Feb. 23, 2023
February 23, 2023 Similar to the proposal to enforce best execution of retail orders, the routing of retail orders is often adversarial: brokers choose to route orders in ways that benefit them but adversely affect retail investors in terms of price discovery and impact on lit markets. I feel that all order execution information should be made publicly available in a reasonable amount of time and explicitly to the point that retail investors can investigate order routing and execution so that we can make informed decisions on which brokers best represent retail investors interests. Currently, routing and execution of retail orders is a largely opaque process that we are forced to assume works as intended, but we have no evidence to support that.