Mar. 06, 2023
March 6, 2023 Enforcement is what matters. Without sufficient enforcement, rules mean nothing. We want higher fines, bigger penalties, and actual consequences. Small fines should not be \"a cost of doing business.\" All entities should play fair. I would gladly pay 0.64 cents more a share to avoid being routed through a wholesaler that has been charged over 70 times by the United States government (https://files.brokercheck.finra.org/firm/firm_116797.pdf). The price improvement provided by these wholesalers is fractions of a penny and not worth the damage they bring to the market. I would gladly pay a commission fee to avoid being routed through a wholesaler, especially one with a long record of disregarding the law like Citadel Securities. I fully support the harmonization of tick sizes across all exchanges. No exceptions, no \"reasonable\" vague language. Clear rules, clear language. Some exchanges shouldnt be granted an unfair advantage over others. It leads to monopolistic control of parts of the market that counteract and eventually kill the positive benefits of competition. The markets are supposed to be fair - so make them fair. Suggest that the definition of tick-constrained should apply to as much of the market as possible. The rule would be watered down if the definition is too narrow. The important thing is that everyone trades and provides quotes according to the same rules. I very much dislike the presence of rebates and other inducements in the marketplace - they are simply paying for order flow by another name. I'd prefer the fees to be zero or as close as possible. I support the inclusion of odd-lot information in the SIP. Odd lots are a majority of trades and should have a greater impact on price. I want odd lots to impact the NBBO and have a concrete effect on both price and the broker's duty of best execution. I firmly oppose the insertion of any vague language into this or any other rule. Additionally, as a household investor, I do not want Citadel Securities to represent me as a Market Maker.