Mar. 31, 2023
I support this rule change. Best execution is critical for individual investors who may not be fluent in the lingo of the markets. To help out, clear guidance on how to read and interpret Regulation NMS Rule 605 reports should be provided, especially for retail investors who might not be experts. Brokers have a duty of Best Execution derived from common law agency principles and fiduciary obligations, but it needs to become a rule that the SEC can enforce. Conflicted orders shouldn't be allowed in a best execution rule. Without the best execution rule, customers may not know about revenue arrangements between brokers and subpar trading firms or that they may be paying higher transaction prices. Plus, different trading venues can offer different prices, slower execution can cause missed opportunities, and less reliable settlement processes can delay receipt of proceeds. To promote transparency and accountability for broker-dealers' practices, quarterly reviews of execution quality would be a great idea. The proposed rule would provide a more detailed and comprehensive standard for broker-dealers to follow, resulting in consistently robust best execution practices. And is a necessary step in protecting household investors and promoting fair and efficient markets by ensuring that household investors are receiving the best possible execution for their trades. Sincerely, Jordan Manntz A Fair Market Activist