Mar. 19, 2023
Dear fellow market participants, I strongly support the proposed Tick Size Rule as an important step towards promoting fair and transparent markets. However, I believe that clear and unambiguous language must be included in the rule structure to avoid any confusion or potential for litigation. Enforcement of the Tick Size Rule is critical, and I urge regulators to consider higher fines, bigger penalties, and actual consequences for those who violate the rule. This will help to ensure that all market participants are held accountable for their actions and that the market operates in a fair and transparent manner. In addition, it is important to make it clear that rebates and other inducements have no place in the marketplace. These are simply another form of payment for order flow, which can lead to conflicts of interest and undermine the integrity of the market. While it may be difficult to eliminate these fees entirely, I believe that reducing them to .001 is a reasonable compromise that will help to level the playing field for all market participants. Overall, I believe that the proposed Tick Size Rule is an important step towards ensuring fair and transparent markets. By taking a strong stance against rebates and other inducements and enforcing the rule with meaningful penalties, we can help to create a financial system that is equitable and sustainable for all. Thank you, Cassie Wendland