Mar. 31, 2023
March 31, 2023 File No. S7-29-22 Release No. 34-96493 Disclosure of Order Execution Information Apparently, it needs to be said that Payment For Order Flow (PFOF), and any advantage gained therefrom, is a threat to proper Order Execution. Any market participant (or market \"maker\") who engages in corrupt business practices aimed at giving themselves an unfair advantage BEFORE price discovery can occur should not be, at minimum, allowed to become Secretary of the Treasury of the United States to cover-up their financial crimes. The unwieldy monster that derivatives trading has become is very much due to conniving PFOF-style practices where \"investors\" are scammed into thinking they will buy more shares of a stock due to (what turns out to be) a fraudulent price listing, or participating in a market that just so happens to favor its owner more than its customers. Because that would be a casino. And the United States cannot afford for the entire investing world to perceive its \"robust free markets\" as a carnival con game run by clowns and gangsters. If the world pivots away from the US petrodollar as the World Reserve Currency, it will be the SEC's fault (to use a video-gaming analogy) for not bringing down the \"ban hammer\" on trolls and hackers ruining the gameplay for everybody. After all, where even would the SEC's credibility be, if it got in bed with the bad actors already ruining proper price discovery?