Mar. 16, 2023
I support the proposed amendments to Rules 612, 610, 603(b), and the definition of odd-lot information under Rule 600(b) that aim to improve the pricing and transparency of trading in NMS stocks. The establishment of variable minimum pricing increments for quotations, orders, indications of interest, and trades in NMS stocks priced equal to or greater than $1.00 per share will ensure fair pricing for all market participants. By setting minimum pricing increments based on the Time Weighted Average Quoted Spread during the Evaluation Period, this amendment will reduce potential market manipulation and promote greater market stability. Moreover, reducing the level of the access fee caps will help to minimize fees charged for trading against the best-priced quotations displayed in any market. The proposed amendments to Rule 610 will provide greater transparency to market participants on the fees and rebates that can be charged, helping to ensure that the execution of an order is not influenced by undisclosed fees or rebates. The proposed amendments to Rule 603(b) and the definition of odd-lot information under Rule 600(b) will also enhance transparency by requiring exclusive securities information processors to collect and disseminate odd-lot information, and identifying the best odd-lot orders to buy and sell across all national securities exchanges and national securities associations. Overall, these proposed amendments will help to promote fairness, transparency, and stability in the trading of NMS stocks, which will benefit all market participants and create a much less complicit market in the future.