Jan. 14, 2023
January 14, 2023 Hello. My name is Jack Pieper. I am a retail investor and a participant in the United States markets. I am an advocate for market reform that benefits the users of the market. I believe in free and fair markets for everyone, and a level playing-field when it comes to investing. As pertaining to this proposed amendment of regulation NMS, I fully support it and see it as a great step forward to achieving a more equitable market for all. Specifically, the minimum pricing portion of the amendment is an important step. Most retail investors trade in odd lots of less than 100 share increments. This means that saving tenths of a penny on every trade does NOT have a big effect on achieving a better price for users. In fact, the larger range of increments between eligible prices allows for, and enables the practice of scalping. Scalping is often at the behest of the markets participants because it adds nothing to the table for market users. Someone may receive a slightly lower price, but any potential savings are negated by another participant paying slightly higher prices for their securities. The difference between the two payments is then collected by third party market makers. These market makers contribute nothing to the health of the markets. All of the profits that are made making markets come at the behest of the market participants, big and small. The regulation that allows for stocks to trade a tenths of a penny only saves meaningful amounts of money for investors who trade large, round lots frequently. The potential loss of money from changing this regulation is offset by the benefits of having realistic pricing for all participants. I support this amendment to REG MNS, and would once again like to thank Chairman Gensler and the SEC team for putting forward meaningful regulation to better our financial markets and it's functions. You have my full support. Thank you, - Jack