August 30, 2021
1. Do you have one or more online trading or investment accounts?
Yes, I have one or more accounts that I access online, either using a computer or a mobile app but I also access the account(s) in other ways (e.g., by calling or visiting in person).
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?
Yes
3. On average, how often do you access your online account?
Daily/more than once a day
4. On average, how often are trades made in your online account, whether by you or someone else?
Once to a few times a week.
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 had a pre-existing account and downloaded an app or visited a website to access my account
6. My goals for trading or investing in my online account are (check all that apply):
Save and grow my money for medium- to long-term goals
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.)
Order routing options should be available and easy to use in all investment platform options, i.e., the website client, as well as desktop and mobile clients.
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.)
Both knowledge and access has increased dramatically.
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 : 1-2 Years
Bonds : None
Options : Less Than 12 Months
Mutual Funds : Less Than 12 Months
ETFs : Less Than 12 Months
Futures : None
Cryptocurrencies : 5+ 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?
Violating margin requirements, making too many or uncovered trades per day and trading against unsettled cash.
11. What else would you like us to know positive or negative - about your experience with online trading and investing?
You all know what the major problems are and now with the increase in active retail investors, the meme stock booms and mainstream media coverage, the lay consumer is aware of them as well.
In short, dark pool abuse, wash sales / short ladder attacks, PFOF, HFT, synthetics / naked shorts, conflicts of interest (hedge funds and market makers owned by the same parent corporation), T+2 / 13F(G) time delays and a group of bad actors willing to conspire and exploit these vulnerabilities has created a market rife with abuse and collusion which works in favor for large hedge funds and categorically against the retail investor. The consumer deserves to be on a level playing field with the hedge funds, full stop.
You are making some progress in this area. I request that you double down on your efforts, see this work through and prosecute the bad actors to the full extent of the law. Fines are just a cost of doing business. Assuming ethics on how your money was made had little effect, would you care if you were fined $60M to make $2B?