Mar. 31, 2023
Dear SEC, I am writing to express my support for the proposed rule, File No. S7-29-22; Release No. 34-96493, on Disclosure of Order Execution Information. As a household investor, I believe that best execution is essential in trade execution, especially for those who may not understand the complexities involved in choosing how to execute a trade. I urge the SEC to provide clear guidance on how to read and interpret the data in Regulation NMS Rule 605 reports, particularly for retail investors who may not have a deep understanding of the markets. Brokers owe their customers a duty of Best Execution derived from common law agency principles and fiduciary obligations, and it is crucial that this becomes a rule that the SEC can enforce. Conflicted orders should not be included in a Best Execution rule. 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. Additionally, different trading venues may offer different prices, slower execution can lead to missed opportunities, information leaks can inhibit a successful transaction, and less reliable settlement processes can delay receipt of proceeds. I am also concerned about the past cases of brokers failing to satisfy their best execution obligation, such as Robinhood and Citadel. I believe that quarterly reviews of execution quality would provide transparency and accountability for the broker-dealers' practices. Overall, I believe that the proposed Regulation Best Execution 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. Thank you for considering my comments. Sincerely,