you open the account with the idea that you would access it electronically immediately?
I downloaded an app or visited a website first, and then opened up an account with the company
6. My goals for trading or investing in my online account are (check all that apply):
Save and grow my money for short-term goals (in the next year or two)
Save and grow my money for medium- to long-term goals
Have fun
7. What would you like us to know about your experience with the features of your online trading or investment platform? (Examples of features are: social networking tools games, streaks, or contests with prizes points, badges, and leaderboards notifications celebrations for trading visual cues, like changing colors ideas presented at order placement or other curated lists or features subscription and membership tiers or chatbots.)
PFOF should be banned
8. If you were trading or investing prior to using an online account, how have your investing and trading behaviors changed since you started using your online account? (For example, the amount of money you have invested, your interest in learning about investing and saving for retirement, the amount of time you have spent trading, your knowledge of financial products, the number of trades you have made, the amount of money you have made in trading, your knowledge of the markets, the number of different types of financial products you have traded, or your use of margin.)
9. How much experience do you have trading or investing in the following products (None, 12 months, 1-2 years, 2-5 years, 5+ years):
Stocks : 2-5 Years
Bonds : Less Than 12 Months
Options : 2-5 Years
Mutual Funds : Less Than 12 Months
ETFs : 2-5 Years
Futures : Less Than 12 Months
Cryptocurrencies : 1-2 Years
Commodities : None
ClosedEnd Funds : None
Money Market Funds : Less Than 12 Months
Variable Insurance Products : None
Business Development Companies : None
Unit Investment Trusts : None
10. What is your understanding, if any, of the circumstances under which trading or investing in your account can be suspended or restricted?
I understand most normal circumstances for suspended or restricted trading for my account (margin call, trading halts, SSR, hard-to-borrow, etc.), however I do not understand how brokers are allowed to offer products one day and not the next day based on market conditions (01/2021 - Robinhood, TD, etc.). Any investment product that can be bought or sold on their platform should always be available, and they should not be allowed to choose which can be bought or sold at their discretion. If they decide to stop offering a product, that is another story vs. \"temporary restrictions.\" This creates a massive conflict of interest, as most brokers are profiting from PFOF.
11. What else would you like us to know positive or negative - about your experience with online trading and investing?
As stated earlier, PFOF should be banned. I would rather pay fee's for each trade than trade for free knowing my order flow is being handed to an MM (paying hundreds of millions per year) with the potential for it being mishandled and manipulated. If PFOF didnt create a conflict of interest or wasn't being manipulated in some way, why are MM's paying hundreds of millions per year for it?
In addition, dark pool routing for any retail orders makes no sense outside of manipulation, and should also be banned. The markets do not feel the slightest bit free as a retail investor in the current conditions. Why are MM's even needed in this day and age? They are legally frontrunning retail, and have the ability via darkpool routing to manipulate price and buy/sell pressure.
Algorithms obviously aren't going anywhere because of their efficiency, but must be controlled to the extent that they compete with one another for a fair and free market, rather than being allowed to control their owners favorite tickers and spoof buy/sell orders as they please, manipulating bid/ask.
Lastly, data availability is a huge concern. It's 2021 and as we all know the world revolves around information. Data for EVERYTHING taking place in the US stock market should be readily available in one place for access/review in REAL-TIME. There is no good reason for any exemptions from reporting requirements (not even for \"liquidity\" sake). Today, retail needs to rely on what their broker provides (they all have their own niche), or what others are kind enough to share that is being paid for. There is a massive lack of transparency in regards to data availability (even crypto has the US market beat here), that will inevitably result in further mistrust in the markets.