Mar. 26, 2023
To whom it may concern, As a household investor, I should be able to trust that I'm getting the best price execution possible because that's how a fair and free market should work. Best execution is important in trade execution for individual investors who may not understand the complexities involved in choosing how to execute a trade. Without the best execution rule, customers may not be aware of revenue arrangements between brokers and subpar trading firms or that they may be paying higher transaction prices. Furthermore, different trading venues may offer different prices and slower execution can lead to missed opportunities. Information leaks can inhibit a successful transaction and less reliable settlement processes can delay receipt of proceeds. We have the technology to solve this issue and (without naming names) certain market participants are exploiting this price discrepancy which further exacerbates this issue. For example, Citadel paid the SEC $22.6 million in 2017 to settle best execution charges for executing customer trades at less favourable pricing when a better price was available. The proposed rule would provide a more detailed and comprehensive standard for broker-dealers to follow, resulting in consistently robust best execution practices. Finally, to help guide household investors who are not professional equity traders, the Commission should provide clear guidance on how to read and interpret the data in Regulation NMS Rule 605 reports. Sincerely, Will S.