Mar. 06, 2023
Hello SEC, I would like to preface this comment by saying that I have been an investor in many types of shares that the SEC and mainstream media deems "meme" stocks. What I have witnessed in the relation to the trading activities and news reporting/articles around these types of "meme" stocks in the last 2 years has been appalling and frankly disgusting. This proposal put forth by the SEC will allow household investors to have greater control, understanding, and transparency over their share purchases. I am willing to pay an additional 12 cents per share to avoid being routed through a wholesaler that has been charged by the United States government over 70 times (as evidenced in this document: https://files.brokercheck.finra.org/firm/firm_116797.pdf). I strongly support the harmonization of tick sizes across all exchanges to eliminate special treatment and prevent certain exchanges from building monopolies. All exchanges should be required to quote and trade in the same increments to promote fair competition and prevent monopolistic control. I also oppose the presence of rebates and other incentives in the marketplace, as they are simply another form of payment for order flow. I support the tick size regime proposed by the Commission, as well as any structure that is clear and free of vague language. Clear and unambiguous rules are essential to effective enforcement and prevent unnecessary litigation. I also support the inclusion of odd lot information in the SIP to provide individual investors with more information for better decision-making. Odd lots represent a majority of trades in the market and their exclusion from the NBBO is a problem that needs to be addressed in a fair and proportionate manner. I look forward to the implementation of this proposal. Thank you, Carmelo Fragapane