Oct. 23, 2023
Dear SEC, Hope this email reaches you well. I support the proposed rule to Address Volume-Based Exchange Transaction Pricing for NMS Stocks. I also agree that the playing field on which broker dealers operate are unlevel and unfair. The fact that smaller sized broker dealers have to pay more fees than larger broker dealers makes no sense and is again unfair. Large broker dealers get rebates in some instances larger than the fees they pay for order flow, how is this legal is beyond me. Payment for order flow is illegal everywhere except the U.S which should speak volumes but this is a different matter. The problem at hand is in a sense a monopoly as small and medium sized broker dealers are getting funneled through larger broker dealers. The smaller broker dealers go through larger broker dealers to try and capture higher rebates. The smaller broker dealers pay a fee to larger BD's helping the larger BD's get larger. Volume based discounts not being passed to the traders/investors could be seen as theft, it is time the individuals/institutions risking their money get the benefits. Liquidity shouldn't go unrewarded, there should be more competition in the markets. Even though we don't currently have a fair and transparent market we are moving in the right direction and for that I thank you. Best Regards, Trader/Investor